Question 1

What are the three categories of business analytics?

Accepted Answer

(1)Descriptive analytics, (2)Predictive Analytics,and (3)Prescriptive analytics

Question 2

A model is a representation of a situation.

Accepted Answer

A) True 
 B)False  True

Question 3

Descriptive Analytics is aimed at forecasting future outcomes based on patterns in the past data.

Accepted Answer

A) True 
 B)False  False

Question 4

A set of logical and mathematical operations performed in a specific sequence is called a(n)

Accepted Answer

A) complete enumeration. 
B) diagnostic analysis. 
C) algorithm. 
D) objective. 
E) None of the above 
A) complete enumeration. 
B) diagnostic analysis. 
C) algorithm. 
D) objective. 
E) None of the above

Question 5

How can an analyst overcome the threats to successful implementation of a quantitative model?

Accepted Answer

Answers will vary;one solution

Question 6

One problem in using a quantitative model is that the necessary data may be unavailable.

Accepted Answer

A) True 
 B)False

Question 7

When a problem is difficult to quantify,it may be necessary to develop unspecific objectives.

Accepted Answer

A) True 
 B)False

Question 8

Identify the steps of the quantitative analysis approach.

Accepted Answer

(1)Defining the Problem, (2)De

Question 9

Which of the following terms is interchangeable with quantitative analysis?

Accepted Answer

A) management science 
B) economics 
C) financial analysis 
D) statistics 
E) None of the above 
A) management science 
B) economics 
C) financial analysis 
D) statistics 
E) None of the above

Question 10

Who is credited with pioneering the principles of the scientific approach to management?

Accepted Answer

A) Adam Smith 
B) Henri Fayol 
C) John R.Locke 
D) Frederick W.Taylor 
E) Charles Babbage 
A) Adam Smith 
B) Henri Fayol 
C) John R.Locke 
D) Frederick W.Taylor 
E) Charles Babbage

Question 11

Identify some possible problems in the quantitative analysis approach.

Accepted Answer

Answers will vary but may include: confl

Question 12

Identify three potential problems with people (two with management and one with the quantitative analysts themselves)that may hinder successful implementation of a quantitative model.

Accepted Answer

Answers will vary but may incl

Question 13

A picture,drawing,or chart of reality is a ________ model

Accepted Answer

The answer of A picture,drawing,or chart of reality is a...

Question 14

Management support and user involvement are not essential in the successful implementation of quantitative analysis projects.

Accepted Answer

A) True 
 B)False

Question 15

Postoptimality analysis is most closely associated with

Accepted Answer

A) collecting input data. 
B) developing a model. 
C) sensitivity analysis. 
D) writing a computer program. 
E) None of the above 
A) collecting input data. 
B) developing a model. 
C) sensitivity analysis. 
D) writing a computer program. 
E) None of the above

Question 16

________ models are uncertain.

Accepted Answer

The answer of ________ models are uncertain....

Question 17

The widespread applicability of operations research methods to business followed which war?

Accepted Answer

A) The U.S.Civil War 
B) World War I 
C) World War II 
D) The Korean War 
E) The Vietnam War 
A) The U.S.Civil War 
B) World War I 
C) World War II 
D) The Korean War 
E) The Vietnam War

Question 18

A measurable quantity that may vary,or is subject to change,and can be controlled is known as a(n)

Accepted Answer

A) decision variable. 
B) algorithm. 
C) parameter. 
D) solution. 
E) None of the above 
A) decision variable. 
B) algorithm. 
C) parameter. 
D) solution. 
E) None of the above

Question 19

Which of the following techniques involves the study and consolidation of historical data for a business and an industry?

Accepted Answer

A) descriptive analytics 
B) prescriptive analytics 
C) predictive analytics 
D) management science 
E) operations research 
A) descriptive analytics 
B) prescriptive analytics 
C) predictive analytics 
D) management science 
E) operations research

Question 20

Sensitivity analysis helps us estimate the effect of known and unknown errors in our model.

Accepted Answer

A) True 
 B)False

Exam 1: Introduction to Quantitative Analysis

What are the three categories of business analytics?

A model is a representation of a situation.

Descriptive Analytics is aimed at forecasting future outcomes based on patterns in the past data.

A set of logical and mathematical operations performed in a specific sequence is called a(n)

How can an analyst overcome the threats to successful implementation of a quantitative model?

One problem in using a quantitative model is that the necessary data may be unavailable.

When a problem is difficult to quantify,it may be necessary to develop unspecific objectives.

Identify the steps of the quantitative analysis approach.

Which of the following terms is interchangeable with quantitative analysis?

Who is credited with pioneering the principles of the scientific approach to management?

Identify some possible problems in the quantitative analysis approach.

Identify three potential problems with people (two with management and one with the quantitative analysts themselves)that may hinder successful implementation of a quantitative model.

A picture,drawing,or chart of reality is a ________ model

Management support and user involvement are not essential in the successful implementation of quantitative analysis projects.

Postoptimality analysis is most closely associated with

________ models are uncertain.

The widespread applicability of operations research methods to business followed which war?

A measurable quantity that may vary,or is subject to change,and can be controlled is known as a(n)

Which of the following techniques involves the study and consolidation of historical data for a business and an industry?

Sensitivity analysis helps us estimate the effect of known and unknown errors in our model.

Probability Concepts and Applications

Decision Analysis

Regression Models

Forecasting

Inventory Control Models

Linear Programming Models: Graphical and Computer Methods

Linear Programming Applications

Transportation,assignment,and Network Models

Integer Programming,goal Programming,and Nonlinear Programming

Project Management

Waiting Lines and Queuing Theory Models

Simulation Modeling

Markov Analysis

Statistical Quality Control

Analytic Hierarchy Process

Dynamic Programming

Decision Theory and the Normal Distribution

Game Theory

Mathematical Tools: Determinants and Matrices

Calculus-Based Optimization

Linear Programming: The Simplex Method

Transportation, Assignment, and Network Algorithms

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