Exam 1: Introduction to Quantitative Analysis

Which of these techniques would be considered predictive analytics?

How many months pass before he realizes a profit from this enterprise?

Which of the following techniques involves the use of optimization methods to provide new and better ways to operate based on specific business objectives?

The quantitative analysis approach begins with

What are the three categories of business analytics?

Managers do not need to be familiar with the limitations, assumptions, and/or specific applicability of the quantitative analysis technique to use it for accurate decision making.

Suppose she decides to get both ducks and chickens, each receiving their own area in her backyard with separate housing.How many months after startup (assume that she buys mature birds that begin laying immediately)will profit from chickens equal profit from ducks?

A parameter is a measurable quantity that may vary or is subject to change.

Which Excel feature allows the user to specify a target or goal and the variable that is desired to change in order to achieve that goal?

How can an analyst overcome the threats to successful implementation of a quantitative model?

Descriptive Analytics is aimed at forecasting future outcomes based on patterns in the past data.

The ability to examine the variability of a solution due to changes in the formulation of a problem is an important part of the analysis of the results.This type of analysis is called ________ analysis.

If input data are accurate to three significant digits, then the solution results can be accurate to how many significant digits?

What is the break-even point for duck eggs? What is the break-even point for chicken eggs?

Shirley's time sitting at her desk was interrupted when the human resources manager burst into her office with a particularly vexing problem - customer service ratings had been falling over the last quarter.The human resources manager explained that they were behind on training programs for their workers.Shirley assembled a task force consisting of the brightest minds in the organization and gave them a charge - to look at the previous quarter's issues and to develop training courses over the next 48 months to solve those issues.What roadblock is Shirley confronted with while trying to identify the true problem?

A mathematical model shows the relationship between quantifiable and non-quantifiable information.

The popularity of the quantitative analysis approach is largely attributed to

Testing the data and model should be done before the results have been analyzed.

KJ built his taco truck out of $75,000,000 worth of titanium and duct tape.He uses $2.25 of ground beef, $0.75 of cheese, and $0.25 of lettuce in each taco.If he sells tacos at $10 each, what is his break-even quantity?

Shirley's time sitting at her desk was interrupted when the human resources manager burst into her office with a particularly nasty problem - customer service ratings had been falling over the last quarter.The human resources manager explained that rewarding high performing workers with bonuses would improve customer service.Shirley agreed and implemented a bonus scale that initially seemed effective, however the increased payout for bonuses meant there was less money available for offsite storage used by the IT division.Sadly, their system backup tapes would have to be held at the same location as their main system.What roadblock is Shirley confronted with while trying to identify the true problem?