Question 1

Which of the following questions will prescriptive analytics help a company address?

Accepted Answer

A) How many and what types of complaints did they resolve? 
B) What is the best way of shipping goods from their factories to minimize costs? 
C) What do they expect to pay for fuel over the next several months? 
D) What will happen if demand falls by 10% or if supplier prices go up 5%? 
A) How many and what types of complaints did they resolve? 
B) What is the best way of shipping goods from their factories to minimize costs? 
C) What do they expect to pay for fuel over the next several months? 
D) What will happen if demand falls by 10% or if supplier prices go up 5%?

Question 2

Which of the following is the mathematical model for deriving total cost of only outsourcing?

Accepted Answer

A) TC = Q x C 
B) TC = F + (C x Q) 
C) TC = (V +
C) x Q 
D) TC = (VC + F)x Q 
A) TC = Q x C 
B) TC = F + (C x Q) 
C) TC = (V +
C) x Q 
D) TC = (VC + F)x Q

Question 3

The demand for coffee beans over a period of three months has been represented in the form of an L-shaped curve.Which form of model was used here?

Accepted Answer

A) mathematical model 
B) visual model 
C) kinesthetic model 
D) verbal model 
A) mathematical model 
B) visual model 
C) kinesthetic model 
D) verbal model

Question 4

Which of the following is a disadvantage of ordinal data?

Accepted Answer

A) They bear no relationship to one another. 
B) They have no fixed units of measurement. 
C) They have no natural zero. 
D) They are not comparable with each other. 
A) They bear no relationship to one another. 
B) They have no fixed units of measurement. 
C) They have no natural zero. 
D) They are not comparable with each other.

Question 5

Develop a linear model relating the demand for Goody Woods' units to the price.

Accepted Answer

Economic theory tells us that demand for

Question 6

Which of the following allow meaningful comparison of 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 7

If D is demand, P is the unit price, and c and d are constants (where d > 0 is the price elasticity), which of the following is a nonlinear demand prediction model?

Accepted Answer

A) D = d + (c × P) 
B) D = (d × P)ᶜ 
C) D = cᵈ × P 
D) D = cP⁻ᵈ 
A) D = d + (c × P) 
B) D = (d × P)ᶜ 
C) D = cᵈ × P 
D) D = cP⁻ᵈ

Question 8

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 9

A manager at Gampco Inc.wishes to know the company's revenue and profit in its previous quarter.Which of the following business analytics will help the manager?

Accepted Answer

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

Question 10

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 11

To meet consumer demand, Nib 'N' Ink must produce 800 gel-ink refills.Should the company produce them in-house or outsource them from the supplier? (Hint: Use the mathematical descriptive model).

Accepted Answer

Total Cost of Manufacturing (TC)= Fixed

Question 12

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 13

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 14

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 15

In a database, the things for which information is stored and maintained are called ________.

Accepted Answer

A) fields 
B) measurements 
C) entities 
D) attributes 
A) fields 
B) measurements 
C) entities 
D) attributes

Question 16

When will a company use a predictive decision model?

Accepted Answer

A) when it wishes to determine the best product pricing to maximize revenue 
B) when it wishes to know how best to use advertising strategies to influence sales 
C) when it wishes to know sales patterns to plan inventory levels 
D) when it wishes to ensure that a specified level of customer service is achieved 
A) when it wishes to determine the best product pricing to maximize revenue 
B) when it wishes to know how best to use advertising strategies to influence sales 
C) when it wishes to know sales patterns to plan inventory levels 
D) when it wishes to ensure that a specified level of customer service is achieved

Question 17

The complexity of a problem increases when the problem belongs to an individual rather than a group.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is the mathematical model for deriving total cost of only manufacturing?

Accepted Answer

A) TC = VC + (C × Q) 
B) TC = F + (C × Q) 
C) TC = F + C 
D) TC = F + (V × Q) 
A) TC = VC + (C × Q) 
B) TC = F + (C × Q) 
C) TC = F + C 
D) TC = F + (V × Q)

Question 19

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 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 questions will prescriptive analytics help a company address?

Which of the following is the mathematical model for deriving total cost of only outsourcing?

The demand for coffee beans over a period of three months has been represented in the form of an L-shaped curve.Which form of model was used here?

Which of the following is a disadvantage of ordinal data?

Develop a linear model relating the demand for Goody Woods' units to the price.

Which of the following allow meaningful comparison of statistics?

If D is demand, P is the unit price, and c and d are constants (where d > 0 is the price elasticity), which of the following is a nonlinear demand prediction model?

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 manager at Gampco Inc.wishes to know the company's revenue and profit in its previous quarter.Which of the following business analytics will help the manager?

Descriptive analytics:

To meet consumer demand, Nib 'N' Ink must produce 800 gel-ink refills.Should the company produce them in-house or outsource them from the supplier? (Hint: Use the mathematical descriptive model).

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

Middle managers in operations:

Which decision model incorporates the process of optimization?

In a database, the things for which information is stored and maintained are called ________.

When will a company use a predictive decision model?

The complexity of a problem increases when the problem belongs to an individual rather than a group.

Which of the following is the mathematical model for deriving total cost of only manufacturing?

Predictive analytics:

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

Which of the following questions will prescriptive analytics help a company address?

Which of the following is the mathematical model for deriving total cost of only outsourcing?

The demand for coffee beans over a period of three months has been represented in the form of an L-shaped curve.Which form of model was used here?

Which of the following is a disadvantage of ordinal data?

Develop a linear model relating the demand for Goody Woods' units to the price.

Which of the following allow meaningful comparison of statistics?

If D is demand, P is the unit price, and c and d are constants (where d > 0 is the price elasticity), which of the following is a nonlinear demand prediction model?

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 manager at Gampco Inc.wishes to know the company's revenue and profit in its previous quarter.Which of the following business analytics will help the manager?

Descriptive analytics:

To meet consumer demand, Nib 'N' Ink must produce 800 gel-ink refills.Should the company produce them in-house or outsource them from the supplier? (Hint: Use the mathematical descriptive model).

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

Middle managers in operations:

Which decision model incorporates the process of optimization?

In a database, the things for which information is stored and maintained are called ________.

When will a company use a predictive decision model?

The complexity of a problem increases when the problem belongs to an individual rather than a group.

Which of the following is the mathematical model for deriving total cost of only manufacturing?

Predictive analytics:

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