BA 260 Comprehensive Review
financial decisions. tactical decisions. strategic decisions. operational decisions. operational decisions.
The decisions that affect how the firm is run day-to-day are called
C
Select the histogram shown below that is symmetric.
concave functions convex functions nonlinear functions linear functions nonlinear functions
Some ________________ have multiple local optima.
uses horizontal bars to display the magnitude of quantitative data. has two axes that represent two variables, and the magnitude of the third variable is given by the size of the bubble. updates in real time and gives multiple outputs. indicates the trend of data but not magnitude. updates in real time and gives multiple outputs.
A Dashboard is a visualization tool that
merges maps and statistics to present data collected over different geographies. is a two-dimensional graphical presentation of data in which color shadings indicate magnitudes. updates in real time and gives multiple outputs. indicates the trend of data but not magnitude. merges maps and statistics to present data collected over different geographies.
A Geographic Information System (GIS)
updates in real time and gives multiple outputs. is a metric that is crucial for understanding the current performance of an organization. is a graphical presentation created in Excel that functions similar to a PivotTable. merges maps and statistics to present data collected over different geographies. is a metric that is crucial for understanding the current performance of an organization.
A Key Performance Indicator (KPI)
variable. observation. record. quality. variable.
A characteristic or quantity of interest that can take on different values is a(n)
objective function contour. neighborhood. regression equation. Lagrangian multiplier. neighborhood.
A feasible solution is a local optimum if there are no other feasible solutions with a better objective function value in the immediate
network
A graphical display that can be used to show the options for distribution routes, including origin and destination points as well as chipping routes is called a
it has more than two variables it is not a linear function it is not a quadratic function it does not violate any linear programming assumptions it is not a linear function
A linear programming model has the following objective function: Maximize: A2 + 3B + 4C. This model violates what key linear programming model assumption?
marketing and health care analytics.
All three types of analytics: descriptive, predictive, and prescriptive, are used in
80T + 40N 50T + 20N 5T+2N T + N 50T + 20N
A local bar manager has a marketing budget of $320. He decides to purchase an ad from a local TV station and a local newspaper. TV ads cost of $80 per ad. Newspaper ads cost of $40 per ad. It is estimated that each TV ad would draw in 5 new customers, which equates to an additional profit of $50 per day. It is also estimated that each newspaper ad would draw in 2 new customers, which equates to an additional profit of $20 per day. What is the objective function?
mean absolute error (MAE). mean squared error (MSE). mean absolute percentage error (MAPE). mean forecast error (MFE). mean absolute percentage error (MAPE).
A measure of the accuracy of a forecasting method, the average of the absolute value of the errors as a percentage of the corresponding forecast values is the
payoff.
A measure of the outcome of a decision such as profit, cost, or time is known as a
H0: μ ≥ 40, Ha: μ < 40
A new cellular provider claims that using their network you can get download speeds of 40.0 Mbps per second. You want to investigate if the download speed is really slower than advertised. State the hypotheses. Explain your reasoning.
population mean.
A parameter is a numerical measure from a population, such as a ___________.
all decision alternatives and all states of nature. the optimal decision alternatives and optimal states of nature. the optimal decision alternatives and all states of nature. all decision alternatives and optimal states of nature. all decision alternatives and all states of nature.
A payoff table shows payoffs for the combinations of
continuous random variable. discrete random variable. complementary random variable. mutually exclusive random variable. continuous random variable.
A random variable that may assume any numerical value in an interval or collection of intervals is called a
21.04 3.24 3.86 47 3.24
A sample of size 47 is drawn from a population whose distribution is approximately normal. The standard deviation of the selected sample is 13.5. Find the margin of error for a 95% confidence interval for μ.
(148.11, 151.89) (148.81, 151.19) (148.58, 151.42) (189.96, 151.04) (148.11, 151.89)
A sample of size 60 is drawn from a population whose distribution is approximately normal. The mean and standard deviation of the selected sample is 150 and 5.5, respectively. Calculate a 99% confidence interval for μ.
0.25+-1.645 Sq root (0.25)(1-0.25)/144
A simple random sample of 144 items resulted in a sample proportion of 25%. Develop a 90% confidence interval for the true population proportion.
