Question 1

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

Accepted Answer

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

Question 2

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

Accepted Answer

A)   PrecisionTree
B)   TopRank
C)   Solver
D)   @Risk
E)   StatToolsF) C) and E)
G) A) and D)

Question 3

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

A) True 
 B)False

Question 4

Which statement is not true?

Accepted Answer

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.E) A) and D)
F) A) and C)

Question 5

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

Accepted Answer

A)   measuring uncertainty
B)   data description
C)   data inference
D)   search for relationshipsE) All of the above
F) A) and B)

Question 6

Which of the following statements are true?

Accepted Answer

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.F) None of the above
G) B) and C)

Question 7

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

A) True 
 B)False

Question 8

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.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following statements are false?

Accepted Answer

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.E) All of the above
F) A) and B)

Exam 1: Introduction to Business Analytics

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

Correct Answer
verified

Which of the following statements are true?

Correct Answer
verified

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

Correct Answer
verified

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.

Correct Answer
verified

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.

Correct Answer
verified

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.

Correct Answer
verified

Which of the following statements are false?

Correct Answer
verified

Which statement is not true?

Correct Answer
verified

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

Correct Answer
verified

Exam 1: Introduction to Business Analytics

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

Correct AnswerverifiedShow Answer

Which of the following statements are true?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

Which of the following statements are false?

Correct AnswerverifiedShow Answer

Which statement is not true?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified