Business Analytics:

Data Analysis

&

Decision Making

5Ed.

S. Christian Albright,

Wayne L. Winston

Study guide

2021

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1. The decision-making concepts covered in Data Analysis & Decision Making book include which of the

following?

a. Optimization techniques b. Decision analysis with uncertainty

c. Structured sensitivity analysis d. All of these options

ANSWER:  d

2. Which of the following statements is not true?

a. Dealing with uncertainty includes measuring uncertainty.

b. Dealing with uncertainty includes modeling uncertainty explicitly into the analysis.

c. Dealing with uncertainty includes eliminating uncertainty by using the normal probability distribution.

d. Uncertainty is a key aspect of most business problems, and dealing with uncertainty requires a

basic understanding of probability.

ANSWER:  c

3. Which of the following is not one of the important themes of your Data Analysis & Decision Making book?

a. Data analysis b. Dealing with uncertainty

c. Decision making d. Data mining

ANSWER:  d

4. Data analysis includes

a. data description b. data inference

c. the search for relationships in data d. All of these options

ANSWER:  d

5. Which of the following is not one of the steps in the modeling process?

a. Select scale for model.

b. Collect and summarize data.

c. Verify the model.

d. Present the results to the organization.

e. Implement the model and update it over time.

ANSWER:  a

6. Which of the following would not be included under data analysis?

a. Measuring uncertainty b. Data description

c. Data inference d. Search for relationships

ANSWER:  a

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7. The decision-making process includes

a. optimization techniques for problems with no uncertainty

b. decision analysis for problems with uncertainty

c. structured sensitivity analysis

d. All of these choices

ANSWER:  d

8. Which of the following is not one of the types of models described in Data Analysis & Decision Making

book?

a. Algebraic model b. Spreadsheet model

c. Scale model d. Graphical model

ANSWER:  c

9. The modeling process discussed in Data Analysis & Decision Making book is a

a. seven-step process

b. six-step process

c. five-step process

d. four-step process

e. three-step process

ANSWER:  a

10. Which of the following is an Excel add-in for performing what-if analyses?

a. PrecisionTree

b. TopRank

c. Solver

d. @Risk

e. StatTools

ANSWER:  b

11. Which of the following statements are false?

a. The modeling process discussed in Data Analysis & Decision Making book is five-step process.

b. Dealing with uncertainty requires a basic understanding of probability.

c. Uncertainty is a key aspect of most business problems.

d. Data description and data inference are included under data analysis.

ANSWER:  a

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