Question 1

Which of the following is the first phase in problem solving?

Accepted Answer

A)  defining the problem 
B)  analyzing the problem 
C)  recognizing the problem 
D)  structuring the problem 
A)  defining the problem 
B)  analyzing the problem 
C)  recognizing the problem 
D)  structuring the problem C

Question 2

Find the range of volumes at which it is more economical for Nib 'N' Ink to produce the refills in-house or outsource them. (Hint: Use the break-even decision model).

Accepted Answer

Break-even volume can be arrived at by setting TC (manufacturing) = TC (outsourcing) and solving for Q.
F + V × Q = C × Q
Q = F / (C - V) = 2,400 / (5 - 3) = 1,200
Thus, if the anticipated production volume is greater than 1,200, it is more economical to manufacture the refills; if it is less than 1,200, then they should be outsourced.

Question 3

A deterministic model is one in which all model input information is either known or assumed to be known with certainty.

Accepted Answer

A) True 
 B)False  True

Question 4

When data are classified by the type of measurement scale, which is the strongest form of measurement?

Accepted Answer

A)  nominal 
B)  interval 
C)  ordinal 
D)  ratio 
A)  nominal 
B)  interval 
C)  ordinal 
D)  ratio

Question 5

Which of the following allow meaningful comparison of ranges, averages and other statistics?

Accepted Answer

A)  interval data 
B)  categorical data 
C)  ratio data 
D)  ordinal data 
A)  interval data 
B)  categorical data 
C)  ratio data 
D)  ordinal data

Question 6

A goal of Korel & Marke, a dot-com company, is to gain strategic advantage over its rival
firms. How can Korel & Marke use analytics and exploit social media to accomplish this goal?

Accepted Answer

Analytics is helping businesses learn fr

Question 7

A trader who wants to predict short-term movements in stock prices is likely to use analytics.

Accepted Answer

A)  predictive 
B)  descriptive 
C)  normative 
D)  prescriptive 
A)  predictive 
B)  descriptive 
C)  normative 
D)  prescriptive

Question 8

Explain how data are used by accountants, economists, and operations managers.

Accepted Answer

Following are the ways data are used:
•

Question 9

Middle managers in operations:

Accepted Answer

A)  develop staffing plans. 
B)  determine product mix. 
C)  develop advertising plans. 
D)  make pricing decisions. 
A)  develop staffing plans. 
B)  determine product mix. 
C)  develop advertising plans. 
D)  make pricing decisions.

Question 10

Describe the major tools and criteria for decision making. Use the chart below to answer the following two questions:  
-What is the slope of the sales function D = a - bP?

Accepted Answer

A)  4 
B)  9 
C)  12 
D)  17 
A)  4 
B)  9 
C)  12 
D)  17

Question 11

The manager at Soul Walk Inc., a shoe manufacturing company, wants to set a new price (P) for a shoe model to maximize total profit. The demand (D) as a function of price is represented as: D = 1,500 - 2.5P
The total cost (C) as a function of demand is represented as:
C = 3,200 + 3.5D
Which of the following is a model for total profit as a function of price?

Accepted Answer

A)  (1,508.75× price) - (2.5 × price2) - 8,450 
B)  (3.5 × price2) + 3,200 - (1925.50 × price) 
C)  (1,250 × price) + (5 × price2) - 8,320 
D)  [4521 + (4.5 × price)] × price - 9684.25 
A)  (1,508.75× price) - (2.5 × price2) - 8,450 
B)  (3.5 × price2) + 3,200 - (1925.50 × price) 
C)  (1,250 × price) + (5 × price2) - 8,320 
D)  [4521 + (4.5 × price)] × price - 9684.25

Question 12

Which decision model incorporates the process of optimization?

Accepted Answer

A)  predictive 
B)  prescriptive 
C)  descriptive 
D)  normative 
A)  predictive 
B)  prescriptive 
C)  descriptive 
D)  normative

Question 13

Descriptive analytics:

Accepted Answer

A)  can predict risk and find relationships in data not readily apparent with traditional analyses. 
B)  helps companies classify their customers into segments to develop specific marketing campaigns. 
C)  helps detect hidden patterns in large quantities of data to group data into sets to predict behavior. 
D)  can use mathematical techniques with optimization to make decisions that take into account the uncertainty in the data. 
A)  can predict risk and find relationships in data not readily apparent with traditional analyses. 
B)  helps companies classify their customers into segments to develop specific marketing campaigns. 
C)  helps detect hidden patterns in large quantities of data to group data into sets to predict behavior. 
D)  can use mathematical techniques with optimization to make decisions that take into account the uncertainty in the data.

Question 14

What is a database?

Accepted Answer

A)  a structured collection of related files and data 
B)  simply a collection of data 
C)  a data file holding a single file 
D)  flat files used to store data 
A)  a structured collection of related files and data 
B)  simply a collection of data 
C)  a data file holding a single file 
D)  flat files used to store data

Question 15

Which of the following is an example of a measure of continuous metrics?

Accepted Answer

A)  four errors revealed in an invoice 
B)  a delivery delayed by seven days 
C)  weight and volume of a sheet of steel 
D)  three incomplete orders on a day 
A)  four errors revealed in an invoice 
B)  a delivery delayed by seven days 
C)  weight and volume of a sheet of steel 
D)  three incomplete orders on a day

Question 16

The total cost of reaching consumers (C) depends upon the number of consumers (N), advertising costs (A), and transportation costs (T). The linear cost prediction model is represented as: C = c - nN + aA + tT
Where c, n, a, and t are constants and c estimates the total cost when the remaining variables are zero. Which of the following interpretations is true about this model?

