Data-Driven Decision Making
Exam Materials
Course Introduction
Data-Driven Decision Making explores how organizations leverage data analytics to guide strategic and operational decisions. This course introduces foundational concepts in collecting, analyzing, and interpreting data to generate actionable insights. Students will learn techniques for data visualization, predictive modeling, and statistical analysis, as well as best practices for making evidence-based decisions in complex business environments. Emphasis is placed on ethical considerations, the role of data in decision-making processes, and case studies to illustrate real-world applications. By the end of the course, students will be equipped to critically evaluate data sources and apply quantitative reasoning to support effective decision-making.
Recommended Textbook
Essentials of Business Analytics 1st Edition by Jeffrey D. Camm
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12 Chapters
688 Verified Questions
688 Flashcards
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Chapter 1: Introduction
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30 Verified Questions
30 Flashcards
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Sample Questions
Q1) In a financial sector, we use ______ to construct financial instruments such as derivatives.
A) descriptive and prescriptive models
B) predictive models
C) descriptive models
D) prescriptive models
Answer: B
Q2) 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
Q3) Tactical decisions define:
A) the day-to-day activities of the organization.
B) the goals and plans of the organization.
C) the domain of operations managers, who are close to the customer.
D) the steps taken to achieve the goals and objectives.
Answer: D
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Page 3
Chapter 2: Descriptive Statistics
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60 Verified Questions
60 Flashcards
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Sample Questions
Q1) The variance is based on the
A) deviation about the median.
B) number of variables.
C) deviation about the mean.
D) correlation in the data.
Answer: C
Q2) 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 mean, median, and mode.
Answer: Mean = 18.53.
Median = 19.
Mode = 15.
Q3) In a(n) _____, one or more variables are identified and controlled or manipulated so that data can be obtained about how they influence the variable of interest identified first.
A) experimental study
B) observational study
C) categorical study
D) variable study
Answer: A
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Chapter 3: Data Visualization
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61 Verified Questions
61 Flashcards
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Sample Questions
Q1) A PivotChart, in few instances, is same as a A) clustered column chart.
B) bubble chart.
C) stacked column chart.
D) bar chart.
Answer: A
Q2) In order to visualize three variables in two-dimensional graph, we use a A) 2-D chart.
B) 3-D chart.
C) bubble chart.
D) column chart.
Answer: C
Q3) A line chart displaying the data values collected over a period of time is termed as a A) boxplot.
B) frequency graph.
C) dot plot
D) time series plot.
Answer: D
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Chapter 4: Linear Regression
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60 Verified Questions
60 Flashcards
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Sample Questions
Q1) What would be the mean square due to regression (MSR) in this case?
A) 15.48
B) 10
C) 5.9
D) 3.87
Q2) The difference between the observed value of the dependent variable and the value predicted using the estimated regression equation is known as the _____.
A) constant term
B) error term
C) residual
D) model parameter
Q3) When the mean value of the dependent variable is independent of variation in the independent variable, the slope of the regression line is _____.
A) positive
B) zero
C) negative
D) infinite
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Chapter 5: Time Series Analysis and Forecasting
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58 Verified Questions
58 Flashcards
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Sample Questions
Q1) The measures of accuracy of the forecasts:
A) check how well a particular forecasting method is able to reproduce the time series data that are already available.
B) use the current value to estimate how well the model generates previous values correctly.
C) predict the future values and wait for a pre-defined time period to examine how accurate the predictions were.
D) check to see if the forecast error is negative.
Q2) The process of _____ might be used to determine the value of smoothing constant that minimizes the mean squared error.
A) quantization
B) nonlinear optimization
C) clustering
D) curve fitting
Q3) 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.
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Page 7
Chapter 6: Data Mining
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60 Flashcards
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Sample Questions
Q1) _____ refers to the scenario in which the analyst builds a model that does a great job of explaining the sample of data on which it is based but fails to accurately predict outside the sample data.
A) Underfitting
B) Overfitting
C) Oversampling
D) Undersampling
Q2) Which of the following is a commonly used supervised learning method?
A) k-means clustering
B) k-nearest neighbors
C) hierarchical clustering
D) association rule development
Q3) One minus the overall error rate is often referred to as the _____ of the model.
