Test Bank For Business Analytics: Data Analysis & Decision Making, 7th Edition by S. Christian Albright, Chapters 1 - 19, Complete Newest Verified Version

TEST BANK
Business Analytics: Data Analysis & Decision Making,
7th Edition. S. Christian Albright, Wayne L. Winston
Chapters 1 - 19, Complete

,Chapter 1. Introduction to Business Analytics

1. The decision-making themes covered in Business Analytics: Data Analysis & Decision Making include
which of the following?
a. optimization techniques b. decision analysis with uncertainty
c. structured sensitivity analysis d. all of these choices
ANSWER: d
POINTS: 1
DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1-2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

2. Which statement is not true?
a. Dealing with uncertainty includes measuring uncertainty.
b. Dealing with uncertainty includes modeling uncertainty explicitly into the analysis.
c. Dealing with uncertainty includes eliminating uncertainty by using the normal probability
distribution.
d. Dealing with uncertainty requires a basic understanding of probability.
ANSWER: c
POINTS: 1
DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

3. What is not one of the important themes of your Business Analytics: Data Analysis & Decision Making text?
a. data analysis b. dealing with uncertainty
c. decision making d. data mining
ANSWER: d
POINTS: 1
DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

4. Data analysis includes:
a. data description b. data inference
c. the search for relationships in data d. all of these choices
ANSWER: d
POINTS: 1
DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

5. Which of the following is not one of the steps in the modeling process?
a. Select the scale for the model.
b. Collect and summarize data.

, c. Verify the model.
d. Present the results.
e. Implement the model and update it through time.
ANSWER: a
POINTS: 1
DIFFICULTY: Easy | Bloom's: Comprehension
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

6. Which of the following would not be included under data analysis?
a. measuring uncertainty b. data description
c. data inference d. search for relationships
ANSWER: a
POINTS: 1
DIFFICULTY: Easy | Bloom's: Comprehension
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

7. The decision making process includes:
a. optimization techniques for problems with no uncertainty
b. decision analysis for problems with uncertainty
c. sensitivity analysis
d. all of these choices
ANSWER: d
POINTS: 1
DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

8. Which tool is an Exc
el add-in for performing what-if analyses?
®

a. PrecisionTree
b. TopRank
c. Solver
d. @Risk
e. StatTools
ANSWER: b
POINTS: 1
DIFFICULTY: Easy | Bloom's: Comprehension
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

9. Which of the following statements are true?
a. Three important themes run through the book: data analysis, decision making, and uncertainty.
b. Data analysis includes data description, data inference, and the searching for relationships in data
c. Decision making includes optimization techniques for problems with no uncertainty,
decision analysis for problems with uncertainty, and structured sensitivity analysis.

, d. Dealing with uncertainty includes measuring uncertainty and modeling uncertainty explicitly into the
analysis.
e. All of these statements are true.
ANSWER: e
POINTS: 1
DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

10. Data analysis includes data description, data inference, and the search for relationships in data.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

11. Decision-making includes optimization techniques for problems with certainty, decision analysis
for problems with certainty, and structured sensitivity analysis.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

12.
A relatively new aspect of business analytics is big data, which typically implies the analysis of the very
large data sets that companies currently encounter.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

13. Three important themes run through the Business Analytics: Data Analysis & Decision Making text:
data analysis, decision-making, and dealing with uncertainty.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book

,OTHER: BUSPROG: Analytic | DISC: Decision Making

, ®
14. Spreadsheet simulations cannot be performed entirely with the built-in or add-in , so spreadsheet
tools in Excel
simulations are still one of the most difficult quantitative models to implement in the business world.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy | Bloom's: Comprehension
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Data Methods

15. Although it is relatively easy to collect data, it can be more challenging to understand what the data
mean.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy | Bloom's: Comprehension
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Data Methods

16. When we use simulation models to help make decisions, we do not deal with uncertainty at all, since
we often must make inferences from the simulated data.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy | Bloom's: Comprehension
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