Accepted Answer

A)  Change in variables N, A, and T will cause n, a, and t to change. 
B)  As n decreases, c will increase. 
C)  When variables N, A, and T are zero, C = c - n + a + t. 
D)  Change in variables N, A, and T will not reflect any changes in c. 
A)  Change in variables N, A, and T will cause n, a, and t to change. 
B)  As n decreases, c will increase. 
C)  When variables N, A, and T are zero, C = c - n + a + t. 
D)  Change in variables N, A, and T will not reflect any changes in c.

Question 17

Decision variables:

Accepted Answer

A)  cannot be directly controlled by the decision maker. 
B)  are assumed to be constant. 
C)  are always uncertain. 
D)  can be selected at the discretion of the decision maker. 
A)  cannot be directly controlled by the decision maker. 
B)  are assumed to be constant. 
C)  are always uncertain. 
D)  can be selected at the discretion of the decision maker.

Question 18

Decision support systems evolved from efforts to improve military operations prior to and during World War II.

Accepted Answer

A) True 
 B)False

Question 19

Prescriptive decision models help:

Accepted Answer

A)  make predictions of how demand is influenced by price. 
B)  make trade-offs between greater rewards and risks of potential losses. 
C)  decision makers identify the best solution to decision problems. 
D)  describe relationships and influence of various elements in the model. 
A)  make predictions of how demand is influenced by price. 
B)  make trade-offs between greater rewards and risks of potential losses. 
C)  decision makers identify the best solution to decision problems. 
D)  describe relationships and influence of various elements in the model.

Question 20

Predictive analytics:

Accepted Answer

A)  summarizes data into meaningful charts and reports that can be standardized or customized. 
B)  identifies the best alternatives to minimize or maximize an objective. 
C)  uses data to determine a course of action to be executed in a given situation. 
D)  detects patterns in historical data and extrapolates them forward in time. 
A)  summarizes data into meaningful charts and reports that can be standardized or customized. 
B)  identifies the best alternatives to minimize or maximize an objective. 
C)  uses data to determine a course of action to be executed in a given situation. 
D)  detects patterns in historical data and extrapolates them forward in time.

Which of the following is the first phase in problem solving?

Find the range of volumes at which it is more economical for Nib 'N' Ink to produce the refills in-house or outsource them. (Hint: Use the break-even decision model).

A deterministic model is one in which all model input information is either known or assumed to be known with certainty.

When data are classified by the type of measurement scale, which is the strongest form of measurement?

Which of the following allow meaningful comparison of ranges, averages and other statistics?

A goal of Korel & Marke, a dot-com company, is to gain strategic advantage over its rival firms. How can Korel & Marke use analytics and exploit social media to accomplish this goal?

A trader who wants to predict short-term movements in stock prices is likely to use analytics.

Explain how data are used by accountants, economists, and operations managers.

Middle managers in operations:

Describe the major tools and criteria for decision making. Use the chart below to answer the following two questions: -What is the slope of the sales function D = a - bP?

Which decision model incorporates the process of optimization?

Descriptive analytics:

What is a database?

Which of the following is an example of a measure of continuous metrics?

Decision variables:

Decision support systems evolved from efforts to improve military operations prior to and during World War II.

Prescriptive decision models help:

Predictive analytics:

Analytics on Spreadsheets

Visualizing and Exploring Data

Descriptive Statistical Measures

Probability Distributions and Data Modeling

Sampling and Estimation

Statistical Inference

Trendlines and Regression Analysis

Forecasting Techniques

Introduction to Data Mining

Spreadsheet Modeling and Analysis

Monte Carlo Simulation and Risk Analysis

Linear Optimization

Applications of Linear Optimization

Integer Optimization

Decision Analysis

Filters

Exam 1: Business Analytics

Which of the following is the first phase in problem solving?

Find the range of volumes at which it is more economical for Nib 'N' Ink to produce the refills in-house or outsource them. (Hint: Use the break-even decision model).

A deterministic model is one in which all model input information is either known or assumed to be known with certainty.

When data are classified by the type of measurement scale, which is the strongest form of measurement?

Which of the following allow meaningful comparison of ranges, averages and other statistics?

A goal of Korel & Marke, a dot-com company, is to gain strategic advantage over its rival firms. How can Korel & Marke use analytics and exploit social media to accomplish this goal?

A trader who wants to predict short-term movements in stock prices is likely to use analytics.

Explain how data are used by accountants, economists, and operations managers.

Middle managers in operations:

Describe the major tools and criteria for decision making. Use the chart below to answer the following two questions: -What is the slope of the sales function D = a - bP?

Which decision model incorporates the process of optimization?

Descriptive analytics:

What is a database?

Which of the following is an example of a measure of continuous metrics?

Decision variables:

Decision support systems evolved from efforts to improve military operations prior to and during World War II.

Prescriptive decision models help:

Predictive analytics:

Analytics on Spreadsheets

Visualizing and Exploring Data

Descriptive Statistical Measures

Probability Distributions and Data Modeling

Sampling and Estimation

Statistical Inference

Trendlines and Regression Analysis

Forecasting Techniques

Introduction to Data Mining

Spreadsheet Modeling and Analysis

Monte Carlo Simulation and Risk Analysis

Linear Optimization

Applications of Linear Optimization

Integer Optimization

Decision Analysis

Filters