Data Analysis for Managers
Test Questions
Course Introduction
Data Analysis for Managers equips students with the foundational concepts and practical skills needed to interpret and leverage data in decision-making processes within organizational settings. The course introduces key analytical tools and techniques, including descriptive statistics, data visualization, inferential statistics, and the basics of predictive analytics. Emphasis is placed on translating complex data findings into actionable insights that support management objectives. Students will engage in hands-on practice using software such as Excel and other data analysis platforms to solve real-world business problems, communicate results effectively, and make evidence-based recommendations.
Recommended Textbook
Practical Management Science 6th Edition by Wayne
Available Study Resources on Quizplus
14 Chapters
421 Verified Questions
421 Flashcards
Source URL: https://quizplus.com/study-set/2082
Page 2
L. Winston
Chapter 1: Introduction to Modeling
Available Study Resources on Quizplus for this Chatper
30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/41448
Sample Questions
Q1) Defining an organization's problem includes:
A) specifying the organization's objectives
B) collecting the organization's historical data
C) defining the model of the problem
D) sensitivity analysis
Answer: A
Q2) The overall modeling process typically done in practice always requires seven steps: define the problem,collect and summarize data,develop a model,verify the model,select one or more suitable decisions,present the results to the organization,and finally implement the model and update it through time.
A)True
B)False
Answer: False
Q3) A first step in determining how well a model fits reality is to:
A) check whether the inputs are correct
B) see if the sensitivity analysis is correct
C) check whether the model is valid for the current situation
D) try some what-if scenarios to see if the model is able to obtain solutions
Answer: C
To view all questions and flashcards with answers, click on the resource link above.
Page 3
Chapter 2: Introduction to Spreadsheet Modeling
Available Study Resources on Quizplus for this Chatper
30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/41449
Sample Questions
Q1) In Excel terminology,the unknown value used in Goal Seek is called the input cell.
A)True
B)False
Answer: False
Q2) Which of the following is a useful tool for understanding and troubleshooting a spreadsheet model
A) Data tables
B) VLOOKUP function
C) Formula auditing
D) SUMPRODUCT function
Answer: C
Q3) Refer to Exhibit 2-2.Suppose the company thinks it may be able to produce and sell more than currently planned.What growth rate of production would produce an NPV of $10,000
Answer: Using Excel's Goal Seek function,the required growth rate would be 27.4% per year.
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Introduction to Optimization Modeling
Available Study Resources on Quizplus for this Chatper
30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/41450
Sample Questions
Q1) Suppose a company sells two different products,x1and x2,for net profits of $6 per unit and $3 per unit,respectively.The slope of the line representing the objective function is:
A) 0.5
B) 0.5
C) 2
D) 2
Answer: D
Q2) [Part 4] Refer to Exhibit 3-1.Obtain a sensitivity report for the model in Part 1.How much should the winemaker be willing to pay for an additional labor hour
Answer: The shadow price for labor (shown below)indicates that an additional hour would increase profit by $0.625.The winemaker should be willing to pay up to this amount. 11ea5c70_d2ea_1563_945b_bf41540725d5_TB6954_00
Q3) Linear programming models have three important properties.They are:
A) optimality, additivity and sensitivity
B) optimality, linearity and divisibility
C) divisibility, linearity and nonnegativity
D) proportionality, additivity and divisibility
Answer: D
To view all questions and flashcards with answers, click on the resource link above.
5
Chapter 4: Linear Programming Models
Available Study Resources on Quizplus for this Chatper
31 Verified Questions
31 Flashcards
Source URL: https://quizplus.com/quiz/41451
Sample Questions
Q1) Aggregate planning models usually relate a beginning value in one period to an ending value from the previous period.
A)True
B)False
Q2) [Part 1] Refer to Exhibit 4-3.Suppose that later in the year,venison will be out of season,but the market will be able to obtain an additional 300 pounds of pork for the same costs.Develop a processing plan in that case.How does the solution change
Q3) Refer to Exhibit 4-2.Determine the optimal staffing plan for the project.
Q4) When a workforce scheduling problem is formulated as an integer programming model,it has:
A) an integer objective function
B) integer technological coefficients
C) integer constraints
D) all of these options
Q5) If integer constraints are used in a model,Solver uses an algorithm called branch and round to obtain the solution.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Network Models
Available Study Resources on Quizplus for this Chatper
30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/41452
Sample Questions
Q1) Which of the following is not an example of a condition that a more complex logistics model might include
A) Multiple products
B) Multiple modes of transportation
C) Multiple time periods
D) Multiple objectives
Q2) A typical shortest path problem is a special case of the general network flow model. A)True
B)False
Q3) Refer to Exhibit 5-2.Suppose Tech 2 will not be available during the next month.Keeping the same number of design and construction plan projects,how many survey projects would the firm be able to do What would be the revised assignment plan in that case
Q4) Refer to Exhibit 5-2.Implement a LP model in Solver and determine the optimal monthly assignment plan for the firm.What is the total number of hours that will be assigned to projects each month
Q5) Refer to Exhibit 5-1.Formulate (write out algebraically)an LP transportation model to help Sinclair minimize its shipping costs.
