Business Analytics
Study Guide Questions
Course Introduction
Business Analytics is an interdisciplinary course that equips students with the skills to collect, analyze, and interpret data to support strategic business decision-making. The course covers key topics such as data management, statistical analysis, predictive modeling, and data visualization, utilizing tools like Excel, Python, or R. Students learn to identify business problems, extract actionable insights from large datasets, and communicate findings to stakeholders, ultimately driving data-informed strategies in diverse organizational contexts.
Recommended Textbook
Introduction to Management Science A Modeling and Case Studies 5th Edition by Hillier
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20 Chapters
1064 Verified Questions
1064 Flashcards
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Chapter 1: Introduction
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Sample Questions
Q1) A management science team will try to conduct a systematic investigation of a problem that includes careful data gathering,developing and testing hypotheses,and then applying sound logic in the analysis
A)True
B)False
Answer: True
Q2) Which of the following are components of a mathematical model for decision making?
A)Decision variables
B)An objective function
C)Constraints
D)Parameters
E)All of the above
Answer: E
Q3) Sensitivity analysis is used to check the effect of changes in the model
A)True
B)False
Answer: True
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3
Chapter 2: Linear programming: Basic Concepts
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84 Flashcards
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Sample Questions
Q1) Which objective function has the same slope as this one: 4x + 2y = 20
A)2x +4y = 20
B)2x - 4y = 20
C)4x - 2y = 20
D)8x + 8y = 20
E)4x + 2y = 10
Answer: E
Q2) Linear programming problems can be formulated both algebraically and on spreadsheets
A)True
B)False
Answer: True
Q3) Constraints limit the alternatives available to a decision-maker
A)True
B)False
Answer: True
Q4) Linear programming problems may have multiple goals or objectives specified
A)True
B)False
Answer: False
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Chapter 3: Linear programming: Formulation and applications
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Sample Questions
Q1) A key assumption of linear programming is that the equation for each of the output cells,including the objective cell,can be expressed as a SUMPRODUCT (or SUM)function
A)True
B)False
Answer: True
Q2) A mixed linear programming problem will always contain some of each of the three types of constraints in it
A)True
B)False
Answer: False
Q3) Choosing the best tradeoff between cost and benefits is a managerial judgment decision
A)True
B)False
Answer: True
Q4) An assignment problem is a special type of transportation problem
A)True
B)False
Answer: True
Page 5
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Chapter 4: Theart of modeling with spread sheets
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Sample Questions
Q1) Colors and shading should be avoided on a spreadsheet because it distracts from the model
A)True
B)False
Q2) Which of the following best describes spaghetti code?
A)Code that is not logically organized and jumps all over the place
B)Code that is well documented
C)Code that has a clear beginning,middle,and end
D)All of the above
E)None of the above
Q3) An absolute reference does not change when it is filled or copied into other cells
A)True
B)False
Q4) If two managers are given the same business problem to analyze with a spreadsheet,their spreadsheet models will likely be almost identical
A)True
B)False
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6
Chapter 5: What-If Analysis for linear programming
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Sample Questions
Q1) The allowable range for an objective function coefficient assumes that the original estimates for all the other coefficients are completely accurate so that this is the only one whose true value may differ from its original estimate
A)True
B)False
Q2) If the right-hand side of Resource B is increased by 30,and the right-hand side of Resource C is decreased by 10,then:
A)the optimal solution remains the same
B)the optimal solution will change
C)the shadow prices are valid
D)the shadow prices may or may not be valid
E)None of the above
Q3) A shadow price indicates how much the optimal value of the objective function will increase per unit increase in the right-hand side of a constraint
A)True
B)False
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Chapter 6: Network optimization problems
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Sample Questions
Q1) In a maximum flow problem,flow is permitted in both directions and is represented by a pair of arcs pointing in opposite directions
A)True
B)False
Q2) A minimum cost flow problem may be summarized by drawing a network only after writing out the full formulation
A)True
B)False
Q3) Which of the following is not an assumption of a minimum cost flow problem?
