Question 1

______ assigns values to outcomes based on the decision maker's attitude toward risk, loss, and other factors.

Accepted Answer

A)  Simulation optimization 
B)  Utility theory 
C)  Optimization model 
D)  Data dashboard 
A)  Simulation optimization 
B)  Utility theory 
C)  Optimization model 
D)  Data dashboard

Question 2

Walmart handles over one million purchase transactions per hour. Although the data represents opportunities,

Accepted Answer

A)  it also presents analytical challenges from a processing point of view. 
B)  it can be processed, or analyzed in a reasonable amount of time. 
C)  it has itself led to a decrease in the use of analytics. 
D)  it seldom has valuable applications of analytics. 
A)  it also presents analytical challenges from a processing point of view. 
B)  it can be processed, or analyzed in a reasonable amount of time. 
C)  it has itself led to a decrease in the use of analytics. 
D)  it seldom has valuable applications of analytics.

Question 3

_____ is the most critical step in a decision making process.

Accepted Answer

A)  Choosing an alternative 
B)  Identifying and defining the problem 
C)  Evaluating the alternatives 
D)  Determining the set of alternatives 
A)  Choosing an alternative 
B)  Identifying and defining the problem 
C)  Evaluating the alternatives 
D)  Determining the set of alternatives

Question 4

Tactical decisions define:

Accepted Answer

A)  the day-to-day activities of the organization. 
B)  the goals and plans of the organization. 
C)  the domain of operations managers, who are close to the customer. 
D)  the steps taken to achieve the goals and objectives. 
A)  the day-to-day activities of the organization. 
B)  the goals and plans of the organization. 
C)  the domain of operations managers, who are close to the customer. 
D)  the steps taken to achieve the goals and objectives.

Question 5

Simulation optimization helps:

Accepted Answer

A)  in identifying the constraints of the situation. 
B)  to find good decisions in highly complex and highly uncertain settings. 
C)  in assigning values to outcomes. 
D)  to model certainty with optimization techniques. 
A)  in identifying the constraints of the situation. 
B)  to find good decisions in highly complex and highly uncertain settings. 
C)  in assigning values to outcomes. 
D)  to model certainty with optimization techniques.

Question 6

Web sites and social media sites use descriptive and advanced analytics to data collected in online experiments:

Accepted Answer

A)  to position ads for the promotion of products and services. 
B)  to schedule staff and vehicle. 
C)  to design its premium seating offerings. 
D)  to decide how much to offer players in contract negotiations. 
A)  to position ads for the promotion of products and services. 
B)  to schedule staff and vehicle. 
C)  to design its premium seating offerings. 
D)  to decide how much to offer players in contract negotiations.

Question 7

Supply network design models provide the cost-minimizing plant and distribution center locations subject to meeting the customer service requirements. This model is referred as

Accepted Answer

A)  Optimization models. 
B)  Forecasting models. 
C)  Data mining models. 
D)  Network models. 
A)  Optimization models. 
B)  Forecasting models. 
C)  Data mining models. 
D)  Network models.

Question 8

______ helps in constructing a mathematical model to predict the future sales, based on past data.

Accepted Answer

A)  Predictive analytics 
B)  Decision analysis 
C)  Prescriptive analytics 
D)  Descriptive analytics 
A)  Predictive analytics 
B)  Decision analysis 
C)  Prescriptive analytics 
D)  Descriptive analytics

Question 9

The U.S. Internal Revenue Service uses ______ to identify patterns that distinguish questionable annual personal income tax filings.

Accepted Answer

A)  utility theory 
B)  prescriptive analytics 
C)  data mining 
D)  decision analysis 
A)  utility theory 
B)  prescriptive analytics 
C)  data mining 
D)  decision analysis

Question 10

Firms guided by data-driven decision making have

Accepted Answer

A)  higher market value. 
B)  lower productivity. 
C)  higher risk. 
D)  lower profit. 
A)  higher market value. 
B)  lower productivity. 
C)  higher risk. 
D)  lower profit.

______ assigns values to outcomes based on the decision maker's attitude toward risk, loss, and other factors.

Walmart handles over one million purchase transactions per hour. Although the data represents opportunities,

_____ is the most critical step in a decision making process.

Tactical decisions define:

Simulation optimization helps:

Web sites and social media sites use descriptive and advanced analytics to data collected in online experiments:

Supply network design models provide the cost-minimizing plant and distribution center locations subject to meeting the customer service requirements. This model is referred as

______ helps in constructing a mathematical model to predict the future sales, based on past data.

The U.S. Internal Revenue Service uses ______ to identify patterns that distinguish questionable annual personal income tax filings.

Firms guided by data-driven decision making have

Descriptive Statistics

Data Visualization

Linear Regression

Time Series Analysis and Forecasting

Data Mining

Spreadsheet Models

Linear Optimization Models

Integer Linear Optimization Models

Nonlinear Optimization Models

Monte Carlo Simulation

Decision Analysis

Filters

Exam 1: Introduction

______ assigns values to outcomes based on the decision maker's attitude toward risk, loss, and other factors.

Walmart handles over one million purchase transactions per hour. Although the data represents opportunities,

_____ is the most critical step in a decision making process.

Tactical decisions define:

Simulation optimization helps:

Web sites and social media sites use descriptive and advanced analytics to data collected in online experiments:

Supply network design models provide the cost-minimizing plant and distribution center locations subject to meeting the customer service requirements. This model is referred as

______ helps in constructing a mathematical model to predict the future sales, based on past data.

The U.S. Internal Revenue Service uses ______ to identify patterns that distinguish questionable annual personal income tax filings.

Firms guided by data-driven decision making have

Descriptive Statistics

Data Visualization

Linear Regression

Time Series Analysis and Forecasting

Data Mining

Spreadsheet Models

Linear Optimization Models

Integer Linear Optimization Models

Nonlinear Optimization Models

Monte Carlo Simulation

Decision Analysis

Filters