Question 1

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. C

Question 2

The product mix is determined by the:

Accepted Answer

A) accounting staff. 
B) middle managers. 
C) finance managers. 
D) top managers. 
A) accounting staff. 
B) middle managers. 
C) finance managers. 
D) top managers. D

Question 3

Nominal data:

Accepted Answer

A) are ranked according to some relationship to one another. 
B) have constant differences between observations. 
C) are continuous and have a natural zero. 
D) are sorted into categories according to specified characteristics. 
A) are ranked according to some relationship to one another. 
B) have constant differences between observations. 
C) are continuous and have a natural zero. 
D) are sorted into categories according to specified characteristics. D

Question 4

Profit is computed as the difference between total revenue from sales and total cost of production.Revenue depends on the market share captured by a company and the size of the target market.Various marketing decisions taken by managers are reflected upon the market share.The decisions also have an impact on marketing costs which in turn will affect the total cost of production.Construct an influence diagram that relates these variables.

Accepted Answer

The answer of Profit is computed as the difference between...

Question 5

During which phase in problem solving is a formal model often developed?

Accepted Answer

A) analyzing the problem 
B) structuring the problem 
C) defining the problem 
D) implementing the solution 
A) analyzing the problem 
B) structuring the problem 
C) defining the problem 
D) implementing the solution

Question 6

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

Question 7

What are the three components of decision support systems (DSS)?

Accepted Answer

DSSs include three components:
•Data man

Question 8

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 9

Data used in business analytics need to be reliable and valid.Explain.

Accepted Answer

Sample data do not always reflect realit

Question 10

Identify the uncontrollable variable from the following inputs of a decision model.

Accepted Answer

A) investment returns 
B) machine capacities 
C) staffing levels 
D) intercity distances 
A) investment returns 
B) machine capacities 
C) staffing levels 
D) intercity distances

Question 11

Descriptive decision models:

Accepted Answer

A) aim to predict what will happen in the future. 
B) do not tell a manager what to do. 
C) help analyze the risks associated with various decisions. 
D) do not facilitate evaluation of different decisions. 
A) aim to predict what will happen in the future. 
B) do not tell a manager what to do. 
C) help analyze the risks associated with various decisions. 
D) do not facilitate evaluation of different decisions.

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

Develop a prescriptive model that will help Goody Woods identify the price that maximizes the total revenue.

Accepted Answer

Having found out the model for demand as

Question 14

In a database file which is organized in a two-dimensional table, the rows represent records of related data elements.

Accepted Answer

A) True 
 B)False

Question 15

Measure is the act of obtaining data associated with a metric.Measurements are the numerical values associated with a metric.

Accepted Answer

A) True 
 B)False

Question 16

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 s

Question 17

Following are the components of a data set containing purchase details of a shoe manufacturing company.Identify the ratio data.

Accepted Answer

A) Item Number 
B) Rank of suppliers 
C) Item cost 
D) Arrival Date 
A) Item Number 
B) Rank of suppliers 
C) Item cost 
D) Arrival Date

Question 18

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

Accepted Answer

Following are the ways data are used:
•A

Question 19

What is a database?

Accepted Answer

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

Question 20

Which of the following is true about problem solving?

Accepted Answer

A) Recognizing problems involves stating goals and objectives. 
B) Analyzing the problem involves characterizing the possible decisions. 
C) Decision making involves translating the results of the model in the organization. 
D) Structuring the problem involves identifying constraints. 
A) Recognizing problems involves stating goals and objectives. 
B) Analyzing the problem involves characterizing the possible decisions. 
C) Decision making involves translating the results of the model in the organization. 
D) Structuring the problem involves identifying constraints.

Prescriptive decision models help:

The product mix is determined by the:

Nominal data:

During which phase in problem solving is a formal model often developed?

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

What are the three components of decision support systems (DSS)?

Decision variables:

Data used in business analytics need to be reliable and valid.Explain.

Identify the uncontrollable variable from the following inputs of a decision model.

Descriptive decision models:

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

Develop a prescriptive model that will help Goody Woods identify the price that maximizes the total revenue.

In a database file which is organized in a two-dimensional table, the rows represent records of related data elements.

Measure is the act of obtaining data associated with a metric.Measurements are the numerical values associated with a metric.

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).

Following are the components of a data set containing purchase details of a shoe manufacturing company.Identify the ratio data.

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

What is a database?

Which of the following is true about problem solving?

Analytics on Spreadsheets

Visualizing and Exploring Data

Descriptive Statistical Measures

Probability Distributions and Data Modeling

Sampling and Estimation

Statistical Inference

Predictive Modeling and Analysis

Regression Analysis

Forecasting Techniques

Simulation and Risk Analysis

Introduction to Data Mining

Linear Optimization

Applications of Linear Optimization

Integer Optimization

Nonlinear and Non-Smooth Optimization

Optimization Models with Uncertainty

Decision Analysis

Filters

Exam 1: Introduction to Business Analytics

Prescriptive decision models help:

The product mix is determined by the:

Nominal data:

During which phase in problem solving is a formal model often developed?

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

What are the three components of decision support systems (DSS)?

Decision variables:

Data used in business analytics need to be reliable and valid.Explain.

Identify the uncontrollable variable from the following inputs of a decision model.

Descriptive decision models:

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

Develop a prescriptive model that will help Goody Woods identify the price that maximizes the total revenue.

In a database file which is organized in a two-dimensional table, the rows represent records of related data elements.

Measure is the act of obtaining data associated with a metric.Measurements are the numerical values associated with a metric.

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).

Following are the components of a data set containing purchase details of a shoe manufacturing company.Identify the ratio data.

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

What is a database?

Which of the following is true about problem solving?

Analytics on Spreadsheets

Visualizing and Exploring Data

Descriptive Statistical Measures

Probability Distributions and Data Modeling

Sampling and Estimation

Statistical Inference

Predictive Modeling and Analysis

Regression Analysis

Forecasting Techniques

Simulation and Risk Analysis

Introduction to Data Mining

Linear Optimization

Applications of Linear Optimization

Integer Optimization

Nonlinear and Non-Smooth Optimization

Optimization Models with Uncertainty

Decision Analysis

Filters