Question 1

Data analysis includes:

Accepted Answer

A)  data description 
B)  data inference 
C)  the search for relationships in data 
D)  all of these choices 
A)  data description 
B)  data inference 
C)  the search for relationships in data 
D)  all of these choices D

Question 2

What is not one of the important themes of your Business Analytics: Data Analysis & Decision Making text?

Accepted Answer

A)  data analysis 
B)  dealing with uncertainty 
C)  decision making 
D)  data mining 
A)  data analysis 
B)  dealing with uncertainty 
C)  decision making 
D)  data mining D

Question 3

Which is an Excel® add-in for simulation?

Accepted Answer

A)  PrecisionTree 
B)  TopRank 
C)  Solver 
D)  @Risk 
E)  StatTools 
A)  PrecisionTree 
B)  TopRank 
C)  Solver 
D)  @Risk 
E)  StatTools D

Question 4

Which of the following is not one of the steps in the modeling process?

Accepted Answer

A)  Select the scale for the model. 
B)  Collect and summarize data. 
C)  Verify the model. 
D)  Present the results. 
E)  Implement the model and update it through time. 
A)  Select the scale for the model. 
B)  Collect and summarize data. 
C)  Verify the model. 
D)  Present the results. 
E)  Implement the model and update it through time.

Question 5

When we use simulation models to help make decisions, we do not deal with uncertainty at all, since we often must make inferences from the simulated data.

Accepted Answer

A) True 
 B)False

Question 6

@Risk is an Excel® add-in that can be used to run replications of a simulation, keep track of outputs, create useful charts, and perform sensitivity analyses.

Accepted Answer

A) True 
 B)False

Question 7

The overall modeling process typically done in the business world always require seven steps: define the problem, collect and summarize data, formulate a model, verify the model, select one or more suitable decisions, present the results to the organization, and finally implement the model and update it through time.

Accepted Answer

A) True 
 B)False

Question 8

The decision-making themes covered in Business Analytics: Data Analysis & Decision Making include which of the following?

Accepted Answer

A)  optimization techniques 
B)  decision analysis with uncertainty 
C)  structured sensitivity analysis 
D)  all of these choices 
A)  optimization techniques 
B)  decision analysis with uncertainty 
C)  structured sensitivity analysis 
D)  all of these choices

Question 9

The decision making process includes:

Accepted Answer

A)  optimization techniques for problems with no uncertainty 
B)  decision analysis for problems with uncertainty 
C)  sensitivity analysis 
D)  all of these choices 
A)  optimization techniques for problems with no uncertainty 
B)  decision analysis for problems with uncertainty 
C)  sensitivity analysis 
D)  all of these choices

Question 10

Decision-making includes optimization techniques for problems with certainty, decision analysis for problems with certainty, and structured sensitivity analysis.

Accepted Answer

A) True 
 B)False

Question 11

Three important themes run through the Business Analytics: Data Analysis & Decision Making text: data analysis, decision-making, and dealing with uncertainty.

Accepted Answer

A) True 
 B)False

Question 12

Graphical models are the most quantitative type of model.

Accepted Answer

A) True 
 B)False

Question 13

​Although it is relatively easy to collect data, it can be more challenging to understand what the data mean.

Accepted Answer

A) True 
 B)False

Question 14

Data analysis includes data description, data inference, and the search for relationships in data.

Accepted Answer

A) True 
 B)False

Question 15

Graphical models are the least intuitive type of model.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following statements are true?

Accepted Answer

A)  A fairly recent alternative to algebraic modeling is spreadsheet modeling. Instead of relating various quantities with algebraic equations and inequalities, we relate them in a spreadsheet with cell formulas. 
B)  Data are usually meaningless until they are analyzed for trends, patterns, relationships, and other useful information 
C)  Algebraic models, by means of algebraic equations and inequalities, specify a set of relationships in a very precise way. Their main drawback is that they require an ability to work with abstract mathematical symbols. 
D)  When we make inferences from data and search for relationships in data, or when we use decision trees to help make decisions, we must deal with uncertainty. 
E)  All of these statements are true. 
A)  A fairly recent alternative to algebraic modeling is spreadsheet modeling. Instead of relating various quantities with algebraic equations and inequalities, we relate them in a spreadsheet with cell formulas. 
B)  Data are usually meaningless until they are analyzed for trends, patterns, relationships, and other useful information 
C)  Algebraic models, by means of algebraic equations and inequalities, specify a set of relationships in a very precise way. Their main drawback is that they require an ability to work with abstract mathematical symbols. 
D)  When we make inferences from data and search for relationships in data, or when we use decision trees to help make decisions, we must deal with uncertainty. 
E)  All of these statements are true.

Question 17

We must deal with uncertainty when we make inferences from data and search for relationships in data, or when we use decision trees to help make decisions.

Accepted Answer

A) True 
 B)False

Question 18

What is not one of the types of models described in your Business Analytics: Data Analysis & Decision Making text?

