Data Analysis for Managers
Mock Exam
Course Introduction
Data Analysis for Managers introduces students to the fundamental concepts, tools, and techniques used to collect, analyze, and interpret data for informed managerial decision-making. The course emphasizes practical applications of statistical methods, data visualization, and quantitative analysis in a business context. Students will learn how to identify relevant data sources, perform exploratory data analysis, apply descriptive and inferential statistics, and use spreadsheet and analytics software to solve real-world management problems. By the end of the course, participants will be equipped with analytical skills to evaluate data-driven insights and support effective business strategies.
Recommended Textbook
Introduction to Management Science A Modeling and Case Studies Approach With Spreadsheets
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1066 Verified Questions
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Chapter 1: Introduction
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Sample Questions
Q1) Which of the following is a mathematical expression that gives the measure of performance for the problem?
A)Decision variable.
B)Parameter.
C)Objective function.
D)Constraint.
E)None of the above.
Answer: C
Q2) A constraint is an algebraic variable that represents a quantifiable decision to be made.
A)True
B)False
Answer: False
Q3) A decision variable is an algebraic variable that represents a quantifiable decision to be made.
A)True
B)False
Answer: True
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Chapter 2: Linear Programming: Basic Concepts
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Sample Questions
Q1) An example of a decision variable in a linear programming problem is profit maximization.
A)True
B)False
Answer: False
Q2) What is the daily profit when producing the optimal amounts?
A)$960.
B)$1,560.
C)$1,800.
D)$1,900.
E)$2,520.
Answer: B
Q3) Linear programming problems can be formulated both algebraically and on spreadsheets.
A)True
B)False
Answer: True
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Chapter 3: Linear Programming: Formulation and Applications
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Sample Questions
Q1) It is the nature of the restrictions imposed on the decisions regarding the mix of activity levels that determines the classification of the resulting linear programming formulation.
A)True
B)False
Answer: True
Q2) Transportation problems always involve shipping goods from one location to another.
A)True
B)False
Answer: False
Q3) Strict inequalities (i.e.,< or >)are not permitted in linear programming formulations.
A)True
B)False
Answer: True
Q4) A mathematical model will be an exact representation of the real problem.
A)True
B)False
Answer: False
Page 5
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Chapter 4: The Art of Modeling With Spreadsheets
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Sample Questions
Q1) Which of the following should be entered first when building a spreadsheet model?
A)The target cell.
B)The data cells.
C)The changing cells.
D)The output cells.
E)The Solver parameters.
Q2) There is a systematic procedure that will lead to a single correct spreadsheet model.
A)True
B)False
Q3) Which of the following is not an advantage of using range names?
A)They make formulas easier to interpret.
B)They make the Solver dialogue box entries easier to understand.
C)They make the model easier to modify.
D)b and c are not advantages of using range names.
E)All of the above are advantages of using range names.
Q4) The data is the first thing that should be entered in a spreadsheet model.
A)True
B)False
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Chapter 5: What-If Analysis for Linear Programming
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Sample Questions
Q1) When maximizing profit in a linear programming problem,the allowable increase and allowable decrease columns in the sensitivity report make it possible to find the range over which the profitability does not change.
A)True
B)False
Q2) If the sum of the percentage changes of the right-hand sides does not exceed 100%,then the solution will definitely remain optimal.
A)True
B)False
Q3) What is entered as the column input cell in the Solver Table dialogue box?
A)B2
B)B8
C)F5
D)F8
E)It is left blank.
Q4) The purpose of a linear programming study is to help guide management's final decision by providing insights.
A)True
B)False
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Chapter 6: Network Optimization Problems
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Sample Questions
Q1) In a minimum cost flow problem there can be only one supply node and only one demand node.
A)True B)False
Q2) Minimum cost flow problems are the special type of linear programming problem referred to as distribution-network problems.
A)True B)False
Q3) The source and sink of a maximum flow problem are analogous to the supply nodes and demand nodes of a minimum cost flow problem.
A)True
B)False
Q4) Any minimum cost flow problem where each arc can carry any desired amount of flow is a transshipment problem.
A)True B)False
Q5) A shortest path problem is required to have only a single destination. A)True B)False
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Chapter 7: Using Binary Integer Programming to Deal With
Yes-Or-No Decisions
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Sample Questions
Q1) A BIP problem considers one yes-or-no decision at a time with the objective of choosing the best alternative.
A)True
B)False
Q2) BIP can be used in capital budgeting decisions to determine whether to invest a certain amount.
A)True
B)False
Q3) In a BIP problem with 2 mutually exclusive alternatives,x<sub>1</sub> and x<sub>2</sub>,the following constraint needs to be added to the formulation if one alternative must be chosen:
A)x<sub>1</sub> + x<sub>2</sub> \(\le\) 1.
