Question 1

Data used in business analytics need to be reliable and valid. Explain.

Accepted Answer

Sample data do not always reflect realit...

Question 2

Which of the following is true about problem solving?

Accepted Answer

A)   Recognizing problems involves stating goals and objectives.
B)   Analyzing the problem involves characterizing the possible decisions.
C)   Decision making involves translating the results of the model in the organization.
D)   Structuring the problem involves identifying constraints.E) None of the above
F) A) and D)

Question 3

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.E) A) and D)
F) None of the above

Question 4

In a database, information is stored and maintained in .

Accepted Answer

A)   fields
B)   measurements
C)   entities
D)   attributesE) A) and C)
F) B) and C)

Question 5

During which phase in problem solving is a formal model often developed?

Accepted Answer

A)   analyzing the problem
B)   structuring the problem
C)   defining the problem
D)   implementing the solutionE) A) and D)
F) A) and C)

Question 6

In a database file, which is organized in a two-dimensional table, the rows represent records of related data elements.

Accepted Answer

A) True 
 B)False

Question 7

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 achievedE) A) and C)
F) All of the above

Question 8

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) E) None of the above
F) A) and C)

Question 9

The product mix is determined by the:

Accepted Answer

A)   accounting staff.
B)   middle managers.
C)   finance managers.
D)   top managers.E) A) and B)
F) A) and C)

Question 10

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 analyticsE) C) and D)
F) All of the above

Question 11

Develop a prescriptive model that will help Goody Woods identify the price that maximizes the total revenue.

Accepted Answer

Having found out the model for demand as...

Question 12

Nominal data:

Accepted Answer

A)   are ranked according to some relationship to one another.
B)   have constant differences between observations.
C)   are continuous and have a natural zero.
D)   are sorted into categories according to specified characteristics.E) B) and D)
F) A) and B)

Question 13

Which decision model incorporates the uncertainty element?

Accepted Answer

A)   predictive
B)   normative
C)   prescriptive
D)   descriptiveE) A) and D)
F) A) and B)

Question 14

Identify the uncontrollable variable from the following inputs of a decision model.

Accepted Answer

A)   investment returns
B)   machine capacities
C)   staffing levels
D)   intercity distancesE) None of the above
F) All of the above

Question 15

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%?E) B) and C)
F) C) and D)

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

Economic theory tells us that demand for...

Question 18

Profit is computed as the difference between total revenue from sales and total cost of production. Revenue depends on the market share captured by a company and the size of the target market. Various marketing decisions taken by managers are reflected upon the market share. The decisions also have an impact on marketing costs which in turn will affect the total cost of production. Construct an influence diagram that relates these variables.

Accepted Answer

The answer of Profit is computed as the difference between...

Question 19

Following are the components of a data set containing purchase details of a shoe manufacturing company. Identify the ratio data.

Accepted Answer

A)   Item Number
B)   Rank of suppliers
C)   Item cost
D)   Arrival DateE) A) and D)
F) B) and C)

Question 20

Descriptive decision models:

Accepted Answer

A)   aim to predict what will happen in the future.
B)   describe relationships but do not tell a manager what to do.
C)   help analyze the risks associated with various decisions.
D)   do not facilitate evaluation of different decisions.E) A) and C)
F) A) and B)

Exam 1: Business Analytics

When will a company use a predictive decision model?

Correct Answer
verified

Develop a prescriptive model that will help Goody Woods identify the price that maximizes the total revenue.

Correct Answer
verified
Having found out the model for demand as...
View Answer

Nominal data:

Correct Answer
verified

Identify the uncontrollable variable from the following inputs of a decision model.

Correct Answer
verified

Which of the following is a disadvantage of ordinal data?

Correct Answer
verified

Descriptive decision models:

Correct Answer
verified

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

Correct Answer
verified

Data used in business analytics need to be reliable and valid. Explain.

Correct Answer
verified
Sample data do not always reflect realit...
View Answer

In a database file, which is organized in a two-dimensional table, the rows represent records of related data elements.

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Following are the components of a data set containing purchase details of a shoe manufacturing company. Identify the ratio data.

Correct Answer
verified

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

Correct Answer
verified
Economic theory tells us that demand for...
View Answer

Which of the following is true about problem solving?

Correct Answer
verified

In a database, information is stored and maintained in .

Correct Answer
verified

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?

Correct Answer
verified

The product mix is determined by the:

Correct Answer
verified

Which decision model incorporates the uncertainty element?

Correct Answer
verified

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

Correct Answer
verified

During which phase in problem solving is a formal model often developed?

Correct Answer
verified

Exam 1: Business Analytics

When will a company use a predictive decision model?

Correct AnswerverifiedShow Answer

Develop a prescriptive model that will help Goody Woods identify the price that maximizes the total revenue.

Correct AnswerverifiedHaving found out the model for demand as...View AnswerShow Answer

Nominal data:

Correct AnswerverifiedShow Answer

Identify the uncontrollable variable from the following inputs of a decision model.

Correct AnswerverifiedShow Answer

Which of the following is a disadvantage of ordinal data?

Correct AnswerverifiedShow Answer

Descriptive decision models:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Data used in business analytics need to be reliable and valid. Explain.

Correct AnswerverifiedSample data do not always reflect realit...View AnswerShow Answer

In a database file, which is organized in a two-dimensional table, the rows represent records of related data elements.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Following are the components of a data set containing purchase details of a shoe manufacturing company. Identify the ratio data.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedEconomic theory tells us that demand for...View AnswerShow Answer

Which of the following is true about problem solving?

Correct AnswerverifiedShow Answer

In a database, information is stored and maintained in .

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

The product mix is determined by the:

Correct AnswerverifiedShow Answer

Which decision model incorporates the uncertainty element?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

During which phase in problem solving is a formal model often developed?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
Having found out the model for demand as...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Sample data do not always reflect realit...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Economic theory tells us that demand for...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified