Decision science

A trader who wants to predict short-term movements in stock prices is likely to use ________ analytics. A) predictive B) descriptive C) normative D) prescriptive

A

Identify the uncontrollable variable from the following inputs of a decision model. A) investment returns B) machine capacities C) staffing levels D) intercity distances

A

If a dollar sign is used before the column label B4 ($B4), how will the formula at B10 be represented in C11 using absolute addressing? A) $B5-C6*B11 B) $C5-C6*A10 C) $B4-C5*B11 D) $A5-C6*B11

A

What is a database? A) a structured collection of related files and data B) simply a collection of data C) a data file holding a single file D) flat files used to store data

A

Which decision model incorporates the uncertainty element? A) predictive B) normative C) prescriptive D) descriptive

A

Which of the following allow meaningful comparison of ranges, averages and other statistics? A) interval data B) categorical data C) ratio data D) ordinal data

A

Which of the following symbols is used to represent exponents in Excel? A) ^ B) * C) # D) !

A

Descriptive analytics: A) can predict risk and find relationships in data not readily apparent with traditional analyses. B) helps companies classify their customers into segments to develop specific marketing campaigns. C) helps detect hidden patterns in large quantities of data to group data into sets to predict behavior. D) can use mathematical techniques with optimization to make decisions that take into account the uncertainty in the data.

B

Descriptive decision models: A) aim to predict what will happen in the future. B) describe relationships but do not tell a manager what to do. C) help analyze the risks associated with various decisions. D) do not facilitate evaluation of different decisions.

B

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

B

To copy a formula from a single cell or range of cells down a column or across a row, first ________, click and hold the mouse on the small square in the lower right-hand corner of the cell, and drag the formula to the "target" cells which you wish to copy. A) press Ctrl-C B) select the cell or range C) press Ctrl-Enter D) select the whole spreadsheet

B

Which decision model incorporates the process of optimization? A) predictive B) prescriptive C) descriptive D) normative

B

Which of the following is a differentiation between calculating using the functions COUNT and COUNTIF? A) COUNT does not require a range of cells; COUNTIF requires a range of cells. B) COUNT only requires a range of cell and can be obtained without a special criteria, COUNTIF requires range and special criteria to be calculated. C) COUNT requires a range of cells; COUNTIF does not require a range of cells, only special criteria. D) COUNT calculates the sum of values for a range of cells; COUNTIF finds the largest value in a range of cells.

B

Which of the following is a disadvantage of ordinal data? A) They bear no relationship to one another. B) They have no fixed units of measurement. C) They have no natural zero. D) They are not comparable with each other.

B

Which of the following is the mathematical model for deriving the break-even volume? A) Q = (C - VC) + F B) Q = F / (C -V) C) Q = (V + C) / F D) Q = F / (VC - C

B

Which of the following questions will prescriptive analytics help a company address? A) How many and what types of complaints did they resolve? B) What is the best way of shipping goods from their factories to minimize costs? C) What do they expect to pay for fuel over the next several months? D) What will happen if demand falls by 10% or if supplier prices go up 5%?

B

A manager at Gampco Inc. wishes to know the company's revenue and profit in its previous quarter. Which of the following business analytics will help the manager? A) prescriptive analytics B) normative analytics C) descriptive analytics D) predictive analytics

C

Following are the components of a data set containing purchase details of a shoe manufacturing company. Identify the ratio data. A) Item Number B) Rank of suppliers C) Item cost D) Arrival Date

C

In a database, information is stored and maintained in ________. A) fields B) measurements C) entities D) attributes

C

Prescriptive decision models help: A) make predictions of how demand is influenced by price. B) make trade-offs between greater rewards and risks of potential losses. C) decision makers identify the best solution to decision problems. D) describe relationships and influence of various elements in the model.

