Question 1

The authors of the Business Analytics: Data Analysis & Decision Making text describe three types of models: graphical models, algebraic models, and spreadsheet models.

Accepted Answer

This is correct according to the description given in the question.

Question 2

A fairly recent alternative to algebraic modeling is spreadsheet modeling, which, instead of relating various quantities with algebraic equations and inequalities, relates them in a spreadsheet with cell formulas.

Accepted Answer

Spreadsheet modeling is a real alternative to algebraic modeling, and it uses cell formulas in a spreadsheet to relate various quantities.

Question 3

Graphical models are the least intuitive type of model.

Accepted Answer

Graphical models use visual representations to explain complex relationships between variables, making them easier to understand than some other types of models.

Question 4

What is not one of the types of models described in your Business Analytics: Data Analysis & Decision Making text?

Accepted Answer

The Business Analytics: Data Analysis & Decision Making text describes three types of models: algebraic, spreadsheet, and graphical. Scale model is not mentioned as a type of model in the text.

Question 5

Which is an Excel^® add-in for simulation?

Accepted Answer

@Risk is a simulation add-in for Excel that allows users to run Monte Carlo simulations and analyze the results. It is widely used in finance, engineering, and other industries for risk management and decision-making.

Question 6

The modeling process discussed in your Business Analytics: Data Analysis & Decision Making text is a:

Accepted Answer

The modeling process discussed in the Business Analytics: Data Analysis & Decision Making text is a seven-step process.

Question 7

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

The modeling process can vary depending on the context and specific needs of a business, and while these steps are common, they are not universally required or fixed at seven steps.

Question 8

Algebraic models, by means of algebraic equations and inequalities, specify a set of relationships in a very precise way, but they require an ability to work with abstract mathematical symbols.

Accepted Answer

Algebraic models do require the ability to work with abstract mathematical symbols.

Question 9

Graphical models are the most quantitative type of model.

Accepted Answer

Graphical models can be quantitative, but they can also be qualitative or hybrid. Therefore, they cannot be considered as the most quantitative type of model.

Quiz 1: Introduction to Business Analytics