Data Analysis for Business Textbook
Course Introduction
Exam Questions
Data Analysis for Business introduces students to the fundamental principles and techniques used to interpret and analyze data in a business context. The course covers topics such as data collection methods, data cleaning, exploratory data analysis, visualization, and the application of statistical tools for informed decision-making. Students will learn how to apply quantitative and qualitative analytical methods to real-world business problems, use spreadsheet software and statistical packages, and communicate their findings effectively to stakeholders. By the end of the course, students will have the practical skills necessary to transform raw data into actionable business insights.
Recommended Textbook
Quantitative Methods for Business 11th Edition by David R. Anderson
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2
Chapter 1: Introduction
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Sample Questions
Q1) The terms 'stochastic' and 'deterministic' have the same meaning in quantitative analysis.
A)True
B)False
Answer: False
Q2) To find the choice that provides the highest profit and the fewest employees,apply a single-criterion decision process.
A)True
B)False
Answer: False
Q3) Problem definition
A)includes specific objectives and operating constraints.
B)must occur prior to the quantitative analysis process.
C)must involve the analyst and the user of the results.
D)each of the above is true.
Answer: D
Q4) The process of decision making is more limited than that of problem solving.
A)True
B)False
Answer: True
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Chapter 2: Introduction to Probability
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Q1) P(A|B)= P(B|A)for all events A and B.
A)True
B)False Answer: False
Q2) P(A|B)+ P(A|B<sup>C</sup>)= 1 for all events A and B.
A)True
B)False Answer: False
Q3) If P(A)= 0.38,P(B)= 0.83,and P(A \(\cap\) B)= 0.27;then P(A \(\cup\) B)=
A)1.21
B)0.94
C)0.72
D)1.48 Answer: B
Q4) P(A|B)= P(A<sup>C</sup>|B)for all events A and B.
A)True
B)False
Answer: True
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4
Chapter 3: Probability Distributions
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Q1) Suppose that the arrival time for the next bus at a bus stop is uniformly distributed between 1 and 25 minutes.The probability that the bus will arrive within the next 5 minutes is 1/6.
A)True
B)False
Answer: True
Q2) The Poisson probability of three events in one hour is the same as the probability of 36 events in one day.
A)True
B)False Answer: False
Q3) The uniform distribution defined over the interval from 25 to 40 has the probability density function
A)f(x)= 1/40 for all x
B)f(x)= 5/8 for 25 \(\le\) x \(\le\) 40 and f(x)= 0 elsewhere
C)f(x)= 1/25 for 0 \(\le\) x \(\le\) 25 and f(x)= 1/40 for 26 \(\le\) x \(\le\) 40
D)f(x)= 1/15 for 25 \(\le\) x \(\le\) 40 and f(x)= 0 elsewhere
Answer: D
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5
Chapter 4: Decision Analysis
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Q1) Decision alternatives are structured so that several could occur simultaneously.
A)True
B)False
Q2) The expected value approach is more appropriate for a one-time decision than a repetitive decision.
A)True
B)False
Q3) Decision tree probabilities refer to
A)the probability of finding the optimal strategy
B)the probability of the decision being made
C)the probability of overlooked choices
D)the probability of an uncertain event occurring
Q4) Sample information with an efficiency rating of 100% is perfect information.
A)True
B)False
Q5) Square nodes in a decision tree indicate that a decision must be made.
A)True
B)False
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Chapter 5: Utility and Game Theory
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Q1) The decision alternative with the best expected monetary value will always be the most desirable decision.
A)True
B)False
Q2) A 3 x 3 two-person zero-sum game that has no optimal pure strategy and no dominated strategies
A)can be solved using a linear programming model.
B)can be solved algebraically.
C)can be solved by identifying the minimax and maximin values.
D)cannot be solved.
Q3) The utility function for a risk avoider typically shows a diminishing marginal return for money.
A)True
B)False
Q4) If the maximin and minimax values are not equal in a two-person zero-sum game, A)a mixed strategy is optimal.
B)a pure strategy is optimal.
C)a dominated strategy is optimal.