4 10 50 200 50
A survey was conducted including a random sample of 50 companies that covered 10 different industries. The survey asked about how long the company has been in business, the company's annual revenue from the previous fiscal year, the industry, and annual profit margin from the previous fiscal year. How many observations were included in this study?
decision matrix. payback period matrix. decision tree. payoff table payoff table
A tabular presentation that shows the combinations of outcomes for decision alternatives and states of nature is called a
positive negative approaching zero difficult to determine negative
A time-series graph shows that annual sales data have decreased gradually over the past several years. Given this, if a linear trend model is used to forecast future years' sales, the value of the regression slope coefficient will be
more than one solution provides the optimal value for the objective function. all feasible solutions are included. two or more extreme points exist, but the alternative optimal solution provides the second best optimal value for the objective function. an undesirable dilemma is encountered by management. more than one solution provides the optimal value for the objective function.
Alternative optimal solutions is the case in which
data dashboard. crosstabulation. trendline. bar chart. trendline.
An approximation of the linear relationship between variables in a chart can be represented with a
data sampling data partitioning model construction model assessment model assessment
An important part of ________ is applying the chosen model to the test data as a final evaluation of model performance.
$150 $250 $350 $450 $350
An insurance company charges $800 annually for car insurance. The policy specifies that the company will pay $1,000 for a minor accident and $5,000 for a major accident. If the probability of a motorist having a minor accident during the year is 0.2, and having a major accident is 0.05, how much can the insurance company expect to make on the policy? (Expected profit)
$1,500 $2,250 -$500 -$2,500 $1,500
Brit wants to sell throw blankets for the holiday season at a local flea market. Brit purchases the throws for $40, and sells them to his customers for $55. Assume there is no leftover value for unsold units. The payoff, if he orders 100 and demand is 100, is ______.
$1,500 $2,250 -$500 -$2,500 $1,500
Brit wants to sell throw blankets for the holiday season at a local flea market. Brit purchases the throws for $40, and sells them to his customers for $55. Assume there is no leftover value for unsold units. The payoff, if he orders 100 and demand is 150, is ______.
= B3*B4 + C3*C4 =B9*B10 + C9*C10 =SUMPRODUCT(B1:C1,B3:C3) =(B1*B3 + C1*C3)/SUM(B3:C3) = B3*B4 + C3*C4
Consider the following Linear Programming Model and its associated spreadsheet model. Let A = the number of individual pizzas that can be made and B = the number of large pizzas that can be made. We make a profit of $3 for each individual pizza and a profit of $9 for each large pizza that we sell. We would like to maximize our profit function, 3A + 9B, subject to the constraints 1A + 4B ≤ 24 and 1A + 2B ≤ 16. Refer to the image of the spreadsheet below. What formula should be entered in cell D4 to compute total profitability?
Horizontal Linear trend Nonlinear trend Cyclical Horizontal
Consider the following time series data. Construct a time series plot. What type of pattern exists in the data? Week 1 2 3 4 5 6 Value 23 17 25 16 22 18
Horizontal Linear trend Nonlinear trend Cyclical Linear trend
Consider the following time series data. Construct a time series plot. What type of pattern exists in the data? Week 1 2 3 4 5 6 Value 35.1 37.4 39.5 40.1 41.2 43
simulation crosstabulation data dashboards tables data dashboards
Corporate-level managers use ______ to summarize sales by region, current inventory levels, and other company-wide metrics all in a single screen.
supervised learning.
Data-mining methods for predicting an outcome based on a set of input variables are referred to as
40,030 34,000 13,100 31,500 40,030
Given the following spreadsheet and solver dialog box, what is the maximized value in F3?
prediction methods. clustering methods. association methods. supervised methods. prediction methods.
Estimation methods are also referred to as
observations clusters categorical variables wards observations
Euclidean distance can be used to measure the distance between ________________ in cluster analysis.
concave function
For a ____________, if the computer software finds a local maximum, it has found a global maximum.
maximization minimization conservative purely conservative maximization
For a ______________ problem, the conservative approach often is referred to as the maximin approach.
minimization
For a ______________ problem, the conservative approach often is referred to as the minimax approach.
concave function convex function nonlinear function linear function convex function
For a_____________, if the computer software finds a local minimum, it has found a global minimum.
A + B ≤ 50
Given decision variables A and B, how is the constraint expressed that no more than 50 units can be produced?
No, because it violates three of the constraints.
Given the following spreadsheet and solver dialog box, is N = 5000, R = 500, and T = 500 a feasible solution?
