Test Bank Business Analytics Data Analysis and Decision Making 6th Edition by S. Christian Albright, Wayne L. Winston.||ISBN 978-1305947542||All Chapter 1-20||Complete Guide A+

Copyright Cengage Learning. Powered by Cognero. Page 1 Test Bank Business Analytics Data Analysis and Decision Making 6th complete exam questions and answers Chapter 1-20 1. The decision -making themes covered in Business Analytics: Data Analysis & Decision Making include which of the following? a. optimization techniques b. decision analysis with uncertainty c. structured sensitivity analysis d. all of these choices ANSWER: d POINTS: 1 DIFFICULTY: Easy | Bloom's: Knowledge TOPICS: A-Head: 1-2 Overview of the Book OTHER: BUSPROG: Analytic | DISC: Decision Making 2. Which statement is not true? a. Dealing with uncertainty includes measuring uncertainty. b. Dealing with uncertainty includes modeling uncertainty explicitly into the analysis. c. Dealing with uncertainty includes eliminating uncertainty by using the normal probability distribution. d. Dealing with uncertainty requires a basic understanding of probability. ANSWER: c POINTS: 1 DIFFICULTY: Easy | Bloom's: Knowledge TOPICS: A-Head: 1.2 Overview of the Book OTHER: BUSPROG: Analytic | DISC: Decision Making 3. What is not one of the important themes of your Business Analytics: Data Analysis & Decision Making text? a. data analysis b. dealing with uncertainty c. decision making d. data mining ANSWER: d POINTS: 1 DIFFICULTY: Easy | Bloom's: Knowledge TOPICS: A-Head: 1.2 Overview of the Book OTHER: BUSPROG: Analytic | DISC: Decision Making 4. Data analysis includes: a. data description b. data inference c. the search for relationships in data d. all of these choices ANSWER: d POINTS: 1 DIFFICULTY: Easy | Bloom's: Knowledge TOPICS: A-Head: 1.2 Overview of the Book OTHER: BUSPROG: Analytic | DISC: Decision Making 5. Which of the following is not one of the steps in the modeling process? a. Select the scale for the model. b. Collect and summarize data. NURSEDOCS Copyright Cengage Learning. Powered by Cognero. Page 2 c. Verify the model. d. Present the results. e. Implement the model and update it through time. ANSWER: a POINTS: 1 DIFFICULTY: Easy | Bloom's: Comprehension TOPICS: A-Head: 1.2 Overview of the Book OTHER: BUSPROG: Analytic | DISC: Decision Making 6. Which of the following would not be included under data analysis? a. measuring uncertainty b. data description c. data inference d. search for relationships ANSWER: a POINTS: 1 DIFFICULTY: Easy | Bloom's: Comprehension TOPICS: A-Head: 1.2 Overview of the Book OTHER: BUSPROG: Analytic | DISC: Decision Making 7. The decision making process includes: a. optimization techniques for problems with no uncertainty b. decision analysis for problems with uncertainty c. sensitivity analysis d. all of these choices ANSWER: d POINTS: 1 DIFFICULTY: Easy | Bloom's: Knowledge TOPICS: A-Head: 1.2 Overview of the Book OTHER: BUSPROG: Analytic | DISC: Decision Making 8. Which tool is an Excel® add-in for performing what -if analyses? a. PrecisionTree b. TopRank c. Solver d. @Risk e. StatTools ANSWER: b POINTS: 1 DIFFICULTY: Easy | Bloom's: Comprehension TOPICS: A-Head: 1.2 Overview of the Book OTHER: BUSPROG: Analytic | DISC: Decision Making 9. Which of the following statements are true? a. Three important themes run through the book: data analysis, decision making, and uncertainty. b. Data analysis includes data description, data inference, and the searching for relationships in data c. Decision making includes optimization techniques for problems with no uncertainty, decision analysis for problems with uncertainty, and structured sensitivity analysis. NURSEDOCS Copyright Cengage Learning. Powered by Cognero. Page 3 d. Dealing with uncertainty includes measuring uncertainty and modeling uncertainty explicitly into the analysis. e. All of these statements are true. ANSWER: e POINTS: 1 DIFFICULTY: Easy | Bloom's: Knowledge TOPICS: A-Head: 1.2 Overview of the Book OTHER: BUSPROG: Analytic | DISC: Decision Making 10. Data analysis includes data description , data inference , and the search for relationships in data. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy | Bloom's: Knowledge TOPICS: A-Head: 1.2 Overview of the Book OTHER: BUSPROG: Analytic | DISC: Decision Making 11. Decision -making includes optimization techniques for problems with certainty, decision analysis for problems with certainty, and structured sensitivity analysis . a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy | Bloom's: Knowledge TOPICS: A-Head: 1.2 Overview of the Book OTHER: BUSPROG: Analytic | DISC: Decision Making 12. 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. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy | Bloom's: Knowledge TOPICS: A-Head: 1.2 Overview of the Book OTHER: BUSPROG: Analytic | DISC: Decision Making 13. Three important themes run through the Business Analytics: Data Analysis & Decision Making text: data analysis, decision -making, and dealing with uncertainty. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy | Bloom's: Knowledge TOPICS: A-Head: 1.2 Overview of the Book OTHER: BUSPROG: Analytic | DISC: Decision Making NURSEDOCS Copyright Cengage Learning. Powered by Cognero. Page 4 14. Spreadsheet simulations cannot be performed entirely with the built-in or add-in tools in Excel®, so spreadsheet simulations are still one of the most difficult quantitative models to implement in the business world. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy | Bloom's: Comprehension TOPICS: A-Head: 1.2 Overview of the Book OTHER: BUSPROG: Analytic | DISC: Data Methods 15. Although it is relatively easy to collect data, it can be more challenging to understand what the data mean. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy | Bloom's: Comprehension TOPICS: A-Head: 1.2 Overview of the Book OTHER: BUSPROG: Analytic | DISC: Data Methods 16. When we use simulation models to help make decisions, we do not deal with uncertainty at all, since we often must make inferences from the simulated data. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy | Bloom's: Comprehension TOPICS: A-Head: 1.2 Overview of the Book OTHER: BUSPROG: Analytic | DISC: Decision Making 17. We must deal with uncertainty when we make inferences from data and search for relationships in data, or when we use decision trees to help make decisions. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy | Bloom's: Comprehension TOPICS: A-Head: 1.2 Overview of the Book OTHER: BUSPROG: Analytic | DISC: Decision Making 18. @Risk is an Excel® add-in that can be used to run replications of a simulation, keep track of outputs, create useful charts, and perform sensitivity analyses. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy | Bloom's: Comprehension NURSEDOCS