SCMA 350 CH. 1 & 3 QUESTIONS AND ANSWERS
Data analysis includes data description, visualization, inference, and search for
relationships - Answer -True
Decision making includes optimization techniques for problems with certainty, decision
analysis for problems with certainty, and structured sensitivity analysis - Answer -False
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 - Answer -True
Three important themes run through the Business Analytics: Data Analysis and
Decision making text: data analysis, decision-making, and dealing with uncertainty -
Answer -True
Decision tree and simulations cannot be implemented with the built-in or add-in tools in
Excel - Answer -False
Although it is relatively easy to collect data, it can be more challenging to understand
what the data mean - Answer -True
When we use simulation models to help make decisions, we do not deal with
uncertainty, because we can carry calculations and avoid performing inferences -
Answer -False
We must deal with uncertainty when we make inferences from data and search for
relationships in data, or when we use decision tree to help make decisions - Answer -
True
Risk is an Excel add-in that can be used to conduct a simulation - Answer -True
The Authors of the text use spreadsheet modeling, particularly Excel spreadsheets,
where the essential elements are entered for further analysis - Answer -True
Spreadsheet models typically involve inputs, decision variables, and outputs - Answer -
True
Spreadsheet modeling is the process of entering the outputs into a spreadsheet and
then relating them appropriately, by means of formulas, to obtain the decision variables
- Answer -False
When creating a spreadsheet model it is important to keep sensitivity in mind, because
other people will be reading and trying to make sense out of your spreadsheet models -
Answer -False
, A few ways to enhance the readability of a spreadsheet model is to use a clear, logical
layout of the overall model, and to use clear headings for different sections of the model
and for all inputs, decision variables, and outputs - Answer -True
Excel IF function can be used to determine if an expression is true or false - Answer -
false
The decision-making themes covered in the text include which of the following - Answer
-D. all of these choices
Which statement is not true? - Answer -C. Dealing with uncertainty includes eliminating
uncertainty by using the normal probability distribution
What is not one of the important themes in the text? - Answer -D. Data mining
Data Analysis includes - Answer -D. all of these choices
Which of the following is not one of the "intermediate" features of Excel that the authors
expect you to be able to use? - Answer -E. DIFFERENCEPRODUCT
Which of the following would not be included under data analysis? - Answer -A.
Measuring uncertainty
The decision making process includes - Answer -D. All of these chocies
Which tool is an Excel add-in for performing what-if analyses? - Answer -B. TopRank
Which of the following statements are true? - Answer -D. All of these statements are
true
Which of the following statements is false? - Answer -C. The purpose of the auditing
toolbar is to solve one equation in with one unknown
Which of the following statements are false? - Answer -D. None of these statements
are false
Which of the following is true? - Answer -When entering an expression of text into an
excel function, it must be enclosed in double quotes
Which of the following excel functions can be used for finding a particular value based
on a comparison? - Answer -C. VLOOKUP
In Excel, the model outputs are - Answer -A. The numeric values that result from the
combination of inputs and decision variables through the use of logical formulas
Which is an excel add-in for simulation? - Answer -D. @Risk
Data analysis includes data description, visualization, inference, and search for
relationships - Answer -True
Decision making includes optimization techniques for problems with certainty, decision
analysis for problems with certainty, and structured sensitivity analysis - Answer -False
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 - Answer -True
Three important themes run through the Business Analytics: Data Analysis and
Decision making text: data analysis, decision-making, and dealing with uncertainty -
Answer -True
Decision tree and simulations cannot be implemented with the built-in or add-in tools in
Excel - Answer -False
Although it is relatively easy to collect data, it can be more challenging to understand
what the data mean - Answer -True
When we use simulation models to help make decisions, we do not deal with
uncertainty, because we can carry calculations and avoid performing inferences -
Answer -False
We must deal with uncertainty when we make inferences from data and search for
relationships in data, or when we use decision tree to help make decisions - Answer -
True
Risk is an Excel add-in that can be used to conduct a simulation - Answer -True
The Authors of the text use spreadsheet modeling, particularly Excel spreadsheets,
where the essential elements are entered for further analysis - Answer -True
Spreadsheet models typically involve inputs, decision variables, and outputs - Answer -
True
Spreadsheet modeling is the process of entering the outputs into a spreadsheet and
then relating them appropriately, by means of formulas, to obtain the decision variables
- Answer -False
When creating a spreadsheet model it is important to keep sensitivity in mind, because
other people will be reading and trying to make sense out of your spreadsheet models -
Answer -False
, A few ways to enhance the readability of a spreadsheet model is to use a clear, logical
layout of the overall model, and to use clear headings for different sections of the model
and for all inputs, decision variables, and outputs - Answer -True
Excel IF function can be used to determine if an expression is true or false - Answer -
false
The decision-making themes covered in the text include which of the following - Answer
-D. all of these choices
Which statement is not true? - Answer -C. Dealing with uncertainty includes eliminating
uncertainty by using the normal probability distribution
What is not one of the important themes in the text? - Answer -D. Data mining
Data Analysis includes - Answer -D. all of these choices
Which of the following is not one of the "intermediate" features of Excel that the authors
expect you to be able to use? - Answer -E. DIFFERENCEPRODUCT
Which of the following would not be included under data analysis? - Answer -A.
Measuring uncertainty
The decision making process includes - Answer -D. All of these chocies
Which tool is an Excel add-in for performing what-if analyses? - Answer -B. TopRank
Which of the following statements are true? - Answer -D. All of these statements are
true
Which of the following statements is false? - Answer -C. The purpose of the auditing
toolbar is to solve one equation in with one unknown
Which of the following statements are false? - Answer -D. None of these statements
are false
Which of the following is true? - Answer -When entering an expression of text into an
excel function, it must be enclosed in double quotes
Which of the following excel functions can be used for finding a particular value based
on a comparison? - Answer -C. VLOOKUP
In Excel, the model outputs are - Answer -A. The numeric values that result from the
combination of inputs and decision variables through the use of logical formulas
Which is an excel add-in for simulation? - Answer -D. @Risk
