Business Analytics
Exam Materials
Course Introduction
Business Analytics is a multidisciplinary course designed to introduce students to data-driven decision-making in business environments. The course covers essential quantitative and qualitative methods for collecting, analyzing, and interpreting data to solve real-world business problems. Students will learn key concepts such as data visualization, statistical analysis, predictive modeling, and the use of analytics software tools. Through case studies and hands-on exercises, the course equips students with the skills to extract actionable insights from complex datasets, improve organizational performance, and make informed strategic decisions across various business functions.
Recommended Textbook Spreadsheet Modeling and Decision Analysis 7th Edition by Cliff Ragsdale
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Chapter 1: Introduction to Modeling and Decision Analysis
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Sample Questions
Q1) Which step of the problem-solving process is considered the most important?
A)Identify problem.
B)Analyze model.
C)Test results.
D)Implement solution.
Answer: A
Q2) In this text we use the term "mathematics" to encompass i.familiar elements of math such as algebra. ii.logic.
A)i only
B)ii only
C)Both i and ii
D)Neither i nor ii
Answer: C
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Chapter 2: Introduction to Optimization and Linear Programming
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Sample Questions
Q1) A diet is being developed which must contain at least 100 mg of vitamin C.Two fruits are used in this diet.Bananas contain 30 mg of vitamin C and Apples contain 20 mg of vitamin C.The diet must contain at least 100 mg of vitamin C Which of the following constraints reflects the relationship between Bananas,Apples and vitamin C?
A)20 A + 30 B 100
B)20 A + 30 B 100
C)20 A + 30 B = 100
D)20 A = 100
Answer: A
Q2) In a mathematical formulation of an optimization problem,the objective function is written as z=2x<sub>1</sub>+3x<sub>2</sub>.Then:
A)x<sub>1 </sub>is a decision variable
B)x<sub>2 </sub>is a parameter
C)z needs to be maximized
D)2 is a first decision variable level
Answer: A
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Chapter 3: Modeling and Solving Lp Problems in a Spreadsheet
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Sample Questions
Q1) Which of the following describes Data Envelopment Analysis DEA).
A)DEA finds the most effective company among some set of companies.
B)DEA determines if a company is converting inputs to outputs as effectively as possible.
C)DEA determines how effective a company converts inputs to outputs compared to other companies.
D)DEA compares how effective a company converts inputs to outputs compared to a benchmark composite of all companies.
Answer: C
Q2) The "Objective Sense" option in the Analytic Solver Platform task pane may be used to
A)return a heuristic solution to the problem.
B)tell the Solver what value it should seek for your optimization objective.
C)determine the value of the objective based on specified decision variable cells.
D)always works correctly.
Answer: B
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Chapter 4: Sensitivity Analysis and the Simplex Method
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Sample Questions
Q1) What is the value of the slack variable in the following constraint when X<sub>1 </sub>and X<sub>2 </sub>are nonbasic and only non- negativity is used as simple bounds?
X<sub>1 </sub>+ X<sub>2 </sub>+ S<sub>1 </sub>= 100
A)0
B)50
C)100
D)can't be determined from the given information
Q2) Meaningful Analytic Solver Platform ASP)sensitivity report headings can be defined
A)by adding cell notes to spreadsheet cells.
B)by using the Guess button in the Analytic Solver Platform ASP)dialog box.
C)by carefully labeling rows and columns in the spreadsheet model.
D)naming cells in the spreadsheet model.
Q3) Analytic Solver Platform provides all of the following reports except A)Answer
B)Sensitivity
C)Cost performance
D)Limits
Q4) Refer to Exhibit 4.1.Are there alternate optimal solutions to this problem?
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Chapter 5: Network Modeling
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Sample Questions
Q1) In a transshipment problem,which of the following statements is a correct representation of the balance-of-flow rule if Total Supply < Total Demand?
A)Inflow Outflow Supply or Demand
B)Inflow + Outflow Supply or Demand
C)Inflow Outflow Supply or Demand
D)Inflow + Outflow Supply or Demand
Q2) Draw the network representation of this LP model.What type of problem is it?
MAX <sup>X</sup><sub>41</sub>
Subject to: <sup>X</sup><sub>41 </sub><sup> X</sup><sub>12 </sub><sup> X</sup><sub>13 </sub><sup>= 0</sup> X<sub>12 </sub> X<sub>24 </sub>= 0 X<sub>13 </sub> X<sub>34 </sub>= 0 X<sub>24 </sub>+ X<sub>34 </sub> X<sub>41 </sub>= 0 0 X<sub>12 </sub> 5,
0 X<sub>13 </sub> 4, 0 X<sub>24 </sub> 3, 0 X<sub>34 </sub> 2, 0 X<sub>41 </sub>
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Chapter 6: Integer Linear Programming
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Sample Questions
Q1) A company wants to select 1 project from a set of 4 possible projects.Which of the following constraints ensures that only 1 will be selected?
