Deck 1: Introduction to Business Analytics

Question 1

Which tool is an Excel^® add-in for performing what-if analyses?

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

Answer 1

TopRank

Question 2

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

Answer 2

True

Question 3

Which of the following statements are false?

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 statements are false.

Answer 3

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

Question 4

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 5

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) Dealing with uncertainty includes measuring uncertainty and modeling uncertainty explicitly into the analysis.
E) All of these statements are true.

Question 6

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

Question 7

Which of the following statements is false?

A) The modeling process discussed in your text is a five-step process.
B) Dealing with uncertainty requires a basic understanding of probability.
C) Uncertainty is a key aspect of most business problems.
D) Data description and data inference are data analysis themes.

Question 8

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 9

Spreadsheet simulations cannot be performed entirely with the built-in or add-in tools in Excel^®, so spreadsheet simulations are still one of the most difficult quantitative models to implement in the business world.

Question 10

Which of the following statements are true?

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 statements are true.

Question 11

Data analysis includes:

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

Question 12

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

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

Question 13

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 14

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

Question 15

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.

Question 16

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

A) measuring uncertainty
B) data description
C) data inference
D) search for relationships

Question 17

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

Question 18

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 19

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.

Question 20

@Risk is an Excel^® add-in that can be used to run replications of a simulation, keep track of outputs, create useful charts, and perform sensitivity analyses.

Question 21

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

Question 22

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.

Question 23

Graphical models are the least intuitive type of model.

Question 24

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

A) algebraic model
B) spreadsheet model
C) scale model
D) graphical model

Question 25

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

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

Question 26

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

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

Question 27

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.

Question 28

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.

Question 29

Graphical models are the most quantitative type of model.