Test Bank for Business Analytics 3rd Edition by James Evans isbn-9780135231678 Complete Latest and Verified Guide Graded A+

Complete Test Bank Business Analytics 3rd Edition
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Evans Questions & Answers with rationales
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, BusinessAnalytics3rdEditionEvansTestBank
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Test Bank - Table of Contents
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Chapter 1: Introduction to Business Analytics
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Chapter 1: Appendix A1 Basic Excel Skills
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Chapter 2: Database Analytics
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Chapter 3: Data Visualization
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Chapter 4: Descriptive Statistics
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Chapter 5: Probability Distributions and Data Modeling
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Chapter 6: Sampling and Estimation
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Chapter 7: Statistical Inference
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Chapter 8: Trendlines and Regression Analysis
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Chapter 9: Forecasting Techniques
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Chapter 10: Introduction to Data Mining
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Chapter 11: Spreadsheet Modeling and Analysis
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Chapter 12: Simulation and Risk Analysis
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Chapter 13: Linear Optimization
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Chapter 14: Integer and Nonlinear Optimization Models
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Chapter 15: Optimization Analytics
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Chapter 16: Decision Analysis
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,Chapter 1: Introduction to Business Analytics t t t t t t




1) Descriptive analytics: t



A) can predict risk and find relationships in data not readily apparent with traditional analyses.
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B) helps companies classify their customers into segments to develop specific
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tmarketing campaigns. t



C) helps detect hidden patterns in large quantities of data to group data into sets to
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tpredict behavior. t



D) can use mathematical techniques with optimization to make decisions that take into
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taccount the uncertainty in the data. t t t t t



Answer: B t



tDiff: 1 t



Blooms: Remember
Topic: Descriptive, Predictive, and Prescriptive Analytics
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LO1: Illustrate examples of descriptive, predictive, and prescriptive analytics.
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2) A manager at Gampco Inc. wishes to know the company's revenue and profit in its
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tprevious quarter. Which of the following business analytics will help the
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tmanager?
A) prescriptive analytics t



B) normative analytics t



C) descriptive analytics t



D) predictive analytics t



tAnswer: C t



Diff: 1 t



Blooms: Apply
tAACSB: Analytic t



tSkills
Topic: Descriptive, Predictive, and Prescriptive Analytics
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LO1: Explain the difference between descriptive, predictive, and prescriptive analytics.
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3) Predictive analytics: t



A) summarizes data into meaningful charts and reports that can be standardized or customized. t t t t t t t t t t t t



B) identifies the best alternatives to minimize or maximize an objective.
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C) uses data to determine a course of action to be executed in a given situation.
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D) detects patterns in historical data and extrapolates them forward in
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ttime. Answer: D t t



Diff: 2 t



Blooms: Remember
Topic: Descriptive, Predictive, and Prescriptive Analytics
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LO1: Illustrate examples of descriptive, predictive, and prescriptive analytics.
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1

, Chapter 1: t Introduction to Business t t Business Analytics, 3e
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4) A trader who wants to predict short-term movements in stock prices is likely to use
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tanalytics.
A) predictive
B) descriptive
C) normative
D) prescriptive
tAnswer: A t



tDiff: 1 t



Blooms: Apply
tAACSB: Analytic t



tSkills
Topic: Descriptive, Predictive, and Prescriptive Analytics
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LO1: Explain the difference between descriptive, predictive, and prescriptive analytics.
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5) Which of the following questions will prescriptive analytics help a company address?
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A) How many and what types of complaints did they resolve?
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B) What is the best way of shipping goods from their factories to minimize costs?
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C) What do they expect to pay for fuel over the next several months?
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D) What will happen if demand falls by 10% or if supplier prices go up
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t5%? Answer: B
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Diff: 2 t



Blooms: Understand t



tAACSB: Analytic t



tSkills
Topic: Descriptive, Predictive, and Prescriptive Analytics
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LO1: Illustrate examples of descriptive, predictive, and prescriptive analytics.
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6) The demand for coffee beans over a period of three months has been represented in the
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tform of an L-shaped curve. Which form of model was used here?
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A) mathematical model t



B) visual model t



C) kinesthetic (tactile) model t t



D) verbal model t



tAnswer: B t



tDiff: 1 t



Blooms: Apply
tAACSB: Analytic t



tSkills
Topic: Models in Business Analytics
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LO1: Explain the concept of a model and various ways a model can be characterized. t t t t t t t t t t t t t




7) Decision variables: t



A) cannot be directly controlled by the decision maker. t t t t t t t



B) are assumed to be constant.
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C) are always uncertain.t t



D) can be selected at the discretion of the decision maker.
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