A)At least one of the nodes is a supply node
B)There is an equal number of supply and demand nodes
C)Flow through an arc is only allowed in the direction indicated by the arrowhead
D)The cost of the flow through each arc is proportional to the amount of that flow
E)The objective is either to minimize the total cost or to maximize the total profit
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Chapter 7: Using binary integer programming to deal withy
es-Or-No decisions
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Sample Questions
Q1) A BIP problem considers one yes-or-no decision at a time with the objective of choosing the best alternative
A)True
B)False
Q2) Binary variables can have the following values:
A)0
B)1
C)any integer value
D)a and b only
E)All of the above
Q3) In a BIP problem with 2 mutually exclusive alternatives,x<sub>1</sub> and x<sub>2</sub>,the following constraint needs to be added to the formulation:
A)x<sub>1</sub> + x<sub>2</sub> 1
B)x<sub>1</sub> + x<sub>2</sub> 1
C)x<sub>1</sub> - x<sub>2</sub> 1
D)x<sub>1</sub> - x<sub>2</sub> = 1
E)None of the above
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Page 9
Chapter 8: Non linear programming
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Sample Questions
Q1) A local maximum is always a global maximum in a nonlinear programming problem
A)True
B)False
Q2) In problems where the objective is to minimize the total cost of the activities,an activity is said to have decreasing marginal returns if the slope of its cost graph never increases but sometimes decreases as the level of the activity increases
A)True
B)False
Q3) Two runs of the Evolutionary Solver on the same problem will typically yield the same solution
A)True
B)False
Q4) If D1 is a data cell,and C1 and C2 are changing cells,then IF(D1 >= 2,C1,C2)is a linear function
A)True B)False
Q5) A nonlinear function may contain a product of two variables
A)True B)False
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Chapter 9: Decision Analysis
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Sample Questions
Q1) What is the probability that the economics book would wind up being placed with a smaller publisher?
A)0 8
B)0 5
C)0 4
D)0 2
E)0 1
Q2) An example of maximax decision making is a person buying lottery tickets in hopes of a very big payoff
A)True
B)False
Q3) The exponential utility function assumes a constant aversion to risk
A)True B)False
Q4) The expected value of perfect information is:
A)4 5
B)9
C)40 5
D)49 5
E)60
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Chapter 10: Forecasting
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Sample Questions
Q1) A moving-average forecast tends to be more responsive to changes in the time-series data when more values are included in the average
A)True
B)False
Q2) The previous trend line has predicted 18,500 for two years ago,and 19,700 for last year What was the mean absolute deviation for these forecasts?
A)100
B)200
C)400
D)500
E)800
Q3) The mean absolute deviation is the sum of the absolute value of forecasting errors divided by the number of forecasts
A)True
B)False
Q4) Judgmental forecasting methods have been developed to interpret statistical data
A)True
B)False
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Chapter 11: Queuing models
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Sample Questions
Q1) Most queueing models assume that the form of the probability distribution of interarrival times is an exponential distribution
A)True
B)False
Q2) The exponential distribution will always provide a reasonably close approximation of the true service-time distribution
A)True
B)False
Q3) How many minutes does the average customer spend in the system?
A)7 B)8 C)9
D)10
E)11
Q4) The utilization factor is the ratio of the arrival rate to the service rate
A)True
B)False
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Page 13
Chapter 12: Computer simulation: Basic Concepts
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Sample Questions
Q1) If a simulation begins with the first random number,the third simulated value would be:
Q2) A simulation model is validated if it adequately depicts real system performance A)True B)False
Q3) If a simulation begins with the first random number,the first simulated value would be:
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Chapter 13: Computer simulation with risks olver platform
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Sample Questions
Q1) Which of the following are advantages of computer simulation over analytical methods like PERT/CPM for predicting the probability that a project will complete by a deadline?
A)It does not need to make as many simplifying assumptions
B)It is more flexible about which probability distributions can be used
C)It provides a solution more quickly
D)All of the above
E)a and b only
Q2) A results cell refers to a random input cell
A)True
B)False
Q3) A distribution is chosen from the Distributions menu for which type of cell?