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Optimization Models With Integer Variables
Available Study Resources on Quizplus for this Chatper
30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/41453
Sample Questions
Q1) The LP relaxation of an integer programming (IP)problem is typically easy to solve and provides a bound for the IP model.
A)True
B)False
Q2) Refer to Exhibit 6-1.Suppose she can save $400 by renting a smaller truck,which has only 800 cubic feed of capacity.Would she be better off with the smaller truck
Q3) In a linear model,the target cell and constraints are ultimately:
A) a product of changing cells
B) a sum of products of changing cells
C) a product of constants and changing cells
D) a sum of products of constants and changing cells
Q4) Refer to Exhibit 6-2.Suppose the shipping capacity for all routes is 3000 tons per month.What is Sinclair's optimal shipping plan in that case
What is the total cost in that case
Q5) Fixed costs imply that the divisibility assumption of linear models no longer holds. A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Nonlinear Optimization Models
Available Study Resources on Quizplus for this Chatper
30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/41454
Sample Questions
Q1) A function is concave if:
A) its slope is always nondecreasing
B) a line drawn connecting two points on the curve never lies below the curve
C) its slope is always nonincreasing
D) it is always positive
Q2) Solver can get stuck at a global optimum and never find the local optimum.
A)True
B)False
Q3) Refer to Exhibit 7-1.How many units of each product should the company produce What prices should it charge,to maximize profit
Q4) The amount invested is one of the required inputs in a portfolio optimization model. A)True B)False
Q5) Refer to Exhibit 7-2.Suppose the producer can double the promotional budget.Formulate and solve a nonlinear optimization model to help this soda producer identify the best promotional strategies for its two products in that case.Does the change in profit justify the budget increase Does the proportional amount spent promoting the two products remain the same
To view all questions and flashcards with answers, click on the resource link above.
Page 9
Chapter 8: Evolutionary Solver: An Alternative Optimization
Procedure
Available Study Resources on Quizplus for this Chatper
30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/41455
Sample Questions
Q1) Refer to Exhibit 8-1.How should the train be loaded to minimize shortage and penalty costs
Q2) Refer to Exhibit 8-4.Suppose Steve moves to Los Angeles.What is the shortest distance in this case
Q3) Mutations are useful for getting a genetic algorithm "unstuck".
A)True
B)False
Q4) For a minimization problem being solved using a genetic algorithm,chromosomes that have a smaller fitness function have a lesser chance of surviving to the next generation.
A)True B)False
Q5) Refer to Exhibit 8-3.Due to a social media frenzy,the third customer segment now attaches more value to this gourmet snack. All of the prices it is willing to pay have increased by 20%. How does this change the recommended pricing strategy
Q6) The initial set of chromosomes generated by a genetic algorithm is called the population.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Decision Making Under Uncertainty
Available Study Resources on Quizplus for this Chatper
30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/41456
Sample Questions
Q1) Refer to Exhibit 9-2.Suppose that an actual (not perfectly reliable)credit report has the following characteristics based on historical data; in cases where the customer did not default on the approved loan,the probability of receiving a favorable recommendation on the basis of the credit investigation was 80%,while in cases where the customer defaulted on the approved loan,the probability of receiving a favorable recommendation on the basis of the credit investigation was 25%.Given this information,what are the posterior probabilities that default will and will not occur,given the credit report
Q2) Refer to Exhibit 9-1.Suppose the farmer is uncertain about the reliability of the National Weather Service forecast.If he thinks the probability of a freeze occurring could be anywhere between 40% and 80%,would that change his decision
Q3) Which of the following statements is true concerning decision tree conventions
A) Time proceeds from right to left.
B) The trees are composed of circles, triangles and ovals.
C) The nodes represent points in time.
D) Probabilities of outcomes are shown to the right of the end nodes.
Q4) Refer to Exhibit 9-1.Find the highest cost of insulating the grapefruits for which the farmer prefers to insulate his crop.
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Introduction to Simulation Modeling
Available Study Resources on Quizplus for this Chatper
30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/41457
Sample Questions
Q1) Refer to Exhibit 10-1.A little later on,management still believes the upper and lower bounds for the costs are $5M and $8M,but now they can also state that "we believe the most likely value is about $6.5M."
