Question 1

Measure is the act of obtaining data associated with a metric. Measurements are the numerical values associated with a metric.

Accepted Answer

A) True 
 B)False

Question 2

The demand for coffee beans over a period of three months has been represented in the form of an L-shaped curve. Which form of model was used here?

Accepted Answer

A)  mathematical model 
B)  visual model 
C)  kinesthetic (tactile) model 
D)  verbal model 
A)  mathematical model 
B)  visual model 
C)  kinesthetic (tactile) model 
D)  verbal model

Question 3

Why do predictive decision models incorporate uncertainty?

Accepted Answer

The future is always uncertain. Uncertai

Question 4

What are the three components of decision support systems (DSS)?

Accepted Answer

DSSs include three components:
• Data ma

Question 5

Which of the following inputs of a decision model is an example of data?

Accepted Answer

A)  estimated consumer demand 
B)  inflation rates 
C)  costs 
D)  investment allocations 
A)  estimated consumer demand 
B)  inflation rates 
C)  costs 
D)  investment allocations

Question 6

To meet consumer demand, Nib 'N' Ink must produce 800 gel-ink refills. Should the company produce them in-house or outsource them from the supplier? (Hint: Use the mathematical descriptive model).

Accepted Answer

Total Cost of Manufacturing (TC) = Fixed

Question 7

Describe the major tools and criteria for decision making. Use the chart below to answer the following two questions:  
-How many gallons will be sold if the price is increased to $4.75?

Accepted Answer

A)  833.26 
B)  843 
C)  798.72 
D)  818 
A)  833.26 
B)  843 
C)  798.72 
D)  818

Question 8

If D is demand, P is the unit price, and c and d are constants (where d > 0 is the price elasticity), which of the following is a nonlinear demand prediction model?

Accepted Answer

A)  D = d + (c × P) 
B)  D = (d × P)c 
C)  D = cd × P 
D)  D = cP-d 
A)  D = d + (c × P) 
B)  D = (d × P)c 
C)  D = cd × P 
D)  D = cP-d

Measure is the act of obtaining data associated with a metric. Measurements are the numerical values associated with a metric.

The demand for coffee beans over a period of three months has been represented in the form of an L-shaped curve. Which form of model was used here?

Why do predictive decision models incorporate uncertainty?

What are the three components of decision support systems (DSS)?

Which of the following inputs of a decision model is an example of data?

To meet consumer demand, Nib 'N' Ink must produce 800 gel-ink refills. Should the company produce them in-house or outsource them from the supplier? (Hint: Use the mathematical descriptive model).

Describe the major tools and criteria for decision making. Use the chart below to answer the following two questions: -How many gallons will be sold if the price is increased to $4.75?

If D is demand, P is the unit price, and c and d are constants (where d > 0 is the price elasticity), which of the following is a nonlinear demand prediction model?

Analytics on Spreadsheets

Visualizing and Exploring Data

Descriptive Statistical Measures

Probability Distributions and Data Modeling

Sampling and Estimation

Statistical Inference

Trendlines and Regression Analysis

Forecasting Techniques

Introduction to Data Mining

Spreadsheet Modeling and Analysis

Monte Carlo Simulation and Risk Analysis

Linear Optimization

Applications of Linear Optimization

Integer Optimization

Decision Analysis

Filters

Exam 1: Business Analytics

Measure is the act of obtaining data associated with a metric. Measurements are the numerical values associated with a metric.

The demand for coffee beans over a period of three months has been represented in the form of an L-shaped curve. Which form of model was used here?

Why do predictive decision models incorporate uncertainty?

What are the three components of decision support systems (DSS)?

Which of the following inputs of a decision model is an example of data?

To meet consumer demand, Nib 'N' Ink must produce 800 gel-ink refills. Should the company produce them in-house or outsource them from the supplier? (Hint: Use the mathematical descriptive model).

Describe the major tools and criteria for decision making. Use the chart below to answer the following two questions: -How many gallons will be sold if the price is increased to $4.75?

If D is demand, P is the unit price, and c and d are constants (where d > 0 is the price elasticity), which of the following is a nonlinear demand prediction model?

Analytics on Spreadsheets

Visualizing and Exploring Data

Descriptive Statistical Measures

Probability Distributions and Data Modeling

Sampling and Estimation

Statistical Inference

Trendlines and Regression Analysis

Forecasting Techniques

Introduction to Data Mining

Spreadsheet Modeling and Analysis

Monte Carlo Simulation and Risk Analysis

Linear Optimization

Applications of Linear Optimization

Integer Optimization

Decision Analysis

Filters