B)x<sub>1</sub> + x<sub>2</sub> = 1.
C)x<sub>1</sub> - x<sub>2</sub> \(\le\) 1.
D)x<sub>1</sub> - x<sub>2</sub> = 1.
E)None of the above.
Q4) Binary variables are variables whose only possible values are 0 or 1.
A)True
B)False
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Chapter 8: Nonlinear Programming
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Sample Questions
Q1) Separable programming will always find the optimal solution when the following is true:
A)The profit or cost graph is piecewise linear.
B)There are decreasing marginal returns.
C)a and b must both be true.
D)Separable programming only finds an approximate solution.
E)None of the above.
Q2) In separable programming,if an activity violates the proportionality assumption it must have increasing marginal returns.
A)True
B)False
Q3) Separable programming is applicable when there are increasing or decreasing marginal returns.
A)True
B)False
Q4) Solver Table can be used for nonlinear programming problems to systematically try a number of different starting points.
A)True
B)False
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Chapter 9: Decision Analysis
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Sample Questions
Q1) The maximin strategy is:
A)Buy.
B)Rent.
C)Lease.
D)High.
E)Low.
Q2) Graphical analysis can only be used in sensitivity analysis for those problems that have two decision alternatives.
A)True
B)False
Q3) Bayes' theorem is a formula for determining prior probabilities of a state of nature.
A)True
B)False
Q4) The maximax approach is an optimistic strategy.
A)True
B)False
Q5) States of nature are alternatives available to a decision maker.
A)True
B)False
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Chapter 10: Cd Supplement - Decision Analysis
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Sample Questions
Q1) The maximax strategy is:
A)Buy.
B)Rent.
C)Lease.
D)High.
E)Low.
Q2) Determining the average payoff for each alternative and choosing the alternative with the highest average is the criterion called:
A)minimin.
B)maximin.
C)equally likely.
D)maximum likelihood.
E)Bayes decision rule.
Q3) The maximin criterion refers to:
A)minimizing the maximum return.
B)maximizing the minimum return.
C)choosing the alternative with the highest payoff.
D)choosing the alternative with the minimum payoff.
E)None of the above.
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Chapter 11: Forecasting
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Sample Questions
Q1) Which of the following possible values of \(\alpha\) would cause exponential smoothing to respond the most quickly to forecast errors?
A)0.
B)0.01.
C)0.05.
D)0.1.
E)0.15.
Q2) A manager uses the equation y = 40,000 + 150x to predict monthly receipts.What is the forecast for July if x = 0 in April?
A)40,450.
B)40,600.
C)42,100.
D)42,250.
E)42,400.
Q3) A smoothing constant of 0.1 will cause an exponential smoothing forecast to react more quickly to a sudden change than a value of 0.3 will.
A)True
B)False
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Chapter 12: Queueing Models
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Sample Questions
Q1) Queue discipline refers to the willingness of customers to wait in line for service.
A)True
B)False
Q2) In a preemptive priority system,the lowest-priority customer being served is ejected back into the queue whenever a higher-priority customer enters the queueing system.
A)True
B)False
Q3) What is the average number of customers waiting in line?
A)1.633.
B)2.333.
C)2.5.
D)3.966.
E)4.
Q4) Queueing models conventionally assume that the queue can hold an unlimited number of customers.
A)True
B)False
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Chapter 13: CD Supplement - Additional Queueing Models
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Q1) The Erlang distribution with k = 4 has higher variability than the Erlang distribution with k = 2.
Multiple Choice Questions
A)True
B)False
Q2) When designing a queueing system with a finite queue,one important decision is how much waiting room to provide.
A)True
B)False
Q3) The Erlang distribution has less variability than the exponential distribution for the same mean.
A)True
B)False
Q4) Given the same utilization factor,waiting time in the queue will be less for a finite queue than the corresponding value for the M/M/s model.
A)True
B)False
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Chapter 14: Computer Simulation: Basic Concepts
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Sample Questions
Q1) If a simulation begins with the first random number,the second simulated value would be:
A)0.
B)1.
C)2.
D)3.
E)4.
Q2) If a simulation begins with the first random number,the first simulated value would be:
A)0.
B)1.
C)2.
D)3.
E)4.
Q3) Which of the following would not be considered a main advantage of simulation?
A)It permits experimentation with the system.
B)It generates an optimal solution.
C)It compresses time.
D)It can serve as a training tool.
E)All of the above are advantages.
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Chapter 15: CD Supplement - the Inverse Transformation
Method for Generating Random Observations
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Sample Questions
Q1) Excel's RAND()function is designed specifically for applying the inverse transformation method to any discreet probability distribution.
