Quantitative Methods in Business
Exam 1 review Q&As (Verified
Answers) 2026
better ways to operate? - correct answer ✅
What type of business analytics uses optimization models to provide new and
perscripitive analytics
correct answer ✅
Which of the following is a major reason for the failure of management scinece? -
bad problem definition
What is another name for "decision variable?" - correct answer
variable
✅controllable
T/F
✅
"Garbage in, garbage out" refers to when a manager does not possess the needed
skills to effectively solve a problem. - correct answer False
T/F
the model. - correct answer ✅
Deterministic models are when we are certain that we know all the values used in
TRUE
✅
Which of the following best describes sensitivity analysis? - correct answer
How much the solution will change if there were changes in the input data.
✅
Which of the following models involve risk or chance? - correct answer
Probabilistic models
,Quantitative Methods in Business
Exam 1 review Q&As (Verified
Answers) 2026
Check the following that are true. - correct answer ✅When two managers have
two different view points, it is important to consider both points of view before
starting the problem.
A "good" solution toe the right problem is much better than and "optimal"
solution the the wrong problem.
model? - correct answer ✅
Which of the following is the best way for you, the manager, to develop the
Make a model that is simple for your employees to
uderstand and execute, even if this model does not quite find the best solution.
T/F
the analyst feels is best. - correct answer ✅
When presenting to managers, it is best for the analyst to give the one option that
False
Find the expected value for 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.
correct answer ✅
Just type in the whole number number answer, without $ or any decimals. -
2000
Find the expected value for the investment:
,Quantitative Methods in Business
Exam 1 review Q&As (Verified
Answers) 2026
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. - correct answer
890
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 lose $200. What is the expected value of my stock for this
- correct answer ✅
week? Just type in the whole number number answer, without $ or any decimals.
220
I own a bar by Raymond James Stadium when the Bucs play. I do a lot of business
game day. If the Bucs win, 1000 people come in. If the Bucs lose, 300 people come
in. This Sunday I give the Bucs a 80% chance of winning a 20% chance of losing.
Sunday? - correct answer ✅
What is the expected value for the number of people that come into bar this
860
A venture capitalist is considering investor money in a business that she saw on
the show "Shark Tank." She has a 20% chance of profiting $3,000; a 60% chance of
losing $2,000, and a 20% of breaking even. What is the expected value of this
decimals. - correct answer ✅
investment? Just type in the whole number number answer, without $ or any
-600
At a college, professors are randomly assigned to to teach courses. There are 4
different professors who might be assigned to teach Physics Appreciation.
, Quantitative Methods in Business
Exam 1 review Q&As (Verified
Answers) 2026
Professor Hawking has a 20% chance and 32 students would take his course;
Professor Tyson has a 30% chance and 28 students would take it, Professor Kaku
has a 40% chance and 36 students would take it, and Professor Greene has a 10%
and 38 students make take it. What is the expected value of the number of
answer ✅
students that will take Physics Appreciation? Just type in the number. - correct
33
How is a decision made using the optimistic approach?
The manager will choose the payoff that is: - correct answer
the maximums.
✅
The maximum of
How is a decision made using the conservative approach?
The manager will choose the payoff that is: - correct answer
the minimums.
✅
The maximum of
How is a decision made using the regret approach?
The manager will choose the payoff that is: - correct answer
the maximums.
✅
The minimum of
correct answer ✅
The opportunity loss is another name for what decision making approach? -
Regret
Exam 1 review Q&As (Verified
Answers) 2026
better ways to operate? - correct answer ✅
What type of business analytics uses optimization models to provide new and
perscripitive analytics
correct answer ✅
Which of the following is a major reason for the failure of management scinece? -
bad problem definition
What is another name for "decision variable?" - correct answer
variable
✅controllable
T/F
✅
"Garbage in, garbage out" refers to when a manager does not possess the needed
skills to effectively solve a problem. - correct answer False
T/F
the model. - correct answer ✅
Deterministic models are when we are certain that we know all the values used in
TRUE
✅
Which of the following best describes sensitivity analysis? - correct answer
How much the solution will change if there were changes in the input data.
✅
Which of the following models involve risk or chance? - correct answer
Probabilistic models
,Quantitative Methods in Business
Exam 1 review Q&As (Verified
Answers) 2026
Check the following that are true. - correct answer ✅When two managers have
two different view points, it is important to consider both points of view before
starting the problem.
A "good" solution toe the right problem is much better than and "optimal"
solution the the wrong problem.
model? - correct answer ✅
Which of the following is the best way for you, the manager, to develop the
Make a model that is simple for your employees to
uderstand and execute, even if this model does not quite find the best solution.
T/F
the analyst feels is best. - correct answer ✅
When presenting to managers, it is best for the analyst to give the one option that
False
Find the expected value for 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.
correct answer ✅
Just type in the whole number number answer, without $ or any decimals. -
2000
Find the expected value for the investment:
,Quantitative Methods in Business
Exam 1 review Q&As (Verified
Answers) 2026
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. - correct answer
890
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 lose $200. What is the expected value of my stock for this
- correct answer ✅
week? Just type in the whole number number answer, without $ or any decimals.
220
I own a bar by Raymond James Stadium when the Bucs play. I do a lot of business
game day. If the Bucs win, 1000 people come in. If the Bucs lose, 300 people come
in. This Sunday I give the Bucs a 80% chance of winning a 20% chance of losing.
Sunday? - correct answer ✅
What is the expected value for the number of people that come into bar this
860
A venture capitalist is considering investor money in a business that she saw on
the show "Shark Tank." She has a 20% chance of profiting $3,000; a 60% chance of
losing $2,000, and a 20% of breaking even. What is the expected value of this
decimals. - correct answer ✅
investment? Just type in the whole number number answer, without $ or any
-600
At a college, professors are randomly assigned to to teach courses. There are 4
different professors who might be assigned to teach Physics Appreciation.
, Quantitative Methods in Business
Exam 1 review Q&As (Verified
Answers) 2026
Professor Hawking has a 20% chance and 32 students would take his course;
Professor Tyson has a 30% chance and 28 students would take it, Professor Kaku
has a 40% chance and 36 students would take it, and Professor Greene has a 10%
and 38 students make take it. What is the expected value of the number of
answer ✅
students that will take Physics Appreciation? Just type in the number. - correct
33
How is a decision made using the optimistic approach?
The manager will choose the payoff that is: - correct answer
the maximums.
✅
The maximum of
How is a decision made using the conservative approach?
The manager will choose the payoff that is: - correct answer
the minimums.
✅
The maximum of
How is a decision made using the regret approach?
The manager will choose the payoff that is: - correct answer
the maximums.
✅
The minimum of
correct answer ✅
The opportunity loss is another name for what decision making approach? -
Regret
