Exam 1: Introduction to Data Analysis and Decision Making

The authors of the Data Analysis & Decision Making book described three types of models: graphical models,algebraic models,and spreadsheet models.

The @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.

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.

An alternative to algebraic modeling is spreadsheet modeling.Instead of relating various quantities with algebraic equations and inequalities,they are related in a spreadsheet with cell formulas.

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.

Graphical models are probably the least intuitive and most quantitative type of model.

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

Which of the following statements is not true?

Three important themes run through this book: data analysis,decision making,and dealing with uncertainty.

Which of the following statements are true?

Graphical models are the least intuitive type of model.Its purpose is simply to provide enough quantitative details to enable us solve the problem of interest.

Which of the following is an Excel add-in for performing what-if analyses?

Which of the following statements are false?

The decision-making concepts covered in Data Analysis & Decision Making book include which of the following?

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

The decision-making process includes

Which of the following would not be included under data analysis?

Which of the following is not one of the types of models described in Data Analysis & Decision Making book?

Which of the following statements are true?

Data analysis includes