Quantitative Methods In Business Exam 1 –
Questions With Correct Solutions
Save
Practice questions for this set
Learn 1 /7 Study with Learn
The sum
of the squares
of the residuals
is minimized.
Choose an answer
Check all the pieces of the below that make up the definition of the method used to
generate the regression line.
1
Remember, on Exam I, you will not be able to look this up:
Check: the sum, of the squares, of the residuals, is minimized.
What type of business analytics uses optimization models to provide new and better ways
2
to operate?
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
3
, 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.
T/F
4 Deterministic models are when we are certain that we know all the values used in the
model.
Don't know?
Terms in this set (137)
What type of business perscripitive analytics
analytics uses optimization
models to provide new and
better ways to operate?
Which of the following is a bad problem definition
major reason for the failure
of management scinece?
What is another name for controllable variable
"decision variable?"
T/F False
"Garbage in, garbage out"
refers to when a manager
does not possess the
needed skills to effectively
solve a problem.
T/F TRUE
Deterministic models are
when we are certain that
we know all the values used
in the model.
Which of the following best How much the solution will change if there were
describes sensitivity changes in the input data.
analysis?
Which of the following Probabilistic models
models involve risk or
chance?
, When two managers have two different view points, it is
important to consider both points of view before
Check the following that starting the problem.
are true.
A "good" solution toe the right problem is much better
than and "optimal" solution the the wrong problem.
Which of the following is Make a model that is simple for your employees to
the best way for you, the uderstand and execute, even if this model does not
manager, to develop the quite find the best solution.
model?
T/F False
When presenting to
managers, it is best for the
analyst to give the one
option that the analyst feels
is best.
Find the expected value for 2000
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.
Find the expected value for 890
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.
Questions With Correct Solutions
Save
Practice questions for this set
Learn 1 /7 Study with Learn
The sum
of the squares
of the residuals
is minimized.
Choose an answer
Check all the pieces of the below that make up the definition of the method used to
generate the regression line.
1
Remember, on Exam I, you will not be able to look this up:
Check: the sum, of the squares, of the residuals, is minimized.
What type of business analytics uses optimization models to provide new and better ways
2
to operate?
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
3
, 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.
T/F
4 Deterministic models are when we are certain that we know all the values used in the
model.
Don't know?
Terms in this set (137)
What type of business perscripitive analytics
analytics uses optimization
models to provide new and
better ways to operate?
Which of the following is a bad problem definition
major reason for the failure
of management scinece?
What is another name for controllable variable
"decision variable?"
T/F False
"Garbage in, garbage out"
refers to when a manager
does not possess the
needed skills to effectively
solve a problem.
T/F TRUE
Deterministic models are
when we are certain that
we know all the values used
in the model.
Which of the following best How much the solution will change if there were
describes sensitivity changes in the input data.
analysis?
Which of the following Probabilistic models
models involve risk or
chance?
, When two managers have two different view points, it is
important to consider both points of view before
Check the following that starting the problem.
are true.
A "good" solution toe the right problem is much better
than and "optimal" solution the the wrong problem.
Which of the following is Make a model that is simple for your employees to
the best way for you, the uderstand and execute, even if this model does not
manager, to develop the quite find the best solution.
model?
T/F False
When presenting to
managers, it is best for the
analyst to give the one
option that the analyst feels
is best.
Find the expected value for 2000
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.
Find the expected value for 890
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.
