Business Intelligence
Review Questions
Course Introduction
Business Intelligence (BI) is a course designed to introduce students to the concepts, tools, and techniques used to transform raw data into meaningful and useful information for business analysis and decision-making. The course covers data warehousing, data mining, reporting, online analytical processing (OLAP), and data visualization, emphasizing how organizations collect, store, and analyze data to gain competitive advantages. Through practical applications and case studies, students learn to use BI tools to generate actionable insights, develop dashboards, and support strategic business initiatives in a variety of industries.
Recommended Textbook
Business Analytics 1st Edition by James
R. Evans
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Page 2
Chapter 1: Introduction to Business Analytics
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Sample Questions
Q1) Identify the uncontrollable variable from the following inputs of a decision model.
A)investment returns
B)machine capacities
C)staffing levels
D)intercity distances
Answer: A
Q2) Which of the following is the mathematical model for deriving total cost of only outsourcing?
A)TC = Q x C
B)TC = F + (C x Q)
C)TC = (V +C)x Q
D)TC = (VC + F)x Q
Answer: A
Q3) Which of the following allow meaningful comparison of statistics?
A)interval data
B)categorical data
C)ratio data
D)ordinal data
Answer: A
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Page 3
Chapter 2: Analytics on Spreadsheets
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Sample Questions
Q1) Identify the equation for calculating the net present value for a stated period of time, where \(F _ { t }\) = cash flow in period t, and i is the discount rate.
A)NPV = \(\sqrt { \frac { \sum _ { t = 0 } ^ { n } \mid \frac { F _ { \mathrm { t } } + i } { 2 } } { n } }\)
B)NPV = \(\sum_{t-0}^{n} F_{t}(1+i)^{t}\)
C)NPV = \(\sum_{t-0}^{n} \frac{F_{t}}{(1+i)^{t}}\)
D)NPV = \(\sum_{t-0}^{n} \frac{F^{t}}{i} \sqrt{(1+i)^{t}}\)
Answer: C
Q2) For which of the following MATCH functions must the values in the lookup_array be ordered in a descending order?
A)When match_type = -1
B)When match_type >1
C)When match_type = 0
D)When match_type = 1
Answer: A
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Chapter 3: Visualizing and Exploring Data
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Sample Questions
Q1) Which of the following represents the proportion of the total number of observations that fall at or below the upper limit of each group?
A)Percentile
B)Pareto chart
C)Frequency distribution
D)Cumulative relative frequency
Answer: D
Q2) While constructing frequency distributions for numerical data, SUMIF is used to count the frequencies of each discrete value.
A)True
B)False
Answer: False
Q3) After choosing the PivotTable, the PivotChart can be found on the ________ tab.
A)Design
B)View
C)Options
D)Layout
Answer: C
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5
Chapter 4: Descriptive Statistical Measures
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Sample Questions
Q1) Which of the following measures of location is calculated using the formula \(\bar{x}\) = \({ \frac { \sum _ { i = 1 } ^ { n } X _ { i } } { n } }\)
,where n is the number of observations?
A)midrange
B)sample mean
C)mode
D)median
Q2) Using Chebyshev's theorem for standard deviation, calculate the percentage of data that lie within five standard deviations of the mean.
A)89%
B)75%
C)96%
D)50%
Q3) What is statistical thinking? How is it important to making business decisions?
Q4) Calculate the median for the cost per order data.
A)$325
B)$154
C)$174.17
D)$88
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Chapter 5: Probability Distributions and Data Modeling
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Sample Questions
Q1) Which of the following characterizes a random variable having two possible outcomes, each with a constant probability of occurrence?
A)Beta distribution
B)Bernoulli distribution
C)Poisson distribution
D)Binominal distribution
Q2) Consider an event X comprised of three outcomes whose probabilities are \(\frac{9}{18}, \frac{1}{18}, \text { and } \frac{6}{18}\) Compute the probability of the complement of the event.
A) \(\frac{2}{18}\)
B)\(\frac{1}{2}\)
C)\(\frac{16}{3}\)
D)\(\frac{16}{18}\).
Q3) If P(X|Y)= P(X), it implies that event Y is dependent on event X.
A)True
B)False
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Chapter 6: Sampling and Estimation
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Sample Questions
Q1) As the number of degrees of freedom increases, the t-distribution converges to the standard normal distribution.
A)True
B)False
Q2) Give an account of biased and unbiased estimators in sampling methods.
Q3) The means of all possible samples of a fixed size n from some population will form a distribution which is known as the ________.