$25,000,875 $16,500 $1.65 $250,008,750 $25,000,875
Given the following spreadsheet and solver dialog box, what would the maximized value in E4 be if the optimal solution was N=5000, R = 500, and T = 500?
bounded unbounded feasibility infeasibility infeasibility
Graphically, _______________ means that no points satisfy all the constraints and the nonnegativity conditions simultaneously.
the amount of time customers spend in the store. how frequently customers visit family owned businesses. the products that are commonly purchased together. the income level of the customers. the products that are commonly purchased together.
Marketers are interested in examining transaction data on customer purchases to identify
revised probabilities of events based on additional information.
Posterior probabilities are
factor analysis. time series analysis. simple linear regression. data mining. simple linear regression.
Regression analysis involving one independent variable and one dependent variable is referred to as
spreadsheet model. data dashboard. data mining procedure. data query. data query.
Requesting information from a manufacturer's data base on the number of shipments, how much was included in each shipment, the date each shipment was sent, are examples of a
True
Reviews of call center representatives over the last three years showed that 10% of all call center reps were rated as outstanding, 75% were rated as excellent/good, 10% percent were rated as satisfactory, and 5% were considered unsatisfactory. For a sample of 20 reps selected at random, the probability that two or less will be rated as outstanding is 0.9298.
24, 150, 170, 16 1, 2, 3, 4 1, 0, 0, 0 Cannot be determined with the information provided. 1, 0, 0, 0
South Shore Construction builds permanent docks and seawalls along the southern shore of Long Island, New York. Although the firm has been in business only five years, revenue has increased from $359,000 in the first year of operation to $1,343,000 in the most recent year. The following data show the quarterly sales revenue in thousands of dollars. Let Period 1 refer to the observation in quarter 1 of year 1; Period 2 refer to the observation in quarter 2 of year 1; . . . and Period 20 refer to the observation in quarter 4 of year 5. Using the dummy variables defined here, what values are needed to yield the first-year values for Quarter 1?
payoffs forecasts decision trees states of nature payoffs
States of nature are possible outcomes for chance events that affect the ____________ associated with a decision alternative.
2.5% 16% 50% 68% 16%
The College Board originally scaled SAT scores so that the scores for each section were approximately normally distributed with a mean of 500 and a standard deviation of 100. Assuming SAT scores follow a bell-shaped distribution; use the empirical rule to find the percent of students who scored more than 600.
line chart
The Golf Course manager must report the number of visits to the course over the last 12 months. These data are shown in the table. How could these data be best displayed?
slope of the contour line local optimum reducing gradient Lagrangian multiplier Lagrangian multiplier
The ______________ is the shadow price for a constraint in a nonlinear problem.
slope of the contour line local optimum reduced gradient Lagrangian multiplier reduced gradient
The _______________ is analogous to the reduced cost for linear models.
regret. chance event. decision alternative. payoff. regret.
The amount of loss from not making the best decision for each state of nature is referred to as
mixed integer programming nonlinear programming linear programming integer programming nonlinear programming
The concept of a local optimum is affiliated with which of the following?
validation set. training set. test set. estimation set. validation set.
The data used to evaluate candidate predictive models are called the
the best of the worst worst of the best the best the worst the best of the worst
The decision alternative recommended by the conservative approach is the one that provides _______________ possible payoffs.
forecast error.
The difference between the actual time series value and the forecast is the
constant term. error term. residual. model parameter. residual.
The difference between the observed value of the dependent variable and the value predicted using the estimated regression equation is known as the
opportunity loss. chance event. decision alternative. maximum payoff. opportunity loss.
The difference between the optimal payoff and the actual payoff received is called
variation
The difference in a variable measured over observations is referred to as
β = 0 β > 0 β < 0 β ≠ 0 β ≠ 0
The following data show the results of an aptitude test and the grade point average of 10 students. GPA Aptitude Test Score 1.8 26 2.3 31 2.6 28 2.4 30 2.8 34 3.0 38 3.4 41 3.2 44 3.6 40 3.8 43 If GPA and Aptitude Test Scores are linearly related, which of the following must be true?
data preparation clustering sampling association clustering
The goal of _____________ is to segment observations into similar groups based on the observed variables.
ellipse hyperbola parabola line line
The graph of the simple linear regression equation is a(n) _____.
that the organization has the mix of skill sets necessary to meet its needs. that the highest-quality talent is hired. that the employees are having the proper amount of taxes removed from their gross pay. that the organization is meeting its diversity goals. that the employees are having the proper amount of taxes removed from their gross pay.