A)X<sub>1 </sub>+ X<sub>2 </sub>+ X<sub>3 </sub>+ X<sub>4 </sub>= 1
B)X<sub>1 </sub>+ X<sub>2 </sub>+ X<sub>3 </sub>+ X<sub>4 </sub> 1
C)X<sub>1 </sub>+ X<sub>2 </sub>+ X<sub>3 </sub>+ X<sub>4 </sub> 1
D)X<sub>1 </sub>+ X<sub>2 </sub>+ X<sub>3 </sub>+ X<sub>4 </sub> 0
Q2) Consider the constraint
X<sub>3 </sub>+ X<sub>4 </sub>+ X<sub>5 </sub>+ X<sub>6 </sub>+ X<sub>7 </sub> 27
Representing Air Express' Monday minimum worker requirement.Why was a " " used versus an "="?
A)The " " is needed to accommodate workers held over from Sunday.
B)Solver only accepts " " constraints.
C)The " " is less restrictive.
D)The "=" will always produce an infeasible constraint.
Q3) Which of the following is not a benefit of using binary variables?
A)With only 2 values,Solver can work faster.
B)Binary variables are useful in selection problems.
C)Binary variables can replace some IF)conditions.
D)Binary variables can enforce logical conditions.
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Chapter 7: Goal Programming and Multiple Objective Optimization
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Sample Questions
Q1) Goal programming differs from linear programming or integer linear programming is that
A)goal programming provides for multiple objectives.
B)goal programming excludes hard constraints.
C)with goal programming we iterate until an acceptable solution is obtained.
D)goal programming requires fewer variables.
Q2) Refer to Exhibit 7.4.What formulas should go in cell E26 of the spreadsheet?
Q3) If no other feasible solution to a multi-objective linear programming MOLP)problem allows an increase in any objective without decreasing at least one other objective,the solution is said to be
A)dually optimal.
B)Pareto optimal.
C)suboptimal.
D)maximally optimal.
Q4) Which of the following is true regarding goal programming?
A)The objective function is not useful when comparing goal programming solutions.
B)We can place upper bounds on any of the deviation variables.
C)A preemptive goal program involves deviations with arbitrarily large weights.
D)All of these are true.
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Chapter 8: Nonlinear Programming and Evolutionary Optimization
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Sample Questions
Q1) A company wants to locate a new warehouse to minimize the distance traveled by its delivery trucks.It has four stores and their coordinates are listed in the accompanying spreadsheet.What formula goes in cell D4 of the spreadsheet?
\[\begin{array} { | r | c | c | c | r | }
\hline & \text { A } & \mathrm { B } & \mathrm { C } & \mathrm { D } \\
\hline 1 & & & & \\
\hline 2 & & \text { X-Coordinate } & \text { Y-Coordinate } & \\
\hline 3 & \text { Warehouse } & 103.800 & 101.000 & \text { Distance: } \\
\hline 4 & \text { Store 1 } & 100 & 130 & 70.082 \\
\hline 5 & \text { Store 2 } & 90 & 60 & 84.424 \\
\hline 6 & \text { Store 3 } & 210 & 80 & 50.749 \\
\hline 7 & \text { Store 4 } & 180 & 110 & 18.532 \\
\hline 8 & & & & \\
\hline 9 & & \text { Total Distance: } &223.787 & \\
\hline
\end{array}\]
A)=B4-$B$3)^2+C4-$C$3)^2
B)=SQRTB4-$B$3)+C4-$C$3))
C)=SQRTB4-$B$3)^2+C4-$C$3)^2)
D)=B4-$B$3)+C4-$C$3)
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Chapter 9: Regression Analysis
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Sample Questions
Q1) The standard error measures the
A)variability in the X values.
B)variability in the actual data around the fitted regression function.
C)variability in the independent variable around the fitted regression function.
D)variability in the dependent variable around the fitted regression function.
Q2) The forecasting model that makes use of the least squares method is called A)regression
B)naive approach
C)moving average
D)exponential smoothing
Q3) Refer to Exhibit 9.2.Predict the mean pressure for a temperature of 120 degrees.
Q4) Refer to Exhibit 9.4.Predict the mean donation by a person with 16 years of education,$90,000 annual income and 2 children.Use a full model based on data from the table.
Q5) The R<sup>2</sup><sup> </sup>statistic
A)varies between 1 and 1.
B)compares the regression sum of squares to the total sum of squares.
C)accounts for the number of parameters in the regression model.
D)is the ratio of the error sum of squares to the regression sum of squares.
Q6) Refer to Exhibit 9.6.What is the MS for Residual?
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Chapter 10: Data Mining
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Sample Questions
Q1) The first step in creating a classification tree involves
A)recursively partitioning the independent variables using the outcome of previous partitions
B)creating a subset of variables
C)clustering the variables into a larger superset
D)deciding the number of partitions
Q2) Neural networks technique attempts to learn
A)what relationship exists between a set of input and output variables
B)whether a linear relationship exists between a set of input and output variables
C)whether a nonlinear relationship exists between a set of input and output variables
D)whether multicollinearity exists between a set of input variables
Q3) Which of the following is not true regarding discriminant analysis?