A) sensitivity
B) accuracy
C) specificity
D) cutoff value
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Chapter 7: Spreadsheet Models
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60 Flashcards
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Sample Questions
Q1) Which of the following design guidelines, if followed, enables the user to update the model parameters without the risk of mistakenly creating an error in a formula?
A) Separating the parameters from the spreadsheet model
B) Documenting the spreadsheet model
C) Using numbers in the spreadsheet formula
D) Using simple formulas
Q2) The _____ function allows the user to pull a subset of data from a larger table of data based on some criterion.
A) VLOOKUP
B) IF
C) SUMIF
D) COUNTIF
Q3) Excel searches for an exact match of the first argument in the first column of the data when the range in the VLOOKUP function is _____.
A) TRUE
B) NULL
C) FALSE
D) EXACT
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Chapter 8: Linear Optimization Models
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60 Flashcards
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Sample Questions
Q1) Which algorithm, developed by George Dantzig, is effective at investigating extreme points in an intelligent way to find the optimal solution to even very large linear programs?
A) The ellipsoidal algorithm
B) The complex algorithm
C) The trial-and-error algorithm
D) The simplex algorithm
Q2) The nonnegativity constraints create a feasible region that is:
A) unbound by the horizontal axis only.
B) an area with no point satisfying all the constraints.
C) symmetric about the vertical axis around the origin.
D) bound by the horizontal and vertical axes.
Q3) The shadow price of nonbinding constraints
A) will always be zero.
B) always take positive values.
C) can never be equal to zero.
D) is no longer valid if the right-hand side of the constraint remains the same.
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Chapter 9: Integer Linear Optimization Models
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60 Flashcards
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Sample Questions
Q1) _____ is a market research technique that can be used to learn how prospective buyers of a product value the product's attributes.
A) Part-worth analysis
B) Conjoint analysis
C) Regression analysis
D) Sensitivity analysis
Q2) The _____ is the utility value that a consumer attaches to each level of each attribute in a conjoint analysis model.
A) weightage
B) share of choice
C) part-worth
D) share of market
Q3) Reference - 9.1. Pink, green, and black will be _____ of the color attribute.
A) levels
B) constraints
C) regression constants
D) utility values
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Chapter 10: Nonlinear Optimization Models
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60 Flashcards
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Sample Questions
Q1) In a nonlinear problem, the rate of change of the objective function with respect to the right-hand side of a constraint is given by the ____.
A) slope of the contour line
B) local optimum
C) Reducing gradient
D) Lagrangian multiplier
Q2) An Electrical Company has two manufacturing plants. The cost in dollars of producing an Amplifier at each of the two plants is given below. The cost of producing Q1 Amplifiers at first plant is: 65Q + 4Q ²+ 90 and the cost of producing Q Amplifiers at the second plant is 20Q + 2Q ²+ 120
The company needs to manufacture at least 60 Amplifiers to meet the received orders. How many Amplifiers should be produced at each of the plant to minimize the total production cost? Round the answers to two decimal places and the total cost to the nearest dollar value.
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Chapter 11: Monte Carlo Simulation
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59 Flashcards
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Sample Questions
Q1) An input to a simulation model that is selected by the decision maker is known as a
A) random variable
B) nonnegativity constraint
C) probable input
D) controllable input
Q2) Reference - 11.1: Which of the following inferences can be drawn about the monthly salary?
A) The average monthly salary is $3000.
B) The monthly salary is always less than $3000.
C) The monthly salary is always greater than $3000.
D) The range of the monthly salary distribution is $3000 to $5000.
Q3) A set of values for the random variables is called a(n) _____.
A) event
B) permutation
C) trial
D) combination
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Chapter 12: Decision Analysis
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60 Flashcards
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Sample Questions
Q1) For a minimization problem, the conservative approach often is referred to as the _____ approach.
A) maximin
B) minimax
C) minimin
D) maximax
Q2) For a particular maximization problem, the payoff for best decision alternative is $15.7 million while the payoff for one of the other alternatives is $12.9 million. The regret associated with the alternate decision would be
A) $28.6 million.
B) $15.7 million.
C) $0.129 million.
D) $2.8 million.
Q3) Reference - 12.2: Which of the following would be the posterior probabilities, P(Sj|U)?
A) 0.83, 0.12, and 0.05
B) 0.49, 0.07, and 0.03
C) 0.47, 0.49, and 0.04
D) 1.00, 0.59, and 1.00
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