Accepted Answer

A)  algebraic model 
B)  spreadsheet model 
C)  scale model 
D)  graphical model 
A)  algebraic model 
B)  spreadsheet model 
C)  scale model 
D)  graphical model

Question 19

The authors of the Business Analytics: Data Analysis & Decision Making text describe three types of models: graphical models, algebraic models, and spreadsheet models.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following statements is false?

Accepted Answer

A)  The modeling process discussed in your text is a five-step process. 
B)  Dealing with uncertainty requires a basic understanding of probability. 
C)  Uncertainty is a key aspect of most business problems. 
D)  Data description and data inference are data analysis themes. 
A)  The modeling process discussed in your text is a five-step process. 
B)  Dealing with uncertainty requires a basic understanding of probability. 
C)  Uncertainty is a key aspect of most business problems. 
D)  Data description and data inference are data analysis themes.

Data analysis includes:

What is not one of the important themes of your Business Analytics: Data Analysis & Decision Making text?

Which is an Excel^® add-in for simulation?

Which of the following is not one of the steps in the modeling process?

When we use simulation models to help make decisions, we do not deal with uncertainty at all, since we often must make inferences from the simulated data.

@Risk is an Excel^® add-in that can be used to run replications of a simulation, keep track of outputs, create useful charts, and perform sensitivity analyses.

The decision-making themes covered in Business Analytics: Data Analysis & Decision Making include which of the following?

The decision making process includes:

Decision-making includes optimization techniques for problems with certainty, decision analysis for problems with certainty, and structured sensitivity analysis.

Three important themes run through the Business Analytics: Data Analysis & Decision Making text: data analysis, decision-making, and dealing with uncertainty.

Graphical models are the most quantitative type of model.

Although it is relatively easy to collect data, it can be more challenging to understand what the data mean.

Data analysis includes data description, data inference, and the search for relationships in data.

Graphical models are the least intuitive type of model.

Which of the following statements are true?

We must deal with uncertainty when we make inferences from data and search for relationships in data, or when we use decision trees to help make decisions.

What is not one of the types of models described in your Business Analytics: Data Analysis & Decision Making text?

The authors of the Business Analytics: Data Analysis & Decision Making text describe three types of models: graphical models, algebraic models, and spreadsheet models.

Which of the following statements is false?

Describing the Distribution of a Single Variable

Finding Relationships Among Variables

Probability and Probability Distributions

Normal, Binomial, Poisson, and Exponential Distributions

Decision Making Under Uncertainty

Sampling and Sampling Distributions

Confidence Interval Estimation

Hypothesis Testing

Regression Analysis: Estimating Relationships

Regression Analysis: Statistical Inference

Time Series Analysis and Forecasting

Introduction to Optimization Modeling

Optimization Models

Introduction to Simulation Modeling

Simulation Models

Data Mining

Importing Data Into Excel

Analysis of Variance and Experimental Design

Statistical Process Control

Filters

Exam 1: Introduction to Business Analytics

Data analysis includes:

What is not one of the important themes of your Business Analytics: Data Analysis & Decision Making text?

Which is an Excel® add-in for simulation?

Which of the following is not one of the steps in the modeling process?

When we use simulation models to help make decisions, we do not deal with uncertainty at all, since we often must make inferences from the simulated data.

@Risk is an Excel® add-in that can be used to run replications of a simulation, keep track of outputs, create useful charts, and perform sensitivity analyses.

The decision-making themes covered in Business Analytics: Data Analysis & Decision Making include which of the following?

The decision making process includes:

Decision-making includes optimization techniques for problems with certainty, decision analysis for problems with certainty, and structured sensitivity analysis.

Three important themes run through the Business Analytics: Data Analysis & Decision Making text: data analysis, decision-making, and dealing with uncertainty.

Graphical models are the most quantitative type of model.

​Although it is relatively easy to collect data, it can be more challenging to understand what the data mean.

Data analysis includes data description, data inference, and the search for relationships in data.

Graphical models are the least intuitive type of model.

Which of the following statements are true?

We must deal with uncertainty when we make inferences from data and search for relationships in data, or when we use decision trees to help make decisions.

What is not one of the types of models described in your Business Analytics: Data Analysis & Decision Making text?

The authors of the Business Analytics: Data Analysis & Decision Making text describe three types of models: graphical models, algebraic models, and spreadsheet models.

Which of the following statements is false?

Describing the Distribution of a Single Variable

Finding Relationships Among Variables

Probability and Probability Distributions

Normal, Binomial, Poisson, and Exponential Distributions

Decision Making Under Uncertainty

Sampling and Sampling Distributions

Confidence Interval Estimation

Hypothesis Testing

Regression Analysis: Estimating Relationships

Regression Analysis: Statistical Inference

Time Series Analysis and Forecasting

Introduction to Optimization Modeling

Optimization Models

Introduction to Simulation Modeling

Simulation Models

Data Mining

Importing Data Into Excel

Analysis of Variance and Experimental Design

Statistical Process Control

Filters

Which is an Excel^® add-in for simulation?

@Risk is an Excel^® add-in that can be used to run replications of a simulation, keep track of outputs, create useful charts, and perform sensitivity analyses.

Although it is relatively easy to collect data, it can be more challenging to understand what the data mean.