A)The classification rule translates discriminant scores into group membership.
B)Discriminant analysis is based on discrete or categorical dependent variables.
C)The classification rule selected perfectly classifies the data used to derive the classification rule.
D)The confusion matrix summarizes classification results.
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Chapter 11: Time Series Forecasting
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Sample Questions
Q1) Seasonality is defined as
A)regular variation above and below the trend line with a cycle completing itself within a year
B)regular variation above and below the trend line with a cycle completing itself within a period longer than one year
C)a sudden change in process level due to a known cause
D)part of the error term
Q2) Refer to Exhibit 11.5.What formula should be entered in cell G13 to compute the forecast for time period 11?
A)=E13+F13
B)=E12+F13
C)=E12+F8
D)=E12+F9
Q3) Refer to Exhibit 11.7.What formula should be entered in cell E4 to compute the base level when using Holt's method?
A)=$J$3*D4+1-$J$3)*E3+F3)
B)=$J$4*D4+1-$J$4)*E3+F3)
C)=$J$3*G4+1-$J$3)*E3+F3)
D)=$J$4*E4-E3)+1-$J$4)*F3
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Chapter 12: Introduction to Simulation Using Analytic Solver
Platform
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Sample Questions
Q1) Using the information in Exhibit 12.3,what formula should go in cell H3 to compute the service level?
A)=SUMG8:G21)/SUMD8:D21)
B)=SUMD8:D21)/SUME8:E21)
C)=SUME8:E21)/SUMD8:D21)
D)=SUMF8:F21)/SUMG8:G21)
Q2) A good way to fit the distribution to historical patterns when historical data is available is to
A)use the Fit icon in the Tools group of the Analytic Solver Platform
B)guess the distribution parameters
C)assume that the data distribution is Normal
D)assume that the data distribution is Weibull
Q3) Which of the following do not help determine the magnitude of risk in a decision-making problem?
A)The level of uncertainty in outcome.
B)The magnitude of potential loss.
C)The level of management interest in the problem.
D)The level of uncertainty in input variables.
Q4) What function should be used for generating random integer numbers between 2 and 8?
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Chapter 13: Queuing Theory
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Sample Questions
Q1) Which type of queuing system are you likely to encounter at a Wendy's restaurant?
A)Single waiting line,single service station.
B)Multiple waiting lines,single service station.
C)Single waiting line,multiple service stations.
D)Multiple waiting lines,multiple service stations.
Q2) Refer to Exhibit 13.2.Based on this report what percent of the time is the barber busy cutting hair?
Q3) Refer to Exhibit 13.6.Based on this report what is the average number of students waiting to be helped?
Q4) A grocery clerk can serve 20 customers per hour on average and the service time follows an exponential distribution.What is the probability that a customer's service time is less than 2 minutes?
Q5) Which of the following best describes queuing theory?
A)The study of arrival rates.
B)The study of service times.
C)The study of waiting lines.
D)The evaluation of service time costs.
Q6) Refer to Exhibit 13.3.What is the mean service rate per hour?
Q7) Refer to Exhibit 13.3.What is the mean arrival rate per hour?
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Chapter 14: Decision Analysis
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Sample Questions
Q1) Which decision rule pessimistically assumes that nature will always be "against us" regardless of what decision we make?
A)maximax decision rule.
B)maximin decision rule.
C)minimax regret decision rule.
D)minimin decision rule.
Q2) Refer to Exhibit 14.9.What formula should go in cell D5 and get copied to D6:D8 to implement the maximin decision rule?
Q3) Refer to Exhibit 14.12.What is the expected value of Alternative 2 for this decision maker?
Q4) Which of the following is a goal of decision analysis?
A)Help individuals make good decisions.
B)Ensure decisions lead to good outcomes.
C)Avoiding decisions leading to bad outcomes.
D)Reduce the role of luck in a decision.
Q5) Refer to Exhibit 14.14.What formula is placed in cell B3 of the strategy table to complete the table as provided?
Q6) Refer to Exhibit 14.9.What decision should be made according to the maximin decision rule?
Page 16
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Chapter 15: Project Management Online
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Sample Questions
Q1) There are various similarities between the CPM and PERT methods.Which of the following is not one of those similarities?
A)Any project can be broken down into component activities that require different amounts of time.
B)Any project can be broken down into component activities that must be accomplished in a specific order.
C)Both techniques use the same method to calculate the time element of the activities in the project.
D)Both require a detailed network of the project that clearly indicates each of the main activities and the precedence relationship among the activities.
Q2) A weakness of Gantt charts is that they do not explicitly
A)indicate activity times.
B)show precedence relationships.
C)show activity start times.
D)show activity finish times.
Q3) Refer to Exhibit 15.5.What formula should go in cell H3 of the Costs spreadsheet to compute Crash Cost Per Day?
Q4) Refer to Exhibit 15.4.Draw the CPM network for this problem.Use AON notation.
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