Deck 1: Introduction to Business Analytics

Question 1

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

A)Measuring uncertainty
B)Data description
C)Data inference
D)Search for relationships

Answer 1

Measuring uncertainty

Question 2

Which statement is not true?

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)Dealing with uncertainty requires a basic understanding of probability.

Answer 2

Dealing with uncertainty includes eliminating uncertainty by using the normal probability distribution.

Question 3

Which of the following is not one of the "intermediate" features of Excel that the authors expect you to be able to use?

A)SUMPRODUCT
B)VLOOKUP
C)IF
D)NPV
E)DIFFERENCEPRODUCT

Answer 3

DIFFERENCEPRODUCT

Question 4

Excel's IF function can be used to determine if an expression is true or false.

Question 5

The decision making process includes

A)optimization techniques for problems with no uncertainty.
B)decision analysis for problems with uncertainty.
C)sensitivity analysis.
D)all of these choices.

Question 6

Decision making includes optimization techniques for problems with certainty,decision analysis for problems with certainty,and structured sensitivity analysis.

Question 7

What is not one of the important themes of your Business Analytics: Data Analysis & Decision Making text?

A)Data analysis
B)Dealing with uncertainty
C)Decision making
D)Data mining

Question 8

The decision-making themes covered in Business Analytics: Data Analysis & Decision Making include which of the following?

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

Question 9

A relatively new aspect of business analytics is big data,which typically implies the analysis of the very large data sets that companies currently encounter.

Question 10

We must deal with uncertainty when we make inferences from data and search for relationships in data,or when we use decision trees to help make decisions.

Question 11

Spreadsheet models typically involve inputs,decision variables,and outputs.

Question 12

The authors of the Business Analytics: Data Analysis & Decision Making text use spreadsheet modeling,particularly Excel spreadsheets,where the essential elements are entered for further analysis.

Question 13

Three important themes run through the Business Analytics: Data Analysis & Decision Making text: data analysis,decision-making,and dealing with uncertainty.

Question 14

​Although it is relatively easy to collect data,it can be more challenging to understand what the data mean.

Question 15

A few ways to enhance the readability of a spreadsheet model is to use a clear,logical layout of the overall model,and to use clear headings for different sections of the model and for all inputs,decision variables,and outputs.

Question 16

When we use simulation models to help make decisions,we do not deal with uncertainty,because we can carry out calculations and avoid performing inferences.

Question 17

When creating a spreadsheet model it is important to keep sensitivity in mind,because other people will be reading and trying to make sense out of your spreadsheet models.

Question 18

Data analysis includes

A)data description.
B)data inference.
C)the search for relationships in data.
D)all of these choices.

Question 19

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

Question 20

Spreadsheet modeling is the process of entering the outputs into a spreadsheet and then relating them appropriately,by means of formulas,to obtain the decision variables.

Question 21

Which of the following statements is false?

A)A two-way table allows you to see how a single output cell varies as you vary two input cells.
B)The SUMPRODUCT function takes two range arguments,which must be exactly the same size and shape,and it sums the products of the corresponding values in these two ranges.
C)The purpose of the Auditing Toolbar is to solve one equation in with one unknown.
D)The NPV function takes two arguments,the discount rate and a stream of cash flows.

Question 22

Which of the following statements are true?

A)Three important themes run through the book: data analysis,decision making,and uncertainty.
B)Data analysis includes data description,data inference,and the searching for relationships in data
C)Decision making includes optimization techniques for problems with no uncertainty,decision analysis for problems with uncertainty,and structured sensitivity analysis.
D)All of these statements are true.

Question 23

Which of the following is true?

A)When entering an expression of text into an excel function,it must be enclosed in double quotes.
B)A spreadsheet model should always include input numbers,rather than cell references,in formulas.
C)If we enter A1:A5 as part of an Excel function,this refers to cells A2,A3,and A4…the cells that are between A1 and A5,exclusive.
D)All of these statements are true.

Question 24

Which of the following statements are false?

A)Decision-making includes optimization techniques for problems with no uncertainty,decision analysis for problems with uncertainty,and structured sensitivity analysis.
B)The three themes of this book are data analysis,decision making,and uncertainty.
C)Dealing with uncertainty includes measuring uncertainty and modeling uncertainty explicitly.
D)None of these statements are false.