Data-Driven Decision Making Question
Bank
Course Introduction
Data-Driven Decision Making explores the principles and techniques of using quantitative data to inform and enhance organizational decisions. The course introduces students to the process of collecting, analyzing, and interpreting data from multiple sources to solve business problems and guide strategy. Students will learn to apply foundational statistical methods, data visualization, and predictive analytics while evaluating the quality and reliability of data. Through case studies and hands-on projects, participants develop practical skills in leveraging data tools and technologies to support evidence-based decision-making in real-world contexts.
Recommended Textbook Essentials of Business Analytics 1st Edition by
Jeffrey D. Camm
Available Study Resources on Quizplus
12 Chapters
688 Verified Questions
688 Flashcards
Source URL: https://quizplus.com/study-set/1130
Page 2
Chapter 1: Introduction
Available Study Resources on Quizplus for this Chatper
30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/22189
Sample Questions
Q1) ______ 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
Q2) ______ 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
Q3) The decisions concerning an organization's goals and future plans are called
A) financial decisions.
B) tactical decisions.
C) strategic decisions.
D) operational decisions.
Answer: C
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Descriptive Statistics
Available Study Resources on Quizplus for this Chatper
60 Verified Questions
60 Flashcards
Source URL: https://quizplus.com/quiz/22190
Sample Questions
Q1) _____ provide facts and figures that can be used for analysis and interpretation of a population of interest.
A) Data
B) Variables
C) Range
D) Query
Answer: A
Q2) A set of values corresponding to a set of variables is defined as a(n) _____.
A) quantity
B) event
C) factor
D) observation
Answer: D
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 25th, 50th, and 75th percentiles.
Answer: 25 percentile = 15.
50 percentile = 19.
75 percentile = 21.
To view all questions and flashcards with answers, click on the resource link above.
Page 4
Chapter 3: Data Visualization
Available Study Resources on Quizplus for this Chatper
61 Verified Questions
61 Flashcards
Source URL: https://quizplus.com/quiz/22191
Sample Questions
Q1) To generate scatter chart matrix, we use A) native Excel functionality.
B) Excel Add-In XLMiner.
C) Excel Add-In MegaStat.
D) all of the above.
Answer: B
Q2) 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
Q3) The size of the bubble in a bubble chart can represent the A) two categorical variables.
B) z-axis value.
C) area covered by the categorical variables.
D) intersection of the x-axis and the y-axis values.
Answer: B
To view all questions and flashcards with answers, click on the resource link above.
5
Chapter 4: Linear Regression
Available Study Resources on Quizplus for this Chatper
60 Verified Questions
60 Flashcards
Source URL: https://quizplus.com/quiz/22192
Sample Questions
Q1) The _____ is the range of values of the independent variables in the data used to estimate the regression model.
A) confidence interval
B) codomain
C) experimental region
D) validation set
Q2) _____ refers to the data set used to compare model forecasts and ultimately pick a model for predicting values of the dependent variable.
A) Codomain
B) Training set
C) Validation set
D) Range
Q3) The coefficient of determination:
A) takes values between -1 to +1.
B) is equal to zero for a perfect fit.
C) is equal to one for the poorest fit.
D) is used to evaluate the goodness of fit.
To view all questions and flashcards with answers, click on the resource link above.
6
Chapter 5: Time Series Analysis and Forecasting
Available Study Resources on Quizplus for this Chatper
58 Verified Questions
58 Flashcards
Source URL: https://quizplus.com/quiz/22193
Sample Questions
Q1) With reference to exponential forecasting models, a parameter that provides the weight given to the most recent time series value in the calculation of the forecast value is known as the _____.
A) moving average
B) regression coefficient
C) smoothing constant
D) mean forecast error
Q2) A _____ pattern exists when the data fluctuate randomly around a constant mean over time.
A) vertical
B) seasonal
C) cyclical
D) horizontal
Q3) Which of the following measures of forecast accuracy is susceptible to the problem of positive and negative forecast errors offsetting one another?
A) Mean absolute error
B) Mean forecast error
C) Mean squared error
D) Mean absolute percentage error
To view all questions and flashcards with answers, click on the resource link above.
Page 7
Chapter 6: Data Mining
Available Study Resources on Quizplus for this Chatper
60 Verified Questions
60 Flashcards
Source URL: https://quizplus.com/quiz/22194
Sample Questions
Q1) Which of the following reasons is responsible for the increase in the use of data-mining techniques in business?
A) The lack of methods to electronically track data
B) The dearth of information to analyze and interpret
C) The ability to electronically warehouse data
D) The ability to manually analyze all the data
Q2) Observation refers to the:
A) estimated continuous outcome variable.
B) set of recorded values of variables associated with a single entity.
C) goal of predicting a categorical outcome based on a set of variables.
D) mean of all variable values associated with one particular entity.
Q3) A _____ refers to the number of times that a collection of items occur together in a transaction data set.
