Business Analytics Final Test Solutions - 845 Verified Questions

Business Analytics

Final Test Solutions

Course Introduction

Business Analytics is an interdisciplinary course that introduces students to the systematic exploration of data within an organization to drive informed decision-making and strategic planning. The course covers key concepts in data analysis, statistical modeling, and data visualization, utilizing tools such as Excel, SQL, and business intelligence platforms. Students learn how to collect, process, and interpret large sets of data to identify trends, solve business problems, and recommend actionable solutions. Case studies and real-world applications are used to illustrate how business analytics can optimize processes, enhance performance, and provide a competitive advantage in a rapidly evolving marketplace.

Recommended Textbook

Quantitative Methods for Business 11th Edition by David R. Anderson

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17 Chapters

845 Verified Questions

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Chapter 1: Introduction

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Sample Questions

Q1) A toy train layout designed to represent an actual railyard is an example of an analog model.

A)True

B)False

Answer: False

Q2) All uncontrollable inputs or data must be specified before we can analyze the model and recommend a decision or solution for the problem.

A)True

B)False

Answer: True

Q3) A company seeks to maximize profit subject to limited availability of man-hours.Man-hours is a controllable input.

A)True

B)False

Answer: False

Q4) Uncontrollable inputs are the decision variables for a model.

A)True

B)False

Answer: False

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Chapter 2: Introduction to Probability

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Sample Questions

Q1) A joint probability can have a value greater than 1.

A)True

B)False

Answer: False

Q2) An automobile dealership is waiting to take delivery of nine new cars.Today,anywhere from zero to all nine cars might be delivered.It is appropriate to use the classical method to assign a probability of 1/10 to each of the possible numbers that could be delivered.

A)True

B)False

Answer: False

Q3) P(A|B)= P(A^C|B)for all events A and B.

A)True

B)False

Answer: True

Q4) P(A|B)+ P(A|B^C)= 1 for all events A and B.

A)True

B)False Answer: False

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Chapter 3: Probability Distributions

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Sample Questions

Q1) A random variable that has a normal distribution with a mean of 0 and a standard deviation of 1 is said to have a binomial distribution.

A)True

B)False

Answer: False

Q2) Delicious Candy markets a two pound box of assorted chocolates.Because of imperfections in the candy making equipment,the actual weight of the chocolate has a continuous uniform distribution ranging from 31.8 to 32.6 ounces.

a.Define a probability density function for the weight of the box of chocolate.

b.What is the probability that a box weighs (1)exactly 32 ounces; (2)more than 32.3 ounces; (3)less than 31.8 ounces?

c.The government requires that at least 60% of all products sold weigh at least as much as the stated weight.Is Delicious violating government regulations?

Answer: a.f(x)= 1.25 for 31.8 < x < 32.6 = 0 otherwise

b.0,.375,0

c.no

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Page 5

Chapter 4: Decision Analysis

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Sample Questions

Q1) If P(high)= .3,P(low)= .7,P(favorable | high)= .9,and P(unfavorable | low)= .6,then

P(favorable)=

A).10

B).27

C).30

D).55

Q2) The expected value approach is more appropriate for a one-time decision than a repetitive decision.

A)True

B)False

Q3) A decision tree

A)presents all decision alternatives first and follows them with all states of nature.

B)presents all states of nature first and follows them with all decision alternatives.

C)alternates the decision alternatives and states of nature.

D)arranges decision alternatives and states of nature in their natural chronological order.

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Chapter 5: Utility and Game Theory

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Sample Questions

Q1) For a two-person zero-sum game,which one of the following is false?

A)The gain for one player is equal to the loss for the other player.

B)A payoff of 2 for one player has a corresponding payoff of -2 for the other player.

C)The sum of the payoffs in the payoff table is zero.

D)What one player wins,the other player loses.

Q2) With a mixed strategy,the optimal solution for each player is to randomly select among two or more of the alternative strategies.

A)True

B)False

Q3) The logic of game theory assumes that each player has different information.

A)True

B)False

Q4) A 3 x 3 two-person zero-sum game that has no optimal pure strategy and no dominated strategies

A)can be solved using a linear programming model.

B)can be solved algebraically.

C)can be solved by identifying the minimax and maximin values.

D)cannot be solved.

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Page 7

Chapter 6: Forecasting

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Sample Questions

Q1) Trend in a time series must be linear.