A)corollary of the mean
B)sampling distribution of the mean
C)standard error of the mean
D)point estimate
Q4) Compare between the t-distribution and the standard normal distribution.
Q5) From the table above, calculate the \(\frac { Z _ { \alpha } } { 2 }\) value at a 95% confidence interval.
A)1.64
B)1.84
C)1.96
D)2.19
Q6) Explain selecting a sample using the continuous process sampling methods.
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Chapter 7: Statistical Inference
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Sample Questions
Q1) Why is testing for independence important for businesses?
Q2) Which of the following is the test statistic for a one-sample test for mean when the population standard deviation is unknown?
A)\(t=\frac{\bar{x}-\mu 0}{s / \sqrt{n}}\)
B)\(z=\frac{s / \sqrt{n}}{\bar{x}-\mu_{0}}\)
C)\(z=\frac{\bar{x}-\mu_{0}}{\sigma / \sqrt{n}}\)
D)\(t=\frac{\sigma / \sqrt{n}}{\bar{x}-\mu 0}\)
Q3) Which of the following is true while applying the Excel ANOVA tool?
A)The specified input range of data must be separated.
B)The sample size for each factor level must be the same.
C)The input range must be a rectangular region that contains all data.
D)Level of significance need not be specified.
Q4) Conduct the appropriate type of one-sample test-statistic to determine whether the average transportation charge is less than $430.Apply a decision rule using the observed level of significance and draw a conclusion.
Q5) What are the four different outcomes of hypothesis testing?
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Chapter 8: Predictive Modeling and Analysis
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Sample Questions
Q1) Calculate the employer contribution in Sheila's fourth year at Simsin.
A)$546.98
B)$703.26
C)$2,500.47
D)$2,160
Q2) Calculate the variable cost of production.
A)$1,786,000
B)$836,000
C)$600,000
D)$1,436,000
Q3) From the "what if" values, calculate the net profit when the demand is 65,000.
A)$825,000
B)$1,650,000
C)$800,000
D)$925,000
Q4) In Excel's Risk Solver Platform, a parameter is a set of outputs in a model.
A)True
B)False
Q5) Explain how a two-way data table is created.
Q6) Give an account of how data is used in predictive models.
Page 10
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Chapter 9: Regression Analysis
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Q1) A good regression model has the fewest number of explanatory variables providing an adequate interpretation of the dependent variable.
A)True
B)False
Q2) List the systematic approach to building good multiple regression models.
Q3) Which of the following Excel functions is applied to test for significance of regression?
A)COVAR
B)ANOVA
C)SINH
D)TREND
Q4) Which of the following is true about multiple linear regression?
A)It is a linear regression model with more than one dependent variable.
B)The regression coefficients are called fractional regression coefficients.
C)It uses least squares to estimate the intercept and slope coefficients.
D)The ANOVA tests for the significance of each variable separately.
Q5) Is the hours spent on the job a statistically significant variable in explaining the variation in pay of employees? (Hint: Use Regression tool).
Q6) Draw conclusions for test of hypothesis for regression coefficients.
Page 11
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Chapter 10: Forecasting Techniques
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Sample Questions
Q1) If the given time series has a trend and seasonality, the most appropriate forecasting model to determine the forecast of the time series is the ________ model.
A)multiple regression
B)Holt-Winters no trend smoothing
C)double exponential smoothing
D)Holt-Winters multiplicative
Q2) In the linear trend equation, Ft k = at + btk, at is known as the ________.
A)level
B)trend
C)slope
D)forecast
Q3) What is simple exponential smoothing?
Q4) For the given data, calculate the value of the simple moving average mean absolute percentage error.
A)20.90
B)23.45
C)14.39
D)25.56
Q5) Setting k = 3, determine the value of mean absolute percentage of error.
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Chapter 11: Simulation and Risk Analysis
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Sample Questions
Q1) What is the coefficient of variation obtained from the simulation results of the net present value?
A)1.78392
B)-2.23958
C)-1.43288
D)2.87645
Q2) Which of the following cells is defined as the uncertain function cell?
A)B12
B)B14
C)B15
D)B17
Q3) What is the value of mean absolute deviation?
A)$8.91
B)$5.45
C)$12.35
D)$15.64
Q4) Explain the concept of the "flaw of averages."
Q5) Uniform or triangular distributions are used in the absence of data.
A)True
B)False
13
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Chapter 12: Introduction to Data Mining
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Sample Questions
Q1) The accuracy of the model on the test data gives a realistic estimate of the performance of the model on completely unseen data.
