Business Analytics

1. Which of the following is not one of Deming’s 14 Points? a. Use Lowest-Tender Contracts. b. Have Constancy of Purpose. c. Institute Leadership of People. d. Break Down Barriers. 2. Michael has incorporated a vigorous cross-training program within his department. This is an example of which of Deming’s 14 points? a. Improve Every Process. b. Institute Training. c. Drive Out Fear. d. Encourage Education. 3. Jada has decided to implement weekly meetings between departments to discuss issue...

1. Text files are also known as: a. Excel spreadsheets b. Excel workbooks c. ASCII files d. Notepad files 2. Anna is getting ready to insert a blank column, paste information from a previous spreadsheet into the first four rows of this column, and bold the heading. And she needs to do this for all 150 product lines in her area. How is this task best handled? a. Using the insert, copy, paste commands in Excel. b. Writing a macro to handle this repetitive task. c. Writing instructions that incorp...

1. The decision-making concepts covered in Data Analysis & Decision Making book include which of the following? a. Optimization techniques b. Decision analysis with uncertainty c. Structured sensitivity analysis d. All of these options 2. Which of the following statements 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 u...

1. Data collected from approximately the same period of time from a cross-section of a population are called: a. time series data b. linear data c. cross-sectional data d. historical data 2. Regression analysis asks: a. if there are differences between distinct populations b. if the sample is representative of the population c. how a single variable depends on other relevant variables d. how several variables depend on each other 3. In regression analysis, the variables used to help explain or...

1. An observational study: a. analyzes data already available b. makes it possible to rule out factors over which the researcher has no control for the observed effects c. examines individuals that have been selected by the researchers d. allows researchers to control for all extraneous factors 2. Priti is wondering whether time of day impacts worker productivity. She randomly chooses 25 workers from each of the three shifts her company runs. The design of this study is a. even b. balanced c. u...

1. Which methodology is used to group products that customers purchase together? a. Market basket analysis b. Prediction c. Classification analysis d. Forecasting 2. Mya is investigating the factors that impact soda consumption. She examines a host of variables that help explain the amount consumed. Which type of data mining methodology is she most likely to use? a. Market basket analysis b. Prediction c. Classification analysis d. Forecasting 3. A facts table has: a. few rows and many columns...

1. Which of the following is typically not an application of simulation models? a. Operations models b. Financial models c. Marketing models d. Value of Information models e. None of these options 2. Bidding for contracts is an example of which of the following types of simulation model application? a. Operations models b. Financial models c. Marketing models d. Games of chance e. None of these options 3. Cash balance models are an example of which of the following types of simulation applicat...

1. The three parameters required to specify a triangular distribution are the minimum, mean and maximum. a. True b. False 2. The binomial distribution is a discrete distribution that is applied to situations where n independent and identical “trials” occur, with each trial resulting in a “success” or “failure,” and we want to generate the random number of successes in the n trials. a. True b. False 3. The binomial distribution can be well approximated by the normal distribution whe...

1. The set of all values of the changing cells that satisfy all constraints, not including the nonnegativity constraints, is called the feasible region. a. True b. False 2. Linear programming is a subset of a larger class of models called: a. mathematical programming models b. mathematical optimality models c. linear regression models d. linear simplex model 3. In using Excel to solve linear programming problems, the target cell represents the: a. value of the objective function b. constraints...

1. Forecasting models can be divided into three groups. They are: a. time series, optimization, and simulation methods b. judgmental, extrapolation, and econometric methods c. judgmental, random, and linear methods d. linear, non-linear, and extrapolation methods 2. Extrapolation methods attempt to: a. use non-quantitative methods to predict future values b. search for patterns in the data and then use those to predict future values c. find variables that are correlated with the data being pred...