Q2) A correlation matrix must always have 1's along its diagonal (because a variable is always perfectly correlated with itself)and numbers between 1 and +1 elsewhere.
A)True
B)False
Q3) Refer to Exhibit 10-2.Suppose the jacket sales price also varies,depending on the individual retailers and their pricing strategies.Assume that sales price is normally distributed with a mean of $65 per unit and a standard deviation of $10.How much revenue will the jacket line produce (ignore discounting)
Q4) A common guideline for constructing a 95% confidence interval is to place upper and lower bounds one standard error on either side of the mean.
A)True
B)False
Q5) Refer to Exhibit 10-2.What is the probability that the apparel company will exceed a profit at least $0.5M from the jacket line
To view all questions and flashcards with answers, click on the resource link above.
Page 12
Chapter 11: Simulation Models
Available Study Resources on Quizplus for this Chatper
30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/41458
Sample Questions
Q1) For an NPV simulation,the value at risk (VAR)is typically defined as the:
A) 5th percentile of the NPV distribution
B) 10th percentile of the NPV distribution
C) 90th percentile of the NPV distribution
D) 95th percentile of the NPV distribution
Q2) Suppose we compare the difference between the NPV of a financial model in which the means are entered for all input random variables and the NPV of a financial model in which the most likely values are entered for all input random variables.If we see a large difference between the NPV's,this illustrates:
A) the value at risk (VAR)
B) the effect of randomness
C) the flaw of averages
D) the bias of the analyst
Q3) [Part 2] Refer to Exhibit 11-2.Use a RISKSIMTABLE to with the following values for capacity: 20,000,25,000,30,000,35,000,40,000.Which of these capacities produces the largest expected NPV
Q4) [Part 3] Refer to Exhibit 11-1.What is the standard deviation of the NPV What does it indicate
To view all questions and flashcards with answers, click on the resource link above.
Page 13
Chapter 12: Queueing Models
Available Study Resources on Quizplus for this Chatper
30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/41459
Sample Questions
Q1) As the traffic intensity approaches 1:
A) there is no waiting
B) waiting lines stabilize
C) waiting lines grow extremely rapidly
D) at least one server will be idle
Q2) Almost all queuing systems are alike in that customers enter a system,possibly wait in one or more queues,get served,and then depart.
A)True
B)False
Q3) Refer to Exhibit 12-2.How many of the servers are busy on average
Q4) Refer to Exhibit 12-4.Use the M/M/s template to find the expected number of busy servers,and the expected fraction of time each server is busy
Q5) [Part 2] Refer to Exhibit 12-1.Assuming an exponential distribution with the parameter you obtained in Part 1,what is the probability that a customer interarrival time will be less than 2 minutes
Q6) The two basic modeling approaches for queuing systems are optimization and simulation.
A)True
B)False
Page 14
To view all questions and flashcards with answers, click on the resource link above.
Chapter 13: Regression and Forecasting Models
Available Study Resources on Quizplus for this Chatper
30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/41460
Sample Questions
Q1) In multiple regression,the regression coefficients reflect the expected change in:
A) Y when the associated X value increases by one unit, holding the other variables constant
B) X when the associated Y value increases by one unit, holding the other variables constant
C) Y when the associated X value decreases by one unit, holding the other variables constant
D) X when the associated Y value decreases by one unit, holding the other variables constant
Q2) A "fan" shape in a scatterplot indicates:
A) nonconstant error variance
B) a nonlinear relationship
C) the absence of outliers
D) sampling error
Q3) The residual is defined as the difference between the actual and predicted,or fitted values of the response variable.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
15
Chapter 14: Data Mining
Available Study Resources on Quizplus for this Chatper
30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/41461
Sample Questions
Q1) In data partitioning,data can be divided into training,testing,and prediction subsets.
A)True
B)False
Q2) Refer to exhibit 14-3 As a first step in grouping the Indiana colleges and universities into clusters,standardize the numeric measures.
Q3) The primary advantage of neural networks is that they provide more accurate predictions,especially when the relationships are linear.
A)True
B)False
Q4) Which of the following is false regarding neural networks
A) They attempt to mimic the complex behavior of the human brain.
B) They are synonymous with data mining.
C) They can be used to predict the value of a numeric dependent variable.
D) They do not provide an understanding of the contributions of individual explanatory variables.
Q5) See Exhibit 14.1 - How well can logistic regression classify the people as having the illness or not
To view all questions and flashcards with answers, click on the resource link above. Page 16