A)True

B)False

Q2) The number of pizzas ordered on Friday evenings between 5:30 and 6:30 at a pizza delivery location for the last 10 weeks is shown below.Use exponential smoothing with smoothing constants of .2 and .8 to forecast a value for week 11.Compare your forecasts using MSE.Which smoothing constant would you prefer?

58,46,55,39,42,63,54,55,61,52

Q3) The number of girls who attend a summer basketball camp has been recorded for the seven years the camp has been offered.Use exponential smoothing with a smoothing constant of .8 to forecast attendance for the eighth year. 47,68,65,92,98,121,146

Q4) The mean squared error is influenced much more by large forecast errors than by small errors.

A)True

B)False

Q5) A trend line for the attendance at a restaurant's Sunday brunch is given by Number = 264 + .72(t)

How many guests would you expect in week 20?

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Chapter 7: Introduction to Linear Programming

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Sample Questions

Q1) Slack

A)is the difference between the left and right sides of a constraint.

B)is the amount by which the left side of a < constraint is smaller than the right side.

C)is the amount by which the left side of a > constraint is larger than the right side.

D)exists for each variable in a linear programming problem.

Q2) The improvement in the value of the objective function per unit increase in a right-hand side is the

A)sensitivity value.

B)dual price.

C)constraint coefficient.

D)slack value.

Q3) Decision variables limit the degree to which the objective in a linear programming problem is satisfied.

A)True

B)False

Q4) A redundant constraint is a binding constraint.

A)True

B)False

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Chapter 8: Lp Sensitivity Analysis and Interpretation of Solution

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Sample Questions

Q1) The binding constraints for this problem are the first and second. Min x₁ + 2x₂

s.t.x₁ + x₂ \(\ge\) 300 2x₁ + x₂ \(\ge\) 400 2x₁ + 5x₂ < 750 x₁,x₂ > 0

a.Keeping c₂ fixed at 2,over what range can c₁ vary before there is a change in the optimal solution point?

b.Keeping c₁ fixed at 1,over what range can c₂ vary before there is a change in the optimal solution point?

c.If the objective function becomes Min 1.5x₁ + 2x₂,what will be the optimal values of x₁,x₂,and the objective function?

d.If the objective function becomes Min 7x₁ + 6x₂,what constraints will be binding?

e.Find the dual price for each constraint in the original problem.

Q2) There is a dual price for every decision variable in a model.

A)True B)False

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Chapter 9: Linear Programming Applications

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Sample Questions

Q1) Winslow Savings has $20 million available for investment.It wishes to invest over the next four months in such a way that it will maximize the total interest earned over the four month period as well as have at least $10 million available at the start of the fifth month for a high rise building venture in which it will be participating. For the time being,Winslow wishes to invest only in 2-month government bonds (earning 2% over the 2-month period)and 3-month construction loans (earning 6% over the 3-month period).Each of these is available each month for investment.Funds not invested in these two investments are liquid and earn 3/4 of 1% per month when invested locally.

Formulate and solve a linear program that will help Winslow Savings determine how to invest over the next four months if at no time does it wish to have more than $8 million in either government bonds or construction loans.

Q2) A decision maker would be wise to not deviate from the optimal solution found by an LP model because it is the best solution.

A)True

B)False

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Page 11

Chapter 10: Distribution and Network Problems

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Sample Questions

Q1) The assignment problem is a special case of the A)transportation problem.

B)transshipment problem.

C)maximal flow problem.

D)shortest-route problem.

Q2) In the general assignment problem,one agent can be assigned to several tasks.

A)True

B)False

Q3) A transportation problem with 3 sources and 4 destinations will have 7 variables in the objective function.

A)True

B)False

Q4) Transshipment problem allows shipments both in and out of some nodes while transportation problems do not.

A)True

B)False

Q5) A transshipment constraint must contain a variable for every arc entering or leaving the node.

A)True

B)False

Page 12

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Chapter 11: Integer Linear Programming

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Sample Questions

Q1) The graph of a problem that requires x₁ and x₂ to be integer has a feasible region

A)the same as its LP relaxation.

B)of dots.

C)of horizontal stripes.

D)of vertical stripes.

Q2) Let x₁ and x₂ be 0 - 1 variables whose values indicate whether projects 1 and 2 are not done or are done.Which answer below indicates that project 2 can be done only if project 1 is done?

A)x₁ + x₂ = 1

B)x₁ + x₂ = 2

C)x₁ - x₂ < 0

D)x₁ - x₂ > 0

Q3) In general,rounding large values of decision variables to the nearest integer value causes fewer problems than rounding small values.