A) test set
B) validation count
C) support count
D) training set
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Spreadsheet Models
Available Study Resources on Quizplus for this Chatper
60 Verified Questions
60 Flashcards
Source URL: https://quizplus.com/quiz/22195
Sample Questions
Q1) What do nodes in an influence diagram represent?
A) Model parts
B) Influence levels
C) Road maps
D) Environmental factors
Q2) The calculations of a cell can be investigated in great detail by using the _____ button.
A) Calculation Options
B) Evaluate Formula
C) Error Checking
D) Show Formulas
Q3) The VLOOKUP with range set to _____ takes the first argument and searches the first column of the table for the last row that is strictly less than the first argument.
A) FALSE
B) TRUE
C) LESS
D) NULL
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Linear Optimization Models
Available Study Resources on Quizplus for this Chatper
60 Verified Questions
60 Flashcards
Source URL: https://quizplus.com/quiz/22196
Sample Questions
Q1) When formulating a constraint, care must be taken to ensure that:
A) all the objective function coefficients are included.
B) there are no inequalities in the mathematical expression.
C) the decision variables are set at either maximum or minimum values.
D) the units of measurement on both sides of the constraint match.
Q2) The term _____ refers to the expression that defines the quantity to be maximized or minimized in a linear programming model.
A) objective function
B) problem formulation
C) decision variable
D) association rule
Q3) In a linear programming model, the _____ assumption plus the nonnegativity constraints mean that decision variables can take on any value greater than or equal to zero.
A) proportionality
B) divisibility
C) additivity
D) negativity
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Integer Linear Optimization Models
Available Study Resources on Quizplus for this Chatper
60 Verified Questions
60 Flashcards
Source URL: https://quizplus.com/quiz/22197
Sample Questions
Q1) Reference - 9.1. The available size of the trousers will be a(n) _____ in an integer programming model for this problem.
A) binary variable
B) constraint
C) attribute
D) regression constant
Q2) The objective function for a linear optimization problem is: Max 3x + 2y, with one of the constraints being x, y = 0, 1. x and y are the only decision variables. This is an example of a _____.
A) nonlinear program
B) mixed-integer linear program
C) LP relaxation of the integer linear program
D) binary integer linear program
Q3) _____ is a binary integer programming problem that involves choosing which possible projects or activities provide the best investment return.
A) Capital budgeting problem
B) Fixed-cost problem
C) Market share optimization problem
D) Location problem
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Nonlinear Optimization Models
Available Study Resources on Quizplus for this Chatper
60 Verified Questions
60 Flashcards
Source URL: https://quizplus.com/quiz/22198
Sample Questions
Q1) A Steel Manufacturing company has two production facilities that manufacture Dishwashers. Production costs at the two facilities differ because of varying labor costs, local property taxes, type of material used, volume, and so on. For Plant A, the weekly costs for producing a number of units of Dishwashers is expressed as a function: TC<sub>A</sub>(X) = X² - 2X + 12000 where X is the weekly production volume and TC<sub>A</sub>(X) is the weekly cost for Plant A. Plant B's weekly production costs are given by TC<sub>B</sub>(Y) = Y² + 8Y + 10000 where Y is the weekly production volume and TC<sub>B</sub>(Y) is the weekly cost for Plant B. The manufacturer would like to produce 50 dishwashers per week at the lowest possible cost. a. Formulate a mathematical model that can be used to determine the optimal number of dishwashers to produce each week at each facility. b. Solve the optimization model to determine the optimal number of dishwashers to produce at each facility.
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Monte Carlo Simulation
Available Study Resources on Quizplus for this Chatper
59 Verified Questions
59 Flashcards
Source URL: https://quizplus.com/quiz/22199
Sample Questions
Q1) The range of computer-generated random numbers is _____.
A) [- , ]
B) [- , 0)
C) [1, ]
D) [0, 1)
Q2) A _____ analysis involves considering alternative values for the random variables and computing the resulting value for the output.
A) random
B) what-if
C) risk
D) cluster
Q3) The Excel function _____ generates integer values between lower and upper bounds.
A) RAND
B) RANDBETWEEN
C) LOWER
D) UPPER
To view all questions and flashcards with answers, click on the resource link above.
Page 13
Chapter 12: Decision Analysis
Available Study Resources on Quizplus for this Chatper
60 Verified Questions
60 Flashcards
Source URL: https://quizplus.com/quiz/22200
Sample Questions
Q1) Reference - 12.1: Which is the recommended decision alternative using the optimistic approach?
A) D1
B) D4
C) D2
D) D5
Q2) Translate the following monetary payoffs into utilities for a decision maker whose utility function is described by an exponential function with R = 6450: -$3000, -$1500, $0, $1500, $3000, $4500, $6000, $7500, $9000.
Q3) The probabilities of both sample information and a particular state of nature occurring simultaneously are termed as _____.
A) joint probabilities
B) probable probabilities
C) preliminary probabilities
D) posterior probabilities
To view all questions and flashcards with answers, click on the resource link above. Page 14