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False - 🧠 ANSWER ✔✔Descriptive analytics helps detect hidden patterns in
large quantities of data to group data into sets to predict behavior (T/F).
False - 🧠 ANSWER ✔✔A manager at Academy wishes to know the
company's revenue and profit in its previous quarter. Predictive analytics is
what the manager should use for this task (T/F).
True - 🧠 ANSWER ✔✔Prescriptive analytics can help a company address
the best way of shipping goods from their factories to minimize costs (T/F).
False - 🧠 ANSWER ✔✔Analyzing the problem is the first phase in decision
making (T/F).
True - 🧠 ANSWER ✔✔Product mix is determined by top managers (T/F).
,True - 🧠 ANSWER ✔✔A deterministic model is one in which all model input
information is either known or assumed to be known with certainty (T/F).
True - 🧠 ANSWER ✔✔The demand for professionals with analytics
expertise has skyrocketed (T/F).
True - 🧠 ANSWER ✔✔Modern business analytics can be viewed as an
integration of Business Intelligence, Information Systems, statistics, and
modeling and optimization (T/F).
True - 🧠 ANSWER ✔✔Statistics has a long and rich history, yet only rather
recently has it been recognized as an important element of business,
driven to a large extent by the massive growth of data in today's world
(T/F).
True - 🧠 ANSWER ✔✔Decision models typically have three types of input:
Data, uncontrollable inputs, and decision options (T/F).
True - 🧠 ANSWER ✔✔AND(condition 1, condition 2...) is a logical function
that returns TRUE if all conditions are true and FALSE if not (T/F).
True - 🧠 ANSWER ✔✔The Pareto principle is often called the "80--20 rule"
(T/F).
, False - 🧠 ANSWER ✔✔The filter tool extracts records meeting the specified
criteria, deleting any records that don't match the criteria (T/F).
True - 🧠 ANSWER ✔✔Three useful logical functions in business analytics
applications are IF, AND, and OR followed by conditions in parentheses
(T/F).
True - 🧠 ANSWER ✔✔Form controls are buttons, boxes, and other
mechanisms for inputting or changing data on spreadsheets easily and
used to design user-friendly spreadsheets (T/F).
True - 🧠 ANSWER ✔✔PivotTables may be used to facilitate data
visualization and statistical analysis of data sets (T/F).
False - 🧠 ANSWER ✔✔Excel has a tool called 'dicers' for drilling down data
in a PivotTable to display as subject of that data (T/F).
True - 🧠 ANSWER ✔✔A database is a collection of related files (tables)
containing records on people, places, or things (T/F).
False - 🧠 ANSWER ✔✔Empirical data is data that comes from an
organization's daily operations (T/F).
True - 🧠 ANSWER ✔✔A data set is simply a collection of data (T/F).
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