A)True

B)False

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Chapter 12: Advanced Optimization Application

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Sample Questions

Q1) For a minimization problem,a point is a global minimum if there are no other feasible points with a smaller objective function value.

A)True

B)False

Q2) Nonlinear programming algorithms are more complex than linear programming algorithms.

A)True

B)False

Q3) The Markowitz mean-variance portfolio model is a classic application of non-linear programming.

A)True

B)False

Q4) Skooter's Skateboards produces two models of skateboards,the FX and the ZX.Skateboard revenue (in $l,000s)for the firm is nonlinear and is stated as (number of FXs)(5 - 0.2 number of FXs)+ (number of ZXs)(7 - 0.3 number of ZXs).Skooter's has 80 labor-hours available per week in its paint shop.Each FX requires 2 labor-hours to paint and each ZX requires 3 labor-hours.Formulate this nonlinear production planning problem to determine how many FX and ZX skateboards should be produced per week at Scooter's.

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Chapter 13: Project Scheduling: Pertcpm

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Sample Questions

Q1) A critical activity can be part of a noncritical path.

A)True

B)False

Q2) The linear programming model for crashing presented in the textbook assumes that any portion of the activity crash time can be achieved for a corresponding portion of the activity crashing cost.

A)True

B)False

Q3) Activities G,P,and R are the immediate predecessors for activity W.If the earliest finish times for the three are 12,15,and 10,then the earliest start time for W

A)is 10.

B)is 12.

C)is 15.

D)cannot be determined.

Q4) Crashing refers to an unanticipated delay in a critical path activity that causes the total time to exceed its limit.

A)True

B)False

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Chapter 14: Inventory Models

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Sample Questions

Q1) The economic production lot size model is appropriate when A)demand exceeds the production rate.

B)there is a constant supply rate for every period,without pause.

C)ordering cost is equivalent to the production setup cost.

D)All of the alternatives are correct.

Q2) Constant demand is a key assumption of the EOQ model.

A)True

B)False

Q3) Zip Games purchases blank DVD disks onto which it copies its software for sale through its mail order operation.A disk costs Zip $.20.Processing an order for more disks cost $15.Zip uses 60000 disks annually,and the company has a 25% cost of capital.

a.Find the optimal order quantity.

b.How many orders are placed annually?

c.How frequently will orders be placed?

Q4) The cost of overestimating demand is usually harder to determine than the cost of underestimating demand.

A)True

B)False

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Chapter 15: Waiting Line Models

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Sample Questions

Q1) For an M/M/k system,the average number of customers in the system equals the customer arrival rate times the average time a customer spends waiting in the system.

A)True

B)False

Q2) Models with a finite calling population

A)have an arrival rate independent of the number of units in the system.

B)have a service rate dependent on the number of units in the system.

C)use the size of the population as a parameter in the operating characteristics formulas.

D)All of the alternatives are correct.

Q3) For an M/M/1 queuing system,if the service rate,µ,is doubled,the average wait in the system,W,is cut in half.

A)True

B)False

Q4) The total cost for a waiting line does NOT specifically depend on

A)the cost of waiting.

B)the cost of service.

C)the number of units in the system.

D)the cost of a lost customer.

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Chapter 16: Simulation

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Q1) For any waiting line system, (Average number of units in waiting line)= (Total waiting time)divided by (Total time of simulation).

A)True

B)False

Q2) The word "uniform" in the term "uniform random numbers" means

A)all the numbers have the same number of digits.

B)if one number is,say,10 units above the mean,the next number will be 10 units below the mean.

C)all the numbers are odd or all are even.

D)each number has an equal probability of being drawn.

Q3) A quantity that is difficult to measure with certainty is called a A)risk analysis.

B)project determinant.

C)probabilistic input.

D)profit/loss process.

Q4) To use Excel to generate a normally distributed random variable,you must know the mean and standard deviation of the distribution and have a random number between 0 and 1.

A)True B)False

Page 18

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Chapter 17: Markov Processes

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Q1) If the probability of making a transition from a state is 0,then that state is called a(n)

A)steady state.

B)final state.

C)origin state.

D)absorbing state.

Q2) The probability of going from state 1 in period 2 to state 4 in period 3 is

A)p₁₂

B)p₂₃

C)p₁₄

D)p₄₃

Q3) When absorbing states are present,each row of the transition matrix corresponding to an absorbing state will have a single 1 and all other probabilities will be 0.

A)True

B)False

Q4) A state,i,is an absorbing state if,when i = j,p_ij = 1.

A)True

B)False

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