C

The Excel function of ________ is used to find the largest value in a range of cells. A) SUM(range) B) COUNT(range) C) MAX(range) D) COUNTIF(range, criteria)

C

Using a $ sign before a column label ________. A) keeps the reference to both the row and column fixed B) keeps the reference to the row fixed, but allows the column reference to change C) keeps the reference to column fixed, but allows the row reference to change D) allows both the row and column references to change

C

When will a company use a predictive decision model? A) when it wishes to determine the best product pricing to maximize revenue B) when it wishes to know how best to use advertising strategies to influence sales C) when it wishes to know sales patterns to plan inventory levels D) when it wishes to ensure that a specified level of customer service is achieved

C

Which of the following inputs of a decision model is an example of data? A) estimated consumer demand B) inflation rates C) costs D) investment allocations

C

Which of the following is a difference between relative addressing and absolute addressing when using cell formulas in Excel? A)A relative address uses a dollar sign before either the row or column label; an absolute address uses the ampersand symbol before either the row or column label. B) A relative address uses a dollar sign before either the row or column label; an absolute address uses just the row and column label in the cell reference. C) A relative address uses just the row and column label in the cell reference; an absolute address uses a dollar sign before either the row or column label. D)A relative address uses only the column label in the cell reference; an absolute address uses the row.

C

Which of the following is an example of a measure of continuous metrics? A) four errors revealed in an invoice B) a delivery delayed by seven days C) weight and volume of a sheet of steel D) three incomplete orders on a da

C

Which of the following is the first phase in problem solving? A) defining the problem B) analyzing the problem C) recognizing the problem D) structuring the problem

C

Which of the following ways would 102 × 53 / 100 - 73 be represented in an Excel spreadsheet? A) 10(2) * 5(3) / 100 ^ 73 B) 10(2) ^ 5(3) / 100 - 73 C) 10^2 * 5^3 / 100 - 73 D) 10*2 ^ 5*3 / 100 - 73

C

Decision variables: A) cannot be directly controlled by the decision maker. B) are assumed to be constant. C) are always uncertain. D) can be selected at the discretion of the decision maker.

D

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

D

If a dollar sign is used after the column in B5 (B$5), how will the formula at B8 be represented in C9 using absolute addressing? A) C3-B$5*C9 B) C5-C$6*B9 C) C5-C$6*C9 D) C5-C$5*B9

D

If, in the spreadsheet, cells B9 and B10 were empty, which of the following formulas should be entered in B8 so that the formula can be dragged to B9 and B10 to obtain their correct values? A) B4-B5*A8 B) B4-B5*$A8 C) $B4-B5*$A8 D) $B$4-$B$5*$A8

D

Nominal data: A) are ranked according to some relationship to one another. B) have constant differences between observations. C) are continuous and have a natural zero. D) are sorted into categories according to specified characteristics.

D

Predictive analytics: A) summarizes data into meaningful charts and reports that can be standardized or customized. B) identifies the best alternatives to minimize or maximize an objective. C) uses data to determine a course of action to be executed in a given situation. D) detects patterns in historical data and extrapolates them forward in time.

D

The total cost of reaching consumers (C) depends upon the number of consumers (N), advertising costs (A), and transportation costs (T). The linear cost prediction model is represented as: C = c - nN + aA + tT where c, n, a, and t are constants and c estimates the total cost when the remaining variables are zero. Which of the following interpretations is true about this model? A) Change in variables N, A, and T will cause n, a, and t to change. B) As n decreases, c will increase. C) When variables N, A, and T are zero, C = c - n + a + t. D) Change in variables N, A, and T will not reflect any changes in c.

D

When data are classified by the type of measurement scale, which is the strongest form of measurement? A) nominal B) interval C) ordinal D) ratio

D

Which of the following is the mathematical model for deriving total cost of only manufacturing? A) TC = VC + (C × Q) B) TC = F + (C × Q) C) TC = F + C D) TC = F + (V × Q)

D

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

F

A deterministic model is one in which all model input information is either known or assumed to be known with certainty.

T