Data Analytics for Business Exam Answer
Key
Course Introduction
Data Analytics for Business introduces students to the concepts, tools, and techniques used to analyze and interpret data to drive effective decision-making in a business context. The course covers the fundamentals of data collection, preparation, analysis, and visualization using software tools and statistical methods. Students will learn how to extract meaningful insights from large datasets, apply predictive and descriptive analytics, and communicate findings to stakeholders. Real-world business cases are incorporated to demonstrate the application of data analytics in areas such as marketing, finance, operations, and strategy, preparing students to make data-driven decisions in diverse organizational environments.
Recommended Textbook Essentials of Business Analytics 1st Edition by Jeffrey D. Camm
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12 Chapters
688 Verified Questions
688 Flashcards
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Chapter 1: Introduction
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30 Verified Questions
30 Flashcards
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Sample Questions
Q1) GE Asset Management uses optimization models to:
A) assess the risk of investment portfolios.
B) forecast future financial performance.
C) successfully manage commercial real estate risk.
D) decide on how to invest its cash received from insurance policies.
Answer: D
Q2) ______ is used in the pharmaceutical industry to assess the risk of introducing a new drug.
A) Data dashboards
B) Charts
C) Spreadsheet models
D) Simulation
Answer: D
Q3) ______ helps in constructing a mathematical model to predict the future sales, based on past data.
A) Predictive analytics
B) Decision analysis
C) Prescriptive analytics
D) Descriptive analytics
Answer: A
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Chapter 2: Descriptive Statistics
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Sample Questions
Q1) Compute the 50th percentile for the following data: 10 15 17 21 25 12 16 11 13 22
A) 18.6
B) 13.3
C) 15.5
D) 17.7
Answer: C
Q2) _____ act(s) as a representative of the population.
A) The analytics
B) The variance
C) A sample
D) The random variables
Answer: C
Q3) Consider a sample on the waiting times (in minutes), at the billing counter in a grocery store, to be 15, 24, 18, 15, 21, 20, 15, 22, 19, 16, 15, 22, 20, 15, and 21. Compute the mean, median, and mode.
Answer: Mean = 18.53.
Median = 19.
Mode = 15.
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Page 4
Chapter 3: Data Visualization
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61 Flashcards
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Sample Questions
Q1) Tables should be used when
A) the reader need not refer to specific numerical values.
B) the reader need not make precise comparisons between different values and not just relative comparisons.
C) the values being displayed have different units or very different magnitudes.
D) the reader need not differentiate the columns and rows.
Answer: C
Q2) We create multiple dashboards
A) to help the user scroll vertically and horizontally to see the entire dashboard.
B) so that each dashboard can be viewed on a single screen.
C) to make sure the KPIs are not displayed in the data dashboard.
D) so that all dashboards can be viewed on a single screen.
Answer: B
Q3) A useful type of table for describing data of two variables is a
A) data table.
B) bubble chart.
C) crosstabulation.
D) scatter chart.
Answer: C
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Page 5
Chapter 4: Linear Regression
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60 Flashcards
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Sample Questions
Q1) The procedure of using sample data to find the estimated regression equation is better known as _____.
A) point estimation
B) interval estimation
C) the least squares method
D) extrapolation
Q2) A(n) _____ refers to a measurable factor that defines a characteristic of a population, process, or system.
A) random variable
B) expectation
C) parameter
D) residual
Q3) What would be the coefficient of determination if the total sum of squares (SST) is 23.29 and the sum of squares due to regression (SSR) is 10.03?
A) 2.32
B) 0.43
C) 13.26
D) 0.89
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6
Chapter 5: Time Series Analysis and Forecasting
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58 Flashcards
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Sample Questions
Q1) If the forecasted value of the time series variable for period 2 is 22.5 and the actual value observed for period 2 is 25, what is the forecast error in period 2?
A) 3
B) 2
C) 2.5
D) -2.5
Q2) Causal forecasting:
A) does not depend upon historical values of a variable.
B) assumes that the variable being forecast has a cause-effect relationship with one or more other variables.
C) uses present variable values to study what should have been the ideal past values.
D) uses time series plots to study if the variable values are centered around the mean.
Q3) Which of the following is true of a stationary time series?
A) The process generating the data has a variable mean.
B) The variability of the time series is constant over time.
C) The time series plot for this case is a straight line.
D) The fluctuations in values will always exhibit a cyclical pattern.
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Chapter 6: Data Mining
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Sample Questions
Q1) In which of the following data-mining process steps is the data manipulated to make it suitable for formal modeling?