A)True
B)False
Q2) The inverse transformation method can be used to generate random observations from a probability distribution.
A)True
B)False
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Chapter 16: Computer Simulation With Crystal Ball
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Sample Questions
Q1) OptQuest is guaranteed to find the optimal solution to a simulation problem.
A)True
B)False
Q2) The Solver Table can be used by Crystal Ball to systematically investigate a set of values for a decision variable in a simulation model.
A)True
B)False
Q3) The three- and four-parameter distributions provide the most flexibility when trying to fit a curve to a situation.
A)True
B)False
Q4) The distribution used for the assumption cells is one of the options to be set in the Run Preferences for Crystal Ball.
A)True
B)False
Q5) The exponential distribution is widely used to describe the time between random events.
A)True B)False
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Chapter 17: CD - Solution Concepts for Linear Programming
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Sample Questions
Q1) Two corner points are adjacent to each other if they share all but one of the same constraint boundaries.
A)True
B)False
Q2) The simplex method only considers adjacent corner points.
A)True
B)False
Q3) If a problem is infeasible then:
A)it was not formulated correctly.
B)it is the constraints that are to blame,not the objective function.
C)at least one of the decision variable will have an optimal value of infinity.
D)None of the above.
E)All of the above.
Q4) It can be helpful for management to have multiple optimal solutions.
A)True
B)False
Q5) Whenever possible,the initialization step of the simplex method chooses the origin to be the initial corner point.
A)True
B)False
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Chapter 18: CD - Transportation and Assignment Problems
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Sample Questions
Q1) It is always necessary to add constraints to a transportation model in order to restrict variables to only integer values.
A)True
B)False
Q2) Which of the following problems can be reformulated to fit the format for a transportation problem?
A)Certain source-destination combinations cannot be used for distributing units.
B)A destination has both a minimum and maximum demand.
C)The sum of the supplies exceeds the sum of the demands.
D)a and b only.
E)All of the above.
Q3) Applications of assignment problems may include:
A)matching personnel to jobs.
B)assigning machines to tasks.
C)designing bussing routes.
D)a and b only.
E)All of the above.
Q4) Many problems can be reformulated to fit the format of an assignment problem.
A)True
B)False
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Chapter 19: CD - Pertcpm Models for Project Management
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Sample Questions
Q1) The values assigned to the nodes in a project network are there to identify the precedence relationships.
A)True
B)False
Q2) What is the estimated mean time for activity E?
A)91 days.
B)99 days.
C)100 days.
D)101 days.
E)115 days.
Q3) The project management strategy of injecting additional resources in order to reduce the length of the project is called:
A)expediting.
B)rushing.
C)panicking.
D)crashing.
E)None of the above.
Q4) The path in a project network with the average duration is the critical path.
A)True
B)False
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Chapter 20: CD - Goal Programming
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Sample Questions
Q1) Preemptive goal programming is more appropriate the weighted goal programming when there are major differences in the importance of the goals.
A)True
B)False
Q2) A goal programming formulation includes changing cells to measure the amount over and under each goal.
A)True
B)False
Q3) In preemptive goal programming,the most important thing is to:
A)Come as close as possible to meeting all the goals.
B)Achieve,or come as close as possible,to meeting the most important goal.
C)Minimize the weighted sum of deviations from the goals.
D)Maximize the profit.
E)All of the above.
Q4) In weighted goal programming,the target cell is the weighted sum of the deviations from the goals.
A)True
B)False
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Chapter 21: CD - Inventory Management With Known Demand
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Sample Questions
Q1) The JIT philosophy recognizes that inventories are a necessary investment.
A)True
B)False
Q2) At what point should the manager reorder?
A)0 cases remaining.
B)4 cases remaining.
C)12 cases remaining.
D)16 cases remaining.
E)20 cases remaining.
Q3) Which of the following is not considered a holding cost?
A)Interest.
B)Insurance.
C)Depreciation.
D)Opportunity cost.
E)Stockout cost.
Q4) Planned shortages are permitted in the EOQ model with gradual replenishment.
A)True
B)False
Page 23
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Chapter 22: CD - Inventory Management With Uncertain
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Sample Questions
Q1) When the item is used in production or is a spare part for a production machine,shortage costs in the perishable product model include the cost of lost production.
A)True
B)False
Q2) The service level in a perishable product model is the probability that no shortage will occur.
A)True
B)False
Q3) Which inventory model is most appropriate if unused or unsold items cannot be carried over to subsequent periods?
A)EOQ.
B)Continuous review.
C)Perishable product.
D)Quantity discounts.
E)(R,Q).
Q4) A two-bin system is an example of a continuous review inventory system. A)True B)False
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