Question 1

Which one of the following is used in predictive analytics?

Accepted Answer

A)  Data dashboard
B)  Linear regression
C)  Data visualization
D)  Optimization modelE) A) and D)
F) All of the above

Question 2

Corporate-level managers use ______ to summarize sales by region, current inventory levels, and other company-wide metrics all in a single screen.

Accepted Answer

A)  simulations
B)  crosstabulation
C)  data dashboards
D)  tablesE) C) and D)
F) B) and D)

Question 3

Data-driven decision making tends to decrease a firm's

Accepted Answer

A)  market value.
B)  productivity.
C)  risk.
D)  profit.E) B) and C)
F) C) and D)

Question 4

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 using optimization techniques.E) A) and C)
F) None of the above

Question 5

The decisions concerning an organization's goals and future plans are called

Accepted Answer

A)  financial decisions.
B)  tactical decisions.
C)  strategic decisions.
D)  operational decisions.E) A) and B)
F) C) and D) C

Question 6

In order to manage an organization's human resource activities, such as hiring employees, tracking, and influencing employee retention, HR personnel use

Accepted Answer

A)  descriptive and predictive analytics.
B)  descriptive and prescriptive analytics.
C)  predictive and prescriptive analytics.
D)  predictive analytics.E) None of the above
F) B) and D)

Question 7

Utility theory is the study of the __________ or relative desirability of a particular outcome that reflects the decision maker's attitude toward a collection of factors, such as profit, loss, and risk.

Accepted Answer

A)  total worth
B)  total cost
C)  feasibility
D)  financial wellnessE) A) and C)
F) None of the above

Question 8

Which of the following sources of big data is not publicly available?

Accepted Answer

A)  Twitter
B)  Weather data
C)  Medical records
D)  Sports recordsE) A) and C)
F) B) and C) C

Question 9

A __________ decision is concerned with how the organization should achieve the goals and objectives set by its strategy.

Accepted Answer

A)  tactical
B)  strategic
C)  intuitive
D)  operationalE) C) and D)
F) A) and B)

Question 10

__________ analytics use techniques that take input data and yield a best course of action.

Accepted Answer

A)  Prescriptive
B)  Simulation
C)  Strategic
D)  OperationalE) A) and C)
F) None of the above

Question 11

Which of the following analytical techniques helps us arrive at the best decision?

Accepted Answer

A)  Predictive analytics
B)  Data mining
C)  Prescriptive analytics
D)  Descriptive analyticsE) A) and B)
F) B) and D)

Question 12

The extraction of information on the number of shipments, how much was included in each shipment, the date each shipment was sent, and so on from the manufacturing plant's database exemplifies

Accepted Answer

A)  spreadsheet models.
B)  data dashboards.
C)  data mining.
D)  data queries.E) None of the above
F) A) and C)

Question 13

_________ analytics are techniques that use models, constructed from past data, to predict the future or to ascertain the impact of one variable on another.

Accepted Answer

A)  Predictive
B)  Descriptive
C)  Simulation
D)  PrescriptiveE) C) and D)
F) B) and D) A

Question 14

__________ is the most critical step of the decision-making process.

Accepted Answer

A)  Choosing an alternative
B)  Identifying and defining the problem
C)  Evaluating the alternatives
D)  Determining the set of alternativesE) None of the above
F) A) and D)

Question 15

__________ 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 dashboardE) B) and C)
F) A) and D)

Question 16

A retail store owner offers a discount on product A and predicts that the customers would purchase products B and C in addition to product A. Identify the technique used to make such a prediction.

Accepted Answer

A)  Data query
B)  Simulation
C)  Data mining
D)  Data dashboardsE) C) and D)
F) A) and C)

Question 17

Data dashboards are a type of _________ analytics.

Accepted Answer

A)  predictive
B)  descriptive
C)  prescriptive
D)  decisionE) C) and D)
F) None of the above

Question 18

Advanced analytics generally refers to

Accepted Answer

A)  descriptive and prescriptive analytics.
B)  simulation.
C)  predictive and prescriptive analytics.
D)  decision analysis.E) All of the above
F) None of the above

Question 19

A __________ decision involves higher-level issues and is concerned with the overall direction of the organization, defining the overarching goals and aspirations for the organization's future.

Accepted Answer

A)  strategic
B)  tactical
C)  intuitive
D)  operationalE) C) and D)
F) A) and B)

Question 20

Which of the following is not an approach to making decisions?

Accepted Answer

A)  Tradition
B)  Rules of thumb
C)  Intuition
D)  Guess and checkE) C) and D)
F) B) and C)

Exam 1: Introduction

Which one of the following is used in predictive analytics?

Correct AnswerverifiedShow Answer

Corporate-level managers use ______ to summarize sales by region, current inventory levels, and other company-wide metrics all in a single screen.

Correct AnswerverifiedShow Answer

Data-driven decision making tends to decrease a firm's

Correct AnswerverifiedShow Answer

Simulation optimization helps

Correct AnswerverifiedShow Answer

The decisions concerning an organization's goals and future plans are called

Correct AnswerverifiedC

In order to manage an organization's human resource activities, such as hiring employees, tracking, and influencing employee retention, HR personnel use

Correct AnswerverifiedShow Answer

Utility theory is the study of the __________ or relative desirability of a particular outcome that reflects the decision maker's attitude toward a collection of factors, such as profit, loss, and risk.

Correct AnswerverifiedShow Answer

Which of the following sources of big data is not publicly available?

Correct AnswerverifiedC

A __________ decision is concerned with how the organization should achieve the goals and objectives set by its strategy.

Correct AnswerverifiedShow Answer

__________ analytics use techniques that take input data and yield a best course of action.

Correct AnswerverifiedShow Answer

Which of the following analytical techniques helps us arrive at the best decision?

Correct AnswerverifiedShow Answer

The extraction of information on the number of shipments, how much was included in each shipment, the date each shipment was sent, and so on from the manufacturing plant's database exemplifies

Correct AnswerverifiedShow Answer

_________ analytics are techniques that use models, constructed from past data, to predict the future or to ascertain the impact of one variable on another.

Correct AnswerverifiedA

__________ is the most critical step of the decision-making process.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A retail store owner offers a discount on product A and predicts that the customers would purchase products B and C in addition to product A. Identify the technique used to make such a prediction.

Correct AnswerverifiedShow Answer

Data dashboards are a type of _________ analytics.

Correct AnswerverifiedShow Answer

Advanced analytics generally refers to

Correct AnswerverifiedShow Answer

A __________ decision involves higher-level issues and is concerned with the overall direction of the organization, defining the overarching goals and aspirations for the organization's future.

Correct AnswerverifiedShow Answer

Which of the following is not an approach to making decisions?

Correct AnswerverifiedShow Answer

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A

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