Analytics Chapter 13 Final Exam
Questions With Accurate Answers
5 steps in optimization correct answer -identify the objective function
-Define decision variables
-Identify all constraints
-Write the objective function and constraints as mathematical equations
(expressions)
-run the optimization model, obtain the result and use it as data driven insight to
help make a decision
6 prescriptive analytic techniques correct answer -what if analysis?
-Sensitivity analysis
-scenario analysis
-Goal seek analysis
-Cash flow analysis
-Optimization
A graphical representation of data that represents data values as colors correct
answer heat map
A measure of change in consumption of, or demand for, a product in relation to
change in price correct answer Price elasticity of demand
, A prescriptive analytics technique used to find the best feasible solution based on
(1) an objective function (goal), (2) decision, variables, (3) business constraints
correct answer Optimization or optimization model
A system designed to aggregate, monitor, and report to management about
revenues cost and profitability to formulate job and process costing data budget
information and standard costing data and allocate overhead correct answer cost
accounting system
A technique that evaluates future cash flows using various analysis techniques,
including net, present value, and internal rate of return for potential investment
correct answer cash flow analysis
A technique used to find the best feasible solution based on an objective function,
decision, variables, and business restores constraints correct answer optimization
a what if technique that analyzes potential future events by evaluating the
likelihood an impact of potential outcomes? correct answer scenario analysis
a what if technique that evaluates the outcome based on uncertainty regarding
the inputs? correct answer sensitivity analysis
Analyzes accounting related data to help an organization, make affective business
decisions correct answer management accountant
another visualization technique uses of conditional formatting to correct answer
highlight the direct cost of variance, which is a popular diagnostic technique that
can highlight the difference between actual cost and standard costs
Questions With Accurate Answers
5 steps in optimization correct answer -identify the objective function
-Define decision variables
-Identify all constraints
-Write the objective function and constraints as mathematical equations
(expressions)
-run the optimization model, obtain the result and use it as data driven insight to
help make a decision
6 prescriptive analytic techniques correct answer -what if analysis?
-Sensitivity analysis
-scenario analysis
-Goal seek analysis
-Cash flow analysis
-Optimization
A graphical representation of data that represents data values as colors correct
answer heat map
A measure of change in consumption of, or demand for, a product in relation to
change in price correct answer Price elasticity of demand
, A prescriptive analytics technique used to find the best feasible solution based on
(1) an objective function (goal), (2) decision, variables, (3) business constraints
correct answer Optimization or optimization model
A system designed to aggregate, monitor, and report to management about
revenues cost and profitability to formulate job and process costing data budget
information and standard costing data and allocate overhead correct answer cost
accounting system
A technique that evaluates future cash flows using various analysis techniques,
including net, present value, and internal rate of return for potential investment
correct answer cash flow analysis
A technique used to find the best feasible solution based on an objective function,
decision, variables, and business restores constraints correct answer optimization
a what if technique that analyzes potential future events by evaluating the
likelihood an impact of potential outcomes? correct answer scenario analysis
a what if technique that evaluates the outcome based on uncertainty regarding
the inputs? correct answer sensitivity analysis
Analyzes accounting related data to help an organization, make affective business
decisions correct answer management accountant
another visualization technique uses of conditional formatting to correct answer
highlight the direct cost of variance, which is a popular diagnostic technique that
can highlight the difference between actual cost and standard costs
