

When will a company use a predictive decision model?

Selected when it wishes to know sales patterns to plan inventory levels
Answer:
Answers: when it wishes to know how best to use advertising strategies to
influence sales
when it wishes to ensure that a specified level of customer service is
achieved
when it wishes to know sales patterns to plan inventory levels
when it wishes to determine the best product pricing to maximize
revenue
 Question 2
2 out of 2 points

Solve the problem

The demand for coffee beans over a period of three months has been
represented in the form of an L-shaped curve. Which form of model was used
here?
Selected Answer: visual model
Answers: visual model
verbal model
kinesthetic (tactile) model
mathematical model
 Question 3
2 out of 2 points

Solve the problem

Prescriptive decision models help:

Selected decision makers identify the best solution to decision problems.
Answer:
Answers: describe relationships and influence of various elements in the
model.
make trade-offs between greater rewards and risks of potential
losses.
decision makers identify the best solution to decision problems.
make predictions of how demand is influenced by price.
 Question 4
2 out of 2 points
 Solve the problem

A manager at Gampco Inc. wishes to know the company's revenue and profit in
its previous quarter. Which of the following business analytics will help the
manager?
Selected Answer: descriptive analytics
Answers: prescriptive analytics
descriptive analytics
normative analytics
predictive analytics
 Question 5
2 out of 2 points

Solve the problem

Decision variables:
Selected Answer: can be selected at the discretion of the decision maker.
Answers: cannot be directly controlled by the decision maker.
can be selected at the discretion of the decision maker.
are always uncertain.
are assumed to be constant.
 Question 6
2 out of 2 points

Solve the problem

A deterministic model is one in which all model input information is either known
or assumed to be known with certainty.
Selected Answer: True
Answers: True
False
 Question 7
2 out of 2 points

Solve the problem

Which of the following questions will prescriptive analytics help a company

address?
Selected What is the best way of shipping goods from their factories to
Answer:
minimize costs?
Answers: What is the best way of shipping goods from their factories to
minimize costs?
 How many and what types of complaints did they resolve?
What do they expect to pay for fuel over the next several months?
What will happen if demand falls by 10% or if supplier prices go up
5%?
 Question 8
2 out of 2 points

Solve the problem

Predictive analytics:
Selected detects patterns in historical data and extrapolates them forward in
Answer:
time.
Answers: identifies the best alternatives to minimize or maximize an
objective.
detects patterns in historical data and extrapolates them forward in
time.
summarizes data into meaningful charts and reports that can be
standardized or customized.
uses data to determine a course of action to be executed in a given
situation.
 Question 9
2 out of 2 points

Solve the problem

A trader who wants to predict short-term movements in stock prices is likely to

use ________ analytics.
Selected Answer: predictive
Answers: normative
prescriptive
predictive
descriptive
 Question 10
2 out of 2 points

Solve the problem

Descriptive decision models:

Selected Answer: describe relationships but do not tell a manager what to do.
Answers: help analyze the risks associated with various decisions.
 aim to predict what will happen in the future.
do not facilitate evaluation of different decisions.
describe relationships but do not tell a manager what to do.
 Question 11
2 out of 2 points

Solve the problem

Descriptive analytics:
Selected helps companies classify their customers into segments to develop
Answer:
specific marketing campaigns.
Answers: helps companies classify their customers into segments to develop
specific marketing campaigns.
helps detect hidden patterns in large quantities of data to group data
into sets to predict behavior.
can predict risk and find relationships in data not readily apparent
with traditional analyses.
can use mathematical techniques with optimization to make
decisions that take into account the uncertainty in the data.
 Question 12
2 out of 2 points

Solve the problem

Which decision model incorporates the process of optimization?

Selected Answer: prescriptive
Answers: predictive
prescriptive
descriptive
normative
 Question 13
2 out of 2 points

Solve the problem

Which of the following is the mathematical model for deriving total cost of only
manufacturing?
Selected Answer: TC = F + (V × Q)
Answers: TC = F + (C × Q)
TC = VC + (C × Q)
 TC = F + C
TC = F + (V × Q)
 Question 14
2 out of 2 points

Solve the problem

Which decision model incorporates the uncertainty element?

Selected Answer: predictive
Answers: prescriptive
predictive
normative
descriptive
 Question 15
2 out of 2 points

Solve the problem

Which of the following is the first phase in problem solving?