A) Data sampling
B) Data preparation
C) Model construction
D) Model assessment
Q2) _____ is the process of estimating the value of a categorical outcome variable.
A) Sampling
B) Prediction
C) Classification
D) Validation
Q3) k-means clustering is the process of:
A) agglomerating observations into a series of nested groups based on a measure of similarity.
B) organizing observations into one of a number of groups based on a measure of similarity.
C) reducing the number of variables to consider in a data-mining approach.
D) estimating the value of a continuous outcome variable.
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8
Chapter 7: Spreadsheet Models
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Sample Questions
Q1) Spreadsheet models are referred to as what-if models because they:
A) are mathematical and logic-based models.
B) allow easy instantaneous recalculation for a change in model inputs.
C) come preloaded on computers.
D) have specialized functions to perform detailed analysis.
Q2) The influence in an influence diagram is visually depicted by:
A) a circular symbol
B) an arrow
C) a straight line
D) the height of the influence diagram
Q3) In _____ decision making companies have to decide whether they should manufacture a product or outsource its production to another firm.
A) goal seek
B) two-way
C) voting-based
D) make-versus-buy
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Chapter 8: Linear Optimization Models
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Sample Questions
Q1) A scenario in which the optimal objective function contour line coincides with one of the binding constraint lines on the boundary of the feasible region leads to _____ solutions.
A) infeasible
B) alternative optimal
C) binding
D) unique optimal
Q2) The points where constraints intersect on the boundary of the feasible region are termed as _____.
A) feasible points
B) extreme vertices
C) extreme points
D) feasible edges
Q3) The nonnegativity constraints create a feasible region that is:
A) unbound by the horizontal axis only.
B) an area with no point satisfying all the constraints.
C) symmetric about the vertical axis around the origin.
D) bound by the horizontal and vertical axes.
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10
Chapter 9: Integer Linear Optimization Models
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60 Flashcards
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Sample Questions
Q1) _____ is a market research technique that can be used to learn how prospective buyers of a product value the product's attributes.
A) Part-worth analysis
B) Conjoint analysis
C) Regression analysis
D) Sensitivity analysis
Q2) In cases where Excel Solver experiences excessive run times when solving integer linear problems, the Integer Optimality is set to _____.
A) 5%
B) 0%
C) infinity
D) a value equal to the number of integer constraints
Q3) _____ is a constraint requiring that two binary variables be equal and that thus are both either in or out of the solution together.
A) Conditional constraint
B) Corequisite constraint
C) k out of n alternatives constraint
D) Mutually exclusive constraint
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11
Chapter 10: Nonlinear Optimization Models
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Sample Questions
Q1) A nonlinear function with term to the power of two is known as a _____.
A) hyperbolic function
B) quadratic function
C) logarithmic function
D) cubic function
Q2) A feasible solution is a(n) _____ if there are no other feasible solutions with a better objective function value in the immediate neighborhood.
A) efficient frontier
B) local optimum
C) global maximum
D) diverging function
Q3) In the Bass forecasting model, the _____ measures the likelihood of adoption, assuming no influence from someone who has already purchased (adopted) the product.
A) coefficient of correlation
B) coefficient of imitation
C) coefficient of independence
D) coefficient of innovation
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12
Chapter 11: Monte Carlo Simulation
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Sample Questions
Q1) A company has improved its anti-virus program and has released a new version. Assume there is a 0.6 probability that the users of this anti-virus will upgrade the version in any particular year. That is, the upgrade year of the user is a geometric random variable. The revenue generated from the upgrade (when it occurs) follows a normal distribution with a mean of $80,000 and a standard deviation of $22,000.a. Complete a simulation model that analyzes the net present value of the revenue from the user upgrade. Use an annual discount rate of 8 percent.
b. What is the average net present value earned by the company?
c. What is the standard deviation of net present value?
Q2) In Excel, the expression LN(RAND())*(-m) would generate a(n) _____ random variable with mean m.
A) lognormal
B) logarithmic
C) normal
D) exponential
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13
Chapter 12: Decision Analysis
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Sample Questions
Q1) What would be the value added by a market analysis undertaken, if the expected value with sample information is $8.56 million and the expected value without sample information is $6.39 million?
A) $8.56 million
B) $6.39 million
C) $2.17 million
D) $14.95 million
Q2) An intersection or junction point of a decision tree is called a(n) _____.
A) node
B) stem
C) intercept
D) branch
Q3) _____ refer to the probabilities of the states of nature after revising the prior probabilities based on sample information.
A) Preliminary probabilities
B) Perfect probabilities
C) Joint probabilities
D) Posterior probabilities
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