Quantitative Methods in Business Exam 1 –
Practice Questions & Step-by-Step Answers/
Pass Guaranteed
What type of business analytics uses optimization models to provide new and
better ways to operate? - correct answer-perscripitive analytics
Which of the following is a major reason for the failure of management scinece? -
correct answer-bad problem definition
What is another name for "decision variable?" - correct answer-controllable
variable
T/F
"Garbage in, garbage out" refers to when a manager does not possess the needed
skills to effectively solve a problem. - correct answer-False
T/F
Deterministic models are when we are certain that we know all the values used in
the model. - correct answer-TRUE
Which of the following best describes sensitivity analysis? - correct answer-How
much the solution will change if there were changes in the input data.
,Which of the following models involve risk or chance? - correct answer-
Probabilistic models
Check the following that are true. - correct answer-When two managers have two
different view points, it is important to consider both points of view before
starting the problem.
A "good" solution toe the right problem is much better than and "optimal"
solution the the wrong problem.
Which of the following is the best way for you, the manager, to develop the
model? - correct answer-Make a model that is simple for your employees to
uderstand and execute, even if this model does not quite find the best solution.
T/F
When presenting to managers, it is best for the analyst to give the one option that
the analyst feels is best. - correct answer-False
Find the expected value for sales:
A store is having a big sale. If it snows, the store will make $1000 in sales. If it
does not snow, the store will make $3000 in sales. There is a 50% chance that it
snows.
Just type in the whole number number answer, without $ or any decimals. -
correct answer-2000
, Find the expected value for the investment:
An investor has a 90% of profiting $1000 and a 10% chance of losing $100.
Just type in the whole number answers, without $ or decimals. - correct answer-
890
I own a stock in IBM. This week, I estimate that there is a 40% chance that my
stock will gain $800, a 10% chance that my stock will stay that same, and a 50%
chance that it will lose $200. What is the expected value of my stock for this
week? Just type in the whole number number answer, without $ or any decimals.
- correct answer-220
I own a bar by Raymond James Stadium when the Bucs play. I do a lot of business
game day. If the Bucs win, 1000 people come in. If the Bucs lose, 300 people
come in. This Sunday I give the Bucs a 80% chance of winning a 20% chance of
losing. What is the expected value for the number of people that come into bar
this Sunday? - correct answer-860
A venture capitalist is considering investor money in a business that she saw on
the show "Shark Tank." She has a 20% chance of profiting $3,000; a 60% chance of
losing $2,000, and a 20% of breaking even. What is the expected value of this
investment? Just type in the whole number number answer, without $ or any
decimals. - correct answer--600
At a college, professors are randomly assigned to to teach courses. There are 4
different professors who might be assigned to teach Physics Appreciation.
Professor Hawking has a 20% chance and 32 students would take his course;
Practice Questions & Step-by-Step Answers/
Pass Guaranteed
What type of business analytics uses optimization models to provide new and
better ways to operate? - correct answer-perscripitive analytics
Which of the following is a major reason for the failure of management scinece? -
correct answer-bad problem definition
What is another name for "decision variable?" - correct answer-controllable
variable
T/F
"Garbage in, garbage out" refers to when a manager does not possess the needed
skills to effectively solve a problem. - correct answer-False
T/F
Deterministic models are when we are certain that we know all the values used in
the model. - correct answer-TRUE
Which of the following best describes sensitivity analysis? - correct answer-How
much the solution will change if there were changes in the input data.
,Which of the following models involve risk or chance? - correct answer-
Probabilistic models
Check the following that are true. - correct answer-When two managers have two
different view points, it is important to consider both points of view before
starting the problem.
A "good" solution toe the right problem is much better than and "optimal"
solution the the wrong problem.
Which of the following is the best way for you, the manager, to develop the
model? - correct answer-Make a model that is simple for your employees to
uderstand and execute, even if this model does not quite find the best solution.
T/F
When presenting to managers, it is best for the analyst to give the one option that
the analyst feels is best. - correct answer-False
Find the expected value for sales:
A store is having a big sale. If it snows, the store will make $1000 in sales. If it
does not snow, the store will make $3000 in sales. There is a 50% chance that it
snows.
Just type in the whole number number answer, without $ or any decimals. -
correct answer-2000
, Find the expected value for the investment:
An investor has a 90% of profiting $1000 and a 10% chance of losing $100.
Just type in the whole number answers, without $ or decimals. - correct answer-
890
I own a stock in IBM. This week, I estimate that there is a 40% chance that my
stock will gain $800, a 10% chance that my stock will stay that same, and a 50%
chance that it will lose $200. What is the expected value of my stock for this
week? Just type in the whole number number answer, without $ or any decimals.
- correct answer-220
I own a bar by Raymond James Stadium when the Bucs play. I do a lot of business
game day. If the Bucs win, 1000 people come in. If the Bucs lose, 300 people
come in. This Sunday I give the Bucs a 80% chance of winning a 20% chance of
losing. What is the expected value for the number of people that come into bar
this Sunday? - correct answer-860
A venture capitalist is considering investor money in a business that she saw on
the show "Shark Tank." She has a 20% chance of profiting $3,000; a 60% chance of
losing $2,000, and a 20% of breaking even. What is the expected value of this
investment? Just type in the whole number number answer, without $ or any
decimals. - correct answer--600
At a college, professors are randomly assigned to to teach courses. There are 4
different professors who might be assigned to teach Physics Appreciation.
Professor Hawking has a 20% chance and 32 students would take his course;