A)True
B)False
Q2) Which of the following is true of a training data set?
A)They are primarily used to fine-tune models.
B)They provide the most realistic estimate for a model's performance.
C)They are used to build models where the data is unknown.
D)They have known outcomes.
Q3) Exemplify the k-Nearest Neighbor algorithm of classification.
Q4) Which of the following typically describes the support for the association rule?
A)the number of transactions that include all items that are in the antecedent parts of the rule
B)the number of transactions that include all items in the antecedent and consequent parts of the rule
C)the number of transactions that include half from the antecedent and half from the consequent
D)the number of transactions that include all items that are in the consequent parts of the rule
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Chapter 13: Linear Optimization
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Sample Questions
Q1) What is the total number of hours used for the finishing operation?
A)42.58
B)50.10
C)35.64
D)22.95
Q2) If the unit profit on Graystone surfboards is increased by $10, what is the Allowable Decrease for Lava surfboards?
A)30.00
B)85.00
C)16.67
D)58.75
Q3) What are the Excel functions to avoid in linear optimization?
Q4) A constraint function is a function of the decision variables in the problem.
A)True
B)False
Q5) What is the total number of hours used for fabrication?
A)54.5
B)30.0
C)35.5
D)43.8
Page 15
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Chapter 14: Applications of Linear Optimization
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Sample Questions
Q1) According to the linear optimization model, what is the total cost incurred by Letherin Hides for the combined seasons?
A)$17,075
B)$15,605
C)$15,700
D)$18,700
Q2) According to the transportation model, what is the total shipment from Dallas?
A)750
B)1,180
C)430
D)950
Q3) Nonnegativity of the decision variables is an example of an explicit constraint.
A)True
B)False
Q4) Give an account of balance constraints with some examples of verbal clues.
Q5) Which of the following describes the constraint on the mid-cap fund?
A)X 0.35(750,000)
B)X 80,000
C)X 0.35(80,000)
D)X 670,000
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Chapter 15: Integer Optimization
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Sample Questions
Q1) What is the total amount of cash used for all five projects?
A)$ 175,000
B)$ 163,000
C)$ 215,000
D)$ 260,000
Q2) What should be the value of Integer Tolerance in order to find the guaranteed optimal integer solution?
A)-1
B)0
C)0.5 D)1
Q3) What is the quantity of Graystone surfboards produced? A)2 B)5 C)7 D)10
Q4) What is the importance of Integer Tolerance in Solver?
Q5) What is the importance of binary variables in integer optimization models?
Q6) What is the purpose of a heat map?
Q7) Explain the method of solving models with general integer variables.
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Chapter 16: Nonlinear and Non-Smooth Optimization
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Sample Questions
Q1) According to the model, what is the weighted distance between Shirley's new accommodation and Bungalow 2?
A)435.89
B)250.78
C)1529.39
D)589.25
Q2) Rectilinear distance is the measure of distance as a straight line between two points. A)True
B)False
Q3) According to the model, what percentage of the budget should be allocated to Stock 1?
A)10%
B)25%
C)50%
D)40%
Q4) Explain the travelling salesperson problem with examples.
Q5) What is a job-sequencing problem? How can we find an optimal solution for such problems?
Q6) What are the assumptions made when developing an economic order quantity model?
Page 18
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Chapter 17: Optimization Models with Uncertainty
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Sample Questions
Q1) What is the coefficient of variation obtained from the simulation results for maximizing the total expected return? [Hint: Choose the approximate value.]
A)1.2451
B)0.4865
C)0.8917
D)0.1268
Q2) Which of the following cells is defined as the output cell?
A)E16
B)E18
C)F17
D)F18
Q3) Which of the following is the best purchase quantity to maximize the expected profit?
A)42
B)45
C)48
D)51
Q4) What is a value at risk constraint?
Q5) What is a conditional value at risk constraint?
Q6) What is a service level?
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Chapter 18: Decision Analysis
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Sample Questions
Q1) What is the average payoff for the 5-year ARM?
A)$ 49,514
B)$ 52,015
C)$ 53,395
D)$ 51,641
Q2) In a minimin strategy, the decision which minimizes the minimum payoff is chosen.
A)True
B)False
Q3) Which of the following decisions has the best average payoff?
A)1-year ARM
B)3-year ARM
C)5-year ARM
D)30-year fixed
Q4) What is the value of mode obtained from the simulation results? [Hint: Choose the approximate value.]
A)$ 119.0
B)$ 116.1
C)$ 105.7
D)$ 94.4
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