17. We must deal with uncertainty when we make inferences from data and search for relationships in
data, or when we use decision trees to help make decisions.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy | Bloom's: Comprehension
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

18. @Risk is an Excel add-in that can be used to run replications of a simulation, keep track of outputs,
®
create useful
charts, and perform sensitivity analyses.
a. True
b. False

,ANSWER: True
POINTS: 1
DIFFICULTY: Easy | Bloom's: Comprehension

,TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Data Methods

19. Which of the following statements is false?
a. The modeling process discussed in your text is a five-step process.
b. Dealing with uncertainty requires a basic understanding of probability.
c. Uncertainty is a key aspect of most business problems.
d. Data description and data inference are data analysis themes.
ANSWER: a
POINTS: 1
DIFFICULTY: Easy | Bloom's Knowledge
TOPICS: A-Head: 1.2 Overview of the Book | 1.3 Models and Modeling
OTHER: BUSPROG: Analytic | DISC: Decision Making

20. Which of the following statements are false?
a. Decision-making includes optimization techniques for problems with certainty, decision
analysis for problems with certainty, and structured sensitivity analysis.
b. Graphical models can be very helpful for simple problems. For complex problems, however,
graphical models usually fail to show the important elements of a problem and how they are
related.
c. Dealing with uncertainty includes measuring uncertainty and modeling uncertainty explicitly into the
analysis.
d. All of these statements are false.
ANSWER: c
POINTS: 1
DIFFICULTY: Easy | Bloom's: Comprehension
TOPICS: A-Head: 1.2 Overview of the Book | 1.3 Models and Modeling
OTHER: BUSPROG: Analytic | DISC: Decision Making

21. Which of the following statements are true?
a. A fairly recent alternative to algebraic modeling is spreadsheet modeling. Instead of relating
various quantities with algebraic equations and inequalities, we relate them in a spreadsheet
with cell formulas.
b. Data are usually meaningless until they are analyzed for trends, patterns, relationships,
and other useful information
c. Algebraic models, by means of algebraic equations and inequalities, specify a set of
relationships in a very precise way. Their main drawback is that they require an ability to
work with abstract mathematical symbols.
d. When we make inferences from data and search for relationships in data, or when we use
decision trees to help make decisions, we must deal with uncertainty.
e. All of these statements are true.
ANSWER: e
POINTS: 1
DIFFICULTY: Easy | Bloom's: Comprehension
TOPICS: A-Head: 1.2 Overview of the Book | 1.3 Models and Modeling
OTHER: BUSPROG: Analytic | DISC: Decision Making

22. What is not one of the types of models described in your Business Analytics: Data Analysis & Decision
Making text?

, a. algebraic model b. spreadsheet model
c. scale model d. graphical model
ANSWER: c
POINTS: 1

, DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.3 Modeling and Models
OTHER: BUSPROG: Analytic | DISC: Decision Making

23. The modeling process discussed in your Business Analytics: Data Analysis & Decision Making text is a:
a. seven-step process
b. six-step process
c. five-step process
d. four-step process
e. three-step process
ANSWER: a
POINTS: 1
DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.3 Models and Modeling
OTHER: BUSPROG: Analytic | DISC: Decision Making

24. Which is an Exce
l add-in for simulation?
®

a. PrecisionTree
b. TopRank
c. Solver
d. @Risk
e. StatTools
ANSWER: d
POINTS: 1
DIFFICULTY: Easy | Bloom's: Comprehension
TOPICS: A-Head: 1.3 Models and Modeling
OTHER: BUSPROG: Analytic | DISC: Decision Making

25. The authors of the Business Analytics: Data Analysis & Decision Making text describe three
types of models: graphical models, algebraic models, and spreadsheet models.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.3 Models and Modeling
OTHER: BUSPROG: Analytic | DISC: Decision Making

26. Graphical models are the least intuitive type of model.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy | Bloom's: Comprehension
TOPICS: A-Head: 1.3 Models and Modeling
OTHER: BUSPROG: Analytic | DISC: Decision Making