Quantitative Methods for Business Final Exam Questions
Course Introduction
Quantitative Methods for Business introduces students to the fundamental mathematical and statistical techniques used in business decision-making. The course covers topics such as data analysis, probability distributions, statistical inference, linear programming, forecasting, and decision analysis. Emphasis is placed on the application of quantitative tools to real-world business problems, helping students develop skills in modeling, problem-solving, and data-driven decision-making to support operations, finance, marketing, and management functions.
Recommended Textbook Essentials of Business Analytics 1st Edition by Jeffrey D. Camm
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Page 2
Chapter 1: Introduction
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Sample Questions
Q1) Which of the following analytical techniques helps us arrive at the best decision?
A) Predictive analytics
B) Data mining
C) Prescriptive analytics
D) Descriptive analytics
Answer: C
Q2) All the three descriptive, predictive, and prescriptive analytics are used in:
A) Marketing and HR analytics.
B) Marketing and Health Care analytics.
C) Health Care and HR analytics.
D) Health Care and Financial analytics.
Answer: B
Q3) Walmart handles over one million purchase transactions per hour. Although the data represents opportunities,
A) it also presents analytical challenges from a processing point of view.
B) it can be processed, or analyzed in a reasonable amount of time.
C) it has itself led to a decrease in the use of analytics.
D) it seldom has valuable applications of analytics.
Answer: A
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Page 3
Chapter 2: Descriptive Statistics
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Sample Questions
Q1) Which of the following graphs provide information on outliers and IQR of a data set?
A) Histogram
B) Line chart
C) Scatter chart
D) Box plot
Answer: D
Q2) A student willing to participate in a debate competition required to fill a registration form. State whether each of the following information about the participant provides categorical or quantitative data.
a. What is your date of birth?
b. Have you participated in any debate competition previously?
c. If yes, how many debate competitions have you participated so far?
d. Have you won any of the competitions?
e. If yes, how many have you won?
Answer: a. Quantitative.
b. Categorical.
c. Quantitative.
d. Categorical.
e. Quantitative.
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Chapter 3: Data Visualization
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Sample Questions
Q1) Data-ink is the ink used in a table or chart that A) does not help in conveying the data to the audience.
B) helps in presenting data when the audience need not know exact values. C) is necessary to convey the meaning of the data to the audience.
D) increases the Non-data-ink ratio.
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) If the scatter chart indicates a positive linear relationship between two variables, then their correlation coefficient is A) equal to -1.
B) greater than 1.
C) between 0 and +1.
D) between -1 and 0.
Answer: C
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Page 5
Chapter 4: Linear Regression
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Q1) _____ refers to the degree of correlation among independent variables in a regression model.
A) Multicollinearity
B) Tolerance
C) Rank
D) Confidence level
Q2) In the simple linear regression model, the _____ accounts for the variability in the dependent variable that cannot be explained by the linear relationship between the variables.
A) constant term
B) error term
C) model parameter
D) residual
Q3) Prediction of the value of the dependent variable outside the experimental region is called _____.
A) interpolation
B) forecasting
C) averaging
D) extrapolation
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Page 6
Chapter 5: Time Series Analysis and Forecasting
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Sample Questions
Q1) Trends result from:
A) rapidly-arising short-term factors.
B) rapidly-arising long-term factors.
C) slowly-varying short-term factors.
D) slowly-varying long-term factors.
Q2) Using a large value for order k in the moving averages method is effective in:
A) tracking changes in a time series more quickly.
B) smoothing out random fluctuations.
C) providing a more accurate forecast variable value.
D) eliminating the effect of seasonal variations in the time series.
Q3) With reference to time series data patterns, a cyclical pattern is the component of the time series that:
A) shows a periodic pattern over one year or less.
B) does not vary with respect to time.
C) results in periodic above-trend and below-trend behavior of the time series lasting more than one year.
D) is characterized by a linear variation of the dependent variable with respect to time.
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Chapter 6: Data Mining
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Sample Questions
Q1) The simplest measure of similarity between observations consisting solely of categorical variables is given by _____.
A) the Euclidean distance
B) the Ward's distance
C) matching coefficient
D) Jaccard's coefficient
Q2) Which of the following is true of hierarchical clustering?
A) All observations are put in a mega-cluster to begin with.
B) Each of the large clusters is broken down iteratively.
C) It is a bottom-up approach to clustering.
D) At the end of the process, observations in the same cluster have maximum distance.
