Question 1

Which of these techniques would be considered predictive analytics?

Accepted Answer

A) transportation models 
B) economic order quantity models 
C) linear programming 
D) simulation

Question 2

How many months pass before he realizes a profit from this enterprise?

Accepted Answer

The answer of How many months pass before he realizes...

Question 3

Which of the following techniques involves the use of optimization methods to provide new and better ways to operate based on specific business objectives?

Accepted Answer

A) descriptive analytics 
B) prescriptive analytics 
C) predictive analytics 
D) quantitative analysis

Question 4

The quantitative analysis approach begins with

Accepted Answer

A) data. 
B) analysis. 
C) models. 
D) statistics.

Question 5

What are the three categories of business analytics?

Accepted Answer

The answer of What are the three categories of business...

Question 6

Managers do not need to be familiar with the limitations, assumptions, and/or specific applicability of the quantitative analysis technique to use it for accurate decision making.

Accepted Answer

A) True 
 B)False

Question 7

Suppose she decides to get both ducks and chickens, each receiving their own area in her backyard with separate housing.How many months after startup (assume that she buys mature birds that begin laying immediately)will profit from chickens equal profit from ducks?

Accepted Answer

The answer of Suppose she decides to get both ducks...

Question 8

A parameter is a measurable quantity that may vary or is subject to change.

Accepted Answer

A) True 
 B)False

Question 9

Which Excel feature allows the user to specify a target or goal and the variable that is desired to change in order to achieve that goal?

Accepted Answer

A) Solver 
B) Goal Search 
C) Target Search 
D) Goal Seek

Question 10

How can an analyst overcome the threats to successful implementation of a quantitative model?

Accepted Answer

The answer of How can an analyst overcome the threats...

Question 11

Descriptive Analytics is aimed at forecasting future outcomes based on patterns in the past data.

Accepted Answer

A) True 
 B)False

Question 12

The ability to examine the variability of a solution due to changes in the formulation of a problem is an important part of the analysis of the results.This type of analysis is called ________ analysis.

Accepted Answer

A) sensitivity 
B) implicit 
C) normal 
D) scale

Question 13

If input data are accurate to three significant digits, then the solution results can be accurate to how many significant digits?

Accepted Answer

A) one 
B) two 
C) three 
D) four

Question 14

What is the break-even point for duck eggs? What is the break-even point for chicken eggs?

Accepted Answer

The answer of What is the break-even point for duck...

Question 15

Shirley's time sitting at her desk was interrupted when the human resources manager burst into her office with a particularly vexing problem - customer service ratings had been falling over the last quarter.The human resources manager explained that they were behind on training programs for their workers.Shirley assembled a task force consisting of the brightest minds in the organization and gave them a charge - to look at the previous quarter's issues and to develop training courses over the next 48 months to solve those issues.What roadblock is Shirley confronted with while trying to identify the true problem?

Accepted Answer

A) Conflicting viewpoints 
B) Impact on other departments 
C) Beginning assumptions 
D) Solution outdated

Question 16

A mathematical model shows the relationship between quantifiable and non-quantifiable information.

Accepted Answer

A) True 
 B)False

Question 17

The popularity of the quantitative analysis approach is largely attributed to

Accepted Answer

A) big data. 
B) computers. 
C) the deep web. 
D) the worldwide web.

Question 18

Testing the data and model should be done before the results have been analyzed.

Accepted Answer

A) True 
 B)False

Question 19

KJ built his taco truck out of $75,000,000 worth of titanium and duct tape.He uses $2.25 of ground beef, $0.75 of cheese, and $0.25 of lettuce in each taco.If he sells tacos at $10 each, what is his break-even quantity?

Accepted Answer

A) 11,111,111 
B) 22,222,222 
C) 40,000,000 
D) 400,000

Question 20

Shirley's time sitting at her desk was interrupted when the human resources manager burst into her office with a particularly nasty problem - customer service ratings had been falling over the last quarter.The human resources manager explained that rewarding high performing workers with bonuses would improve customer service.Shirley agreed and implemented a bonus scale that initially seemed effective, however the increased payout for bonuses meant there was less money available for offsite storage used by the IT division.Sadly, their system backup tapes would have to be held at the same location as their main system.What roadblock is Shirley confronted with while trying to identify the true problem?

Accepted Answer

A) Conflicting viewpoints 
B) Impact on other departments 
C) Beginning assumptions 
D) Solution outdated

Exam 1: Introduction to Quantitative Analysis

Which of these techniques would be considered predictive analytics?

How many months pass before he realizes a profit from this enterprise?

Which of the following techniques involves the use of optimization methods to provide new and better ways to operate based on specific business objectives?

The quantitative analysis approach begins with

What are the three categories of business analytics?

Managers do not need to be familiar with the limitations, assumptions, and/or specific applicability of the quantitative analysis technique to use it for accurate decision making.

Suppose she decides to get both ducks and chickens, each receiving their own area in her backyard with separate housing.How many months after startup (assume that she buys mature birds that begin laying immediately)will profit from chickens equal profit from ducks?

A parameter is a measurable quantity that may vary or is subject to change.

Which Excel feature allows the user to specify a target or goal and the variable that is desired to change in order to achieve that goal?

How can an analyst overcome the threats to successful implementation of a quantitative model?

Descriptive Analytics is aimed at forecasting future outcomes based on patterns in the past data.

The ability to examine the variability of a solution due to changes in the formulation of a problem is an important part of the analysis of the results.This type of analysis is called ________ analysis.

If input data are accurate to three significant digits, then the solution results can be accurate to how many significant digits?

What is the break-even point for duck eggs? What is the break-even point for chicken eggs?

A mathematical model shows the relationship between quantifiable and non-quantifiable information.

The popularity of the quantitative analysis approach is largely attributed to

Testing the data and model should be done before the results have been analyzed.

KJ built his taco truck out of $75,000,000 worth of titanium and duct tape.He uses $2.25 of ground beef, $0.75 of cheese, and $0.25 of lettuce in each taco.If he sells tacos at $10 each, what is his break-even quantity?