QMB 3602 EXAM WITH 100%
CORRECT ANSWERS
What model does linear programming use? - Answer-mathematical model
Product mix problem - Answer-linear programming with the objective to find the most
profitable mix of production levels for the products under consideration
Linear programming model - Answer-a mathematical model that represents the problem
so that it can be solved mathematically
What color are data cells? - Answer-light blue
What are the stages of the research process? - Answer-clarify the research question,
design the research, collect and prepare data, analyze and interpret data, and report,
and report insights and recommendations
Management dilemmas - Answer-a symptom of an actual problem
Key performance indicators - Answer-metrics used to track current performance against
prior performance and industry standards
What type of research is exploration? - Answer-unstructured
What is a type of important exploration researchers will use? - Answer-company
records, both written and digital
During the process of exploration, what management actions are available to the
manager? - Answer-feasible and unfeasible currently
Research question - Answer-the hypothesis that best states the objective of the
research
What gives research value? - Answer-if a decision is unlikely to be made without new
research
What research has no value? - Answer-if a managers experiences would lead them to
make the same decision as new research
, Research design - Answer-the blueprint for collecting data that fulfills objectives and
answers questions
Business Analytics - Answer-combines qualitative reasoning with quantitative tools to
identify key business problems and translate data analysis into decisions that improve
business performance
Descriptive Analytics (business intelligence) - Answer-gathering, organizing, tabulating,
and visualizing data to summarize "what has happened?"
Descriptive analytics examples - Answer-financial reports, public health statistics,
enrollment at universities, student report cards, crime rates across regions and time
What format can descriptive statistics be presented in? - Answer-written reports, tables,
graphs, maps
Predictive analytics - Answer-using historical data to predict "what could happen in the
future?"
What are examples of predictive analytics? - Answer-identifying customers who are
most likely to respond to specific marketing campaigns, admitted students who are likely
to enroll, credit card transactions that are likely to be fraudulent, or the incidence of
crime at certain regions and times
Prescriptive analytics - Answer-using optimization and simulation algorithms to provide
advice on "what should we do?" explores several possible actions and suggests a
course of action
Examples of prescriptive analytics? - Answer-providing advice on scheduling employees
work hours and supply level in order to meet customer demand, selecting a mix of
products to manufacture, choosing an investment portfolio to meet a financial goal,
targeting marketing campaigns to specific customer groups on a limited budget
Business Intelligence - Answer-provides organizations and users with ability to access
and manipulate data interactively through reports, dashboards, applications, and
visualization tools
data - Answer-compilations of facts, figures, or other contents, both numerical and
nonnumerical
information - Answer-data that has been organized, analyzed, and processed in a
meaningful and purposeful way
knowledge - Answer-derived from a blend of data, contextual information, experience,
and intuition
CORRECT ANSWERS
What model does linear programming use? - Answer-mathematical model
Product mix problem - Answer-linear programming with the objective to find the most
profitable mix of production levels for the products under consideration
Linear programming model - Answer-a mathematical model that represents the problem
so that it can be solved mathematically
What color are data cells? - Answer-light blue
What are the stages of the research process? - Answer-clarify the research question,
design the research, collect and prepare data, analyze and interpret data, and report,
and report insights and recommendations
Management dilemmas - Answer-a symptom of an actual problem
Key performance indicators - Answer-metrics used to track current performance against
prior performance and industry standards
What type of research is exploration? - Answer-unstructured
What is a type of important exploration researchers will use? - Answer-company
records, both written and digital
During the process of exploration, what management actions are available to the
manager? - Answer-feasible and unfeasible currently
Research question - Answer-the hypothesis that best states the objective of the
research
What gives research value? - Answer-if a decision is unlikely to be made without new
research
What research has no value? - Answer-if a managers experiences would lead them to
make the same decision as new research
, Research design - Answer-the blueprint for collecting data that fulfills objectives and
answers questions
Business Analytics - Answer-combines qualitative reasoning with quantitative tools to
identify key business problems and translate data analysis into decisions that improve
business performance
Descriptive Analytics (business intelligence) - Answer-gathering, organizing, tabulating,
and visualizing data to summarize "what has happened?"
Descriptive analytics examples - Answer-financial reports, public health statistics,
enrollment at universities, student report cards, crime rates across regions and time
What format can descriptive statistics be presented in? - Answer-written reports, tables,
graphs, maps
Predictive analytics - Answer-using historical data to predict "what could happen in the
future?"
What are examples of predictive analytics? - Answer-identifying customers who are
most likely to respond to specific marketing campaigns, admitted students who are likely
to enroll, credit card transactions that are likely to be fraudulent, or the incidence of
crime at certain regions and times
Prescriptive analytics - Answer-using optimization and simulation algorithms to provide
advice on "what should we do?" explores several possible actions and suggests a
course of action
Examples of prescriptive analytics? - Answer-providing advice on scheduling employees
work hours and supply level in order to meet customer demand, selecting a mix of
products to manufacture, choosing an investment portfolio to meet a financial goal,
targeting marketing campaigns to specific customer groups on a limited budget
Business Intelligence - Answer-provides organizations and users with ability to access
and manipulate data interactively through reports, dashboards, applications, and
visualization tools
data - Answer-compilations of facts, figures, or other contents, both numerical and
nonnumerical
information - Answer-data that has been organized, analyzed, and processed in a
meaningful and purposeful way
knowledge - Answer-derived from a blend of data, contextual information, experience,
and intuition