D)one player should use a pure strategy and the other should use a mixed strategy.
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Chapter 6: Forecasting
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Q1) Causal models
A)should avoid the use of regression analysis.
B)attempt to explain a time series' behavior.
C)do not use time series data.
D)All of the alternatives are true.
Q2) Qualitative forecasting techniques should be applied in situations where time series data exists,but where conditions are expected to change.
A)True
B)False
Q3) The exponential smoothing forecast for any period is a weighted average of all the previous actual values for the time series.
A)True
B)False
Q4) If the random variability in a time series is great,a high SYMBOL 97 \f "Symbol" value should be used to exponentially smooth out the fluctuations.
A)True
B)False
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8
Chapter 7: Introduction to Linear Programming
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Sample Questions
Q1) Does the following linear programming problem exhibit infeasibility,unboundedness,or alternate optimal solutions? Explain.
Min 1X + 1Y
s.t.5X + 3Y < 30
3X + 4Y > 36
Y < 7
X ,Y > 0
Q2) An unbounded feasible region might not result in an unbounded solution for a minimization or maximization problem.
A)True
B)False
Q3) Only binding constraints form the shape (boundaries)of the feasible region.
A)True
B)False
Q4) Solve the following linear program graphically.
MAX 5X + 7Y
s.t.X < 6
2X + 3Y < 19
X + Y < 8
X,Y > 0
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Chapter 8: Lp Sensitivity Analysis and Interpretation of Solution
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Q1) If a decision variable is not positive in the optimal solution,its reduced cost is A)what its objective function value would need to be before it could become positive. B)the amount its objective function value would need to improve before it could become positive.
C)zero.
D)its dual price.
Q2) Decreasing the objective function coefficient of a variable to its lower limit will create a revised problem that is unbounded.
A)True
B)False
Q3) Relevant costs should be reflected in the objective function,but sunk costs should not.
A)True
B)False
Q4) The reduced cost for a positive decision variable is 0. A)True B)False
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Chapter 9: Linear Programming Applications
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Q1) Let A,B,and C be the amounts invested in companies A,B,and C.If no more than 50% of the total investment can be in company B,then
A)B < 5
B)A - .5B + C < 0
C).5A - B - .5C < 0
D)-.5A + .5B - .5C < 0
Q2) Double-subscript notation for decision variables should be avoided unless the number of decision variables exceeds nine.
A)True
B)False
Q3) Let M be the number of units to make and B be the number of units to buy.If it costs $2 to make a unit and $3 to buy a unit and 4000 units are needed,the objective function is
A)Max 2M + 3B
B)Min 4000 (M + B)
C)Max 8000M + 12000B
D)Min 2M + 3B
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Chapter 10: Distribution and Network Problems
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Q1) The assignment problem is a special case of the
A)transportation problem.
B)transshipment problem.
C)maximal flow problem.
D)shortest-route problem.
Q2) Whenever total supply is less than total demand in a transportation problem,the LP model does not determine how the unsatisfied demand is handled.
A)True
B)False
Q3) A transportation problem with 3 sources and 4 destinations will have 7 variables in the objective function.
A)True
B)False
Q4) The direction of flow in the shortest-route problem is always out of the origin node and into the destination node.
A)True
B)False
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Chapter 11: Integer Linear Programming
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Q1) Slack and surplus variables are not useful in integer linear programs.
A)True
B)False
Q2) Generally,the optimal solution to an integer linear program is less sensitive to the constraint coefficients than is a linear program.
A)True
B)False
Q3) Solve the following problem graphically.
Max 5X + 6Y
s.t.17X + 8Y < 136
3X + 4Y < 36
X,Y > 0 and integer
a.Graph the constraints for this problem.Indicate all feasible solutions.
b.Find the optimal solution to the LP Relaxation.Round down to find a feasible integer solution.Is this solution optimal?
c.Find the optimal solution.
Q4) The classic assignment problem can be modeled as a 0-1 integer program.
A)True
B)False
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Chapter 12: Advanced Optimization Application
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Q1) A feasible solution is a global optimum if there are no other feasible solutions with a better objective function value in the immediate neighborhood.