The human resources department of companies are responsible for ensuring all of the following except
positive. between 0 and 1. negative. greater than 1. greater than 1.
The lift ratio demonstrates some usefulness to the association rule if its value is
True
The lift ratio of an association rule with a confidence value of 0.27 and in which the consequent occurs in 4 out of 10 cases is 0.675.
a random experiment. the sample space. probability. event analysis. probability.
The numerical measure of the likelihood that an event will occur is called
18% 23% 48% 52% 48%
The pie chart below shows the age groups of students in a Business Analysis class. What is the relative frequency of students who are younger than 23?
True
The random variable X is normally distributed with mean of 80 and standard deviation of 12. P(65 < x < 95) = 0.7887
collectively exhaustive
The states of nature are defined so that no more than one can occur and at least one must occur. This is called mutually exclusive and _________________ respectively.
collectively exhaustive. mutually exclusive. collectively exhaustive and mutually exclusive. positive. collectively exhaustive and mutually exclusive.
The states of nature are defined so that they are
identical to similar to vastly different from simpler than identical to
The steps for solving a nonlinear programming models are __________ those of linear programming models.
6.71 8 45.02 88.25 6.71
The test scores of 8 students are listed below. Find the standard deviation of the test scores. 80 82 83 86 89 92 95 99
independent. categorical. uniformly distributed. limited. independent.
The tests of significance in regression analysis are based on assumptions about the error term ε. One such assumption is that the values of ε are
uniform skewed normal exponential skewed
The triangular distribution is a good model for _________________________ distributions.
lagged variable prior component trend component dummy variable lagged variable
The value of an independent variable from the prior period is referred to as a
local optimum global optimum convex concave local optimum
There is always a risk that the algorithm will result in a ____________ when using nonlinear programming models.
substantially. as little as possible. proportional to the size of the merged cluster. according to the average of the dissimilarities between the two clusters as compared to a third cluster. as little as possible.
Ward's method merges two clusters such that the dissimilarity of the observations within the resulting single cluster increases _______________.
5 41.2 42 43 42
What is(are) the Mode(s) for this set of data points? 35 42 65 42 22
0.30 0.40 0.80 0.90 0.90
What would be the coefficient of determination if the total sum of squares (SST) is 30 and the sum of squares due to regression (SSR) is 27?
utility theory predictive analytics data mining decision analysis decision analysis
When a decision maker is faced with several decision alternatives and an uncertain set of future events, he/she uses ______ to develop an optimal strategy.
simple random sample. random sample. sampled population. target population. random sample.
When a selected sample adheres to the following conditions, it is said to be a Condition (1) each element selected comes from the same population. Condition (2) each element is selected independently.
the expected value. the standard error. unbiased. estimated. unbiased.
When the expected value of a point estimator equals the population parameter, we say that the point estimator is
box plot a normal distribution bar chart scatter chart scatter chart
Which graphical display is useful in determining which forecasting model to select?
Scatterplot Bar Graph Line Chart Heat Map Bar Graph
Which of the following charts is appropriate for displaying the data given below? Level Frequency A 340 B 25 C 67 D 193
support confidence lift ratios single linkage lift ratios
Which of the following explicit measures does not help to filter association rules?
f(X, Y) = X2 + Y2
Which of the following functions yields this shape?
Range Variance Standard Deviation Skewness Skewness
Which of the following is NOT a measure of variability?
backward elimination. best subsets regression. forward selection. stepwise regression. best subsets regression.
Which of the following options is NOT an iterative variable selection procedure?
bounds feasible region decision variables intersection intersection
With two-variable problems, extreme points are determined by the _______________ of the constraint lines.
Predictive analytics Descriptive analytics Prescriptive analytics Decision analysis Descriptive analytics
______ encompasses reports, data dashboards, and descriptive statistics to describe past data.
Predictive analytics
______ helps in constructing a mathematical model to predict future sales, based on past data.
Data sampling Data partitioning Data preparation Model assessment Data preparation
__________ is the step in data mining that includes addressing missing and erroneous data, reducing the number of variables, defining new variables, and data exploration.
Data exploration Data partitioning Data preparation Model assessment Data exploration
______________ involves descriptive statistics, data visualization, and clustering.