A)An uncertain variable cell
B)A decision variable
C)A results cell
D)A statistic cell
E)None of the above
Q4) RSPE can be used to fit a continuous distribution to data
A)True
B)False
Page 15
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Chapter 14: Solution concepts for linear programming
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Sample Questions
Q1) The simplex method is a specific type of interior-point algorithm
A)True
B)False
Q2) Most linear programming problems have just one optimal solution
A)True
B)False
Q3) If a problem is unbounded then:
A)the problem may not have been formulated correctly
B)the data may not have been entered correctly
C)at least one of the decision variable will have an optimal value of
D)None of the above
E)All of the above
Q4) It is possible in some cases for a point inside the boundary of the feasible region to be an optimal solution
A)True
B)False
Q5) There are no feasible solutions to a problem when the constraints are too restrictive
A)True
B)False
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Chapter 15: Transportation and assignment problems
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Sample Questions
Q1) Transportation problems are a special type of distribution-network problem
A)True
B)False
Q2) The transportation model method for evaluating location alternatives minimizes:
A)the number of sources
B)the number of destinations
C)total supply
D)total demand
E)total shipping cost
Q3) Assignment problems are just a special type of transportation problem where the sources are now tasks to be performed
A)True
B)False
Q4) It is not possible to solve a transportation problem that has instead of = signs for the supply constraints
A)True
B)False
Q5) A network representation can be used to visualize a transportation problem
A)True
B)False
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Chapter 16: Pert CPM models for project management
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Sample Questions
Q1) The critical path is:
A)A-E
B)B-F
C)C-D-F
D)C-G
E)there are two critical paths
Q2) What is the estimated slack time for activity D?
A)0 days
B)30 days
C)40 days
D)50 days
E)100 days
Q3) The expected duration of this project is:
A)13
B)15
C)20
D)52
E)81
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Chapter 17: Goal programming
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Sample Questions
Q1) In preemptive goal programming,penalty weights are assigned to measure the relative seriousness of missing the respective goals
A)True
B)False
Q2) Goal programming problems cannot be easily reformulated as linear programming problems and,therefore,require a special algorithm to solve
A)True
B)False
Q3) In goal programming,constraints are used to assure that every goal is met
A)True
B)False
Q4) In preemptive goal programming,the objective cell is the weighted sum of the deviations from the goals
A)True
B)False
Q5) In weighted goal programming,the objective cell is the weighted sum of the deviations from the goals
A)True
B)False
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Chapter 18: Inventory management with known demand
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Sample Questions
Q1) In the basic EOQ model,an annual demand of 40 units,a setup cost of $5,and a holding cost of $1/unit per year will result in an EOQ of:
A)20
B)square root of 200
C)200
D)400
E)None of the above
Q2) Setup costs can occur through purchasing or manufacturing products
A)True
B)False
Q3) When developing an inventory policy,the only relevant costs are the variable costs
A)True
B)False
Q4) If the cost of holding inventory is high relative to shortage costs,then allowing shortages may be a good policy
A)True
B)False
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Chapter 19: Inventory management with uncertain demand
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Sample Questions
Q1) A company's supply chain consists of the flow of materials and information from suppliers,through production,to the end users
A)True
B)False
Q2) Holding costs may include:
A)cost of warehouse space
B)record keeping
C)insurance
D)taxes
E)All of the above
Q3) The perishable product model can be very helpful in determining how much to order
A)True
B)False
Q4) The need for safety stocks can be reduced by an operation strategy which:
A)increases lead time
B)increases lot sizes
C)decreases ordering costs
D)decreases lead time variability
E)None of the above
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Chapter 20: Computer simulation with crystal ball
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Sample Questions
Q1) OptQuest can be used to simultaneously optimize up to how many decision variables?
A)1
B)2
C)3
D)4
E)Many decision variables can be optimized simultaneously
Q2) Which chart indicates the trend in forecast values as a particular decision variable is varied?
A)Frequency chart
B)Trend chart
C)Cumulative chart
D)Reverse cumulative chart
E)None of the above
Q3) The cell that represents the output of a computer simulation is referred to as:
A)an assumption cell
B)a decision variable
C)a forecast cell
D)a data cell
E)None of the above
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