A)True
B)False
Q2) Revenue management methodology was originally developed for the banking industry.
A)True
B)False
Q3) The goal of portfolio models is to create a portfolio that provides the best balance between risk and return.
A)True
B)False
Q4) A nonlinear optimization problem is any optimization problem in which at least one term in the objective function or a constraint is nonlinear.
A)True
B)False
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Chapter 13: Project Scheduling: Pertcpm
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Q1) The length of time an activity can be delayed without affecting the project completion time is the slack.
A)True
B)False
Q2) Activities with zero slack
A)can be delayed.
B)must be completed first.
C)lie on a critical path.
D)have no predecessors.
Q3) The earliest finish time for the final activity is the project duration.
A)True
B)False
Q4) All activities on a critical path have zero slack time.
A)True
B)False
Q5) The latest finish time for an activity is the largest of the latest start times for all activities that immediately follow the activity.
A)True
B)False
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Chapter 14: Inventory Models
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Questions
Q1) Chez Paul Restaurant orders special Styrofoam "doggy bags" for its customers once a month and lead time is one week.Weekly demand for doggy bags is approximately normally distributed with an average of 120 bags and a standard deviation of 25.Chez Paul wants at most a 3% chance of running out of doggy bags during the replenishment period.If he has 150 bags in stock when he places an order,how many additional bags should he order? What is the safety stock in this case?
Q2) Inventory position is defined as
A)the amount of inventory on hand in excess of expected demand.
B)the amount of inventory on hand.
C)the amount of inventory on hand plus the amount of inventory on order.
D)None of the alternatives is correct.
Q3) Annual purchase cost is included in the total cost in
A)the EOQ model.
B)the economic production lot size model.
C)the quantity discount model.
D)all inventory models.
Q4) As lead time for an item increases,the cycle time increases.
A)True
B)False
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Chapter 15: Waiting Line Models
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Q1) Operating characteristics formulas for the single-channel queue do NOT require A)\(\lambda\) >\(\mu\).
B)Poisson distribution of arrivals.
C)an exponential distribution of service times.
D)an FCFS queue discipline.
Q2) If service time follows an exponential probability distribution,approximately 63% of the service times are less than the mean service time.
A)True
B)False
Q3) For many waiting line situations,the arrivals occur randomly and independently of other arrivals and it has been found that a good description of the arrival pattern is provided by
A)a normal probability distribution.
B)an exponential probability distribution.
C)a uniform probability distribution.
D)a Poisson probability distribution.
Q4) For all waiting lines,P<sub>0</sub> + P<sub>w</sub> = 1.
A)True
B)False
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Chapter 16: Simulation
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Q1) In comparing different policies using simulation,one should use the same set of random numbers whenever possible.
A)True
B)False
Q2) Arrivals to a truck repair facility have an interarrival time that is uniformly distributed between 20 and 50 minutes.Service times are normally distributed with mean 30 minutes and standard deviation 10 minutes.Develop a spreadsheet model to simulate the arrival of 100 trucks.Collect information on the time the repair facility is idle and on the average waiting time for trucks.
Q3) A simulation model used in situations where the state of the system at one point in time does not affect the state of the system at future points in time is called a
A)dynamic simulation model.
B)static simulation model.
C)steady-state simulation model.
D)discrete-event simulation model.
Q4) Simulation is a trial-and-error approach to problem solving.
A)True
B)False
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Chapter 17: Markov Processes
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Q1) For Markov processes having the memoryless property,the prior states of the system must be considered in order to predict the future behavior of the system.
A)True
B)False
Q2) All Markov chain transition matrices have the same number of rows as columns. A)True
B)False
Q3) All entries in a matrix of transition probabilities sum to 1. A)True
B)False
Q4) A state i is a transient state if there exists a state j that is reachable from i,but the state i is not reachable from state j.
A)True B)False
Q5) The probability that the system is in state 2 in the 5th period is \(\pi\)<sub>5</sub>(2).
A)True B)False
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