Question 1

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

Accepted Answer

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

Question 2

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 options 
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 options E

Question 3

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

Accepted Answer

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

Question 4

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.

Accepted Answer

A) True 
 B)False

Question 5

Dealing with uncertainty includes measuring uncertainty and modeling uncertainty explicitly into the analysis.

Accepted Answer

A) True 
 B)False

Question 6

The modeling process discussed in Data Analysis & Decision Making book is a

Accepted Answer

A) seven-step process 
B) six-step process 
C) five-step process 
D) four-step process 
E) three-step process 
A) seven-step process 
B) six-step process 
C) five-step process 
D) four-step process 
E) three-step process

Question 7

Which of the following is not one of the important themes of your Data Analysis & Decision Making book?

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

Question 8

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 9

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

Accepted Answer

A) True 
 B)False

Question 10

Which of the following 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

Question 11

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 12

Which of the following statements are false?

Accepted Answer

A) Decision-making includes optimization techniques for problems with certainty,decision analysis for problems with certainty,and structured sensitivity analysis. 
B) Graphical models can be very helpful for simple problems.For complex problems,however,graphical models usually fail to show the important elements of a problem and how they are related. 
C) Dealing with uncertainty includes measuring uncertainty and modeling uncertainty explicitly into the analysis. 
D) All of these options 
A) Decision-making includes optimization techniques for problems with certainty,decision analysis for problems with certainty,and structured sensitivity analysis. 
B) Graphical models can be very helpful for simple problems.For complex problems,however,graphical models usually fail to show the important elements of a problem and how they are related. 
C) Dealing with uncertainty includes measuring uncertainty and modeling uncertainty explicitly into the analysis. 
D) All of these options

Question 13

Graphical models can be very helpful for simple problems.For complex problems,however,graphical models usually fail to show the important elements of a problem and how they are related.

Accepted Answer

A) True 
 B)False

Question 14

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.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A) Optimization techniques 
B) Decision analysis with uncertainty 
C) Structured sensitivity analysis 
D) All of these options 
A) Optimization techniques 
B) Decision analysis with uncertainty 
C) Structured sensitivity analysis 
D) All of these options

Question 16

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.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

Data analysis includes

Accepted Answer

A) data description 
B) data inference 
C) the search for relationships in data 
D) All of these options 
A) data description 
B) data inference 
C) the search for relationships in data 
D) All of these options

Question 19

Which of the following statements is not true?

Accepted Answer

A) Dealing with uncertainty includes measuring uncertainty 
B) Dealing with uncertainty includes modeling uncertainty explicitly into the analysis. 
C) Dealing with uncertainty includes eliminating uncertainty by using the normal probability distribution 
D) Uncertainty is a key aspect of most business problems,and dealing with uncertainty requires a basic understanding of probability 
A) Dealing with uncertainty includes measuring uncertainty 
B) Dealing with uncertainty includes modeling uncertainty explicitly into the analysis. 
C) Dealing with uncertainty includes eliminating uncertainty by using the normal probability distribution 
D) Uncertainty is a key aspect of most business problems,and dealing with uncertainty requires a basic understanding of probability

Question 20

Data are usually meaningless until they are analyzed for trends,patterns,relationships,and other useful information.

Accepted Answer

A) True 
 B)False

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

Which of the following statements are true:

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

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.

Dealing with uncertainty includes measuring uncertainty and modeling uncertainty explicitly into the analysis.

The modeling process discussed in Data Analysis & Decision Making book is a

Which of the following is not one of the important themes of your Data Analysis & Decision Making book?

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

Which of the following is an Excel add-in for simulation?

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.

Which of the following statements are false?

Graphical models can be very helpful for simple problems.For complex problems,however,graphical models usually fail to show the important elements of a problem and how they are related.

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.

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

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.

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

Data analysis includes

Which of the following statements is not true?

Data are usually meaningless until they are analyzed for trends,patterns,relationships,and other useful information.

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 Modeling: Applications

Introduction to Simulation Modeling

Simulation Models

Filters

Exam 1: Introduction to Data Analysis and Decision Making

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

Which of the following statements are true:

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

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.

Dealing with uncertainty includes measuring uncertainty and modeling uncertainty explicitly into the analysis.

The modeling process discussed in Data Analysis & Decision Making book is a

Which of the following is not one of the important themes of your Data Analysis & Decision Making book?

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

Which of the following is an Excel add-in for simulation?

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.

Which of the following statements are false?

Graphical models can be very helpful for simple problems.For complex problems,however,graphical models usually fail to show the important elements of a problem and how they are related.

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.

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

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.

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

Data analysis includes

Which of the following statements is not true?

Data are usually meaningless until they are analyzed for trends,patterns,relationships,and other useful information.

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 Modeling: Applications

Introduction to Simulation Modeling

Simulation Models

Filters