Q3) The endpoint of a k-means clustering algorithm occurs when:
A) Euclidean distance between clusters is minimum.
B) Euclidean distance between observations in a cluster is maximum.
C) no further changes are observed in cluster structure and number.
D) all of the observations are encompassed within a single large cluster with mean k.
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8
Chapter 7: Spreadsheet Models
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Sample Questions
Q1) The impact of two inputs on the output of interest is given by a _____.
A) Goal Seek
B) Watch Window
C) multiple-way data table
D) two-way data table
Q2) The _____ function pairs each element of the first array with its counterpart in the second array, multiplies the elements of the pairs together, and adds the results.
A) SUM
B) SUMPRODUCT
C) SUMIF
D) VLOOKUP
Q3) The arguments supplied to the IF function are:
A) the condition for execution, the result if condition is true, and the result if condition is false.
B) the range of cells and the condition for execution.
C) the array of data cells, the array of data cells, and the condition for execution.
D) the condition for execution only.
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Chapter 8: Linear Optimization Models
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Sample Questions
Q1) A(n) _____ solution satisfies all the constraint expressions simultaneously.
A) feasible
B) objective
C) infeasible
D) extreme
Q2) The study of how changes in the input parameters of a linear programming problem affect the optimal solution is known as_____.
A) regression analysis
B) cluster analysis
C) optimality analysis
D) sensitivity analysis
Q3) Clever Sporting Equipment, Inc. makes two types of balls: Soccer balls and Cork balls. The making of each soccer ball and cork ball requires 3 hours and 4 hours of production time, respectively. For the next month, the total production hours of 500 are available. Also, it is given that the combined production quantity for these two balls must be at least 150 units. The objective for this linear programming model is to fulfil the given production requirements at a minimum cost for the total production. The production cost for each Soccer ball is $9 and each Cork ball is $7. Formulate and solve for the recommended production quantities.
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Page 10
Chapter 9: Integer Linear Optimization Models
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Sample Questions
Q1) 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
Q2) Which of the following is true of rounding the solution to an integer?
A) It always produces the most optimal integer solution.
B) It never produces a feasible solution.
C) It does not affect the objective function.
D) It may or may not be feasible.
Q3) The part-worth for each of the attribute levels in a conjoint analysis is determined by
A) regression analysis
B) sensitivity analysis
C) online surveys
D) word-of-mouth
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11
Chapter 10: Nonlinear Optimization Models
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Sample Questions
Q1) Reference - 10.3. Which of the following equations is most likely to yield the above curve?
A) f(X, Y) = Xlog(2 Y) + Ylog(2 X)
B) f(X, Y) = X - Y
C) f(X, Y) = -x<sup> </sup> - y<sup> </sup>
D) f(X, Y) = Xsin(5 X) + Ysin(5 Y)
Q2) The Lagrangian multiplier is the _____ for a constraint in a nonlinear problem.
A) shadow price
B) payoff value
C) reducing gradient
D) reduced cost
Q3) Reference - 10.1. Which of the following functions is most likely to yield the above shape?
A) f(X, Y) = x<sup> </sup>+ y<sup> </sup>
B) f(X, Y) = -X - Y
C) f(X, Y) = -x<sup> </sup>- y<sup> </sup>
D) f(X, Y) = Xsin(5 X) + Ysin(5 Y)
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Chapter 11: Monte Carlo Simulation
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Q1) ASP cannot guarantee an optimal solution to a simulation optimization model because
A) the optimization problem will have only one local optimal solution due to the linear relationship.
B) of sampling error resulting from nonlinear relationships.
C) it is not possible to compare solutions across runs.
D) of sampling error resulting from the presence of the random variables.
Q2) In simulation analysis, the _____ of random variables can be adjusted to determine the impact of the assumptions about the shape of the uncertainty on the results.
A) probability distributions
B) ranges
C) relative frequencies
D) manual generations
Q3) 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
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Chapter 12: Decision Analysis
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Q1) _____ is a measure of the total worth of a consequence reflecting a decision maker's attitude toward considerations such as profit, loss, and risk.
A) Cost-to-company
B) Utility
C) Decision value
D) Regret
Q2) _____ refer to graphical representations of the decision problems that show the sequential nature of the decision-making process.
A) Influence diagrams
B) Utility functions
C) Decision trees
D) Payoff tables
Q3) For a minimization problem, the conservative approach often is referred to as the _____ approach.
A) maximin
B) minimax
C) minimin
D) maximax
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