Selected Answer: recognizing the problem
Answers: structuring the problem
recognizing the problem
defining the problem
analyzing the problem
Tuesday, October 15, 2019 10:51:46 AM CDT

Solve the problem

Roger wants to compare values across categories using vertical rectangles. Which of
the following charts must Roger use?
Selected Answer: Clustered column chart
 Question 2
2 out of 2 points

Area chart combines the features of line chart and pie chart.
 Selected Answer: True

 Question 3
2 out of 2 points

Solve the problem

Which of the following charts allows plotting of multiple dimensions of several

data series?
Selected Answer: Radar chart
 Question 4
2 out of 2 points

Solve the problem

To select a chart type in Excel from the Charts group, which tab has to be
accessed?
Selected Answer: Insert tab
 Question 5
0 out of 2 points

Which of the following chart is more suitable for comparing quantities?

Selected Answer: Pie Chart

 Question 6
2 out of 2 points

Solve the problem

Observations consisting of pairs of variable data are required to construct a

________ chart.
Selected Answer: scatter
 Question 7
2 out of 2 points

Solve the problem

Philip wishes to understand the relative proportion of each data source to the
total. Which of the following charts must Philip use?
Selected Answer: Pie chart
 Question 8
2 out of 2 points

Solve the problem

 Which of the following charts provides a useful means for displaying data over
time?
Selected Answer: Line chart
 Question 9
2 out of 2 points

Solve the problem

Peige, a stock broker, has data consisting of price, price/earnings ratio, and
market capitalization for seven different stocks on one particular day. She
wishes to plot these three variables in two dimensions. Which of the following
charts must Peige use?
Selected Answer: Bubble chart
 Question 10
2 out of 2 points

Solve the problem

Which of the following charts shows relationship amongst three variable data?
Selected Answer: Bubble chart

Use the data given below to answer the following question(s).

Below is a spreadsheet of purchase orders for a computer hardware retailer.

A B C D E F G H
Purchase
1 Orders
2
Cost
Item Item per A/P Terms Order Order
3 Supplier Description Cost Quantity Order (Months) No. Size
Rex
4 Technologies Graphics Card $ 89 35 $3115 20 AL123 Large
Rex
5 Technologies Monitor $150 15 $2250 25 AL234 Small
Rex
6 Technologies Keyboard $ 15 40 $600 15 AL345 Large
Rex
7 Technologies Speakers $ 15 20 $300 25 AL456 Small
 Max's
8 Wavetech HD Cables $5 10 $50 25 KO876 Small
Max's
9 Wavetech Processor $278 27 $6950 30 KO765 Large
Max's
10 Wavetech Hard disk $120 18 $2160 20 KO654 Small
11
12

To find the largest quantity of items ordered from Rex Technologies, what Excel
formula should be used in A12?
Selected Answer: =MAX(D4:D7)
Answers: =MAX(D4:D7)
=COUNT(D4:D7)
=SUM(D4:D7)
=COUNTIF(D4:D10)
 Question 2
2 out of 2 points

Solve the problem

In a MATCH function, if the match_type = 0 , then ________.

Selected MATCH finds the first value that is exactly equal to lookup_value
Answer:
Answers: MATCH finds the first value that is exactly equal to lookup_value
the values in the lookup_array must be in a particular order
the function finds the largest value that is less than or equal
to lookup_value
the function finds the smallest value that is greater than or equal
to lookup_value
 Question 3
2 out of 2 points

Solve the problem

Which of the following ways would 10 2 × 5 3 / 100 - 73 be represented in an Excel

spreadsheet?
Selected Answer: 10^2 * 5^3 / 100 - 73
Answers: 10^2 * 5^3 / 100 - 73
10(2) ^ 5(3) / 100 - 73
10(2) * 5(3) / 100 ^ 73
 10*2 ^ 5*3 / 100 - 73
 Question 4
2 out of 2 points

Solve the problem

Which of the following functions is a logical function that returns TRUE if any
condition is true and FALSE if not?
Selected Answer: OR (condition 1, condition 2…)
Answers: OR(condition 1, condition 2…)
TO(value if true, value if false)
IF(condition, value if true, value if false)
AND(condition 1, condition 2…)
 Question 5
2 out of 2 points

Solve the problem

Using a $ sign before a column label ________.

Selected keeps the reference to column fixed, but allows the row reference to
Answer:
change
Answers: keeps the reference to the row fixed, but allows the column reference
to change
keeps the reference to both the row and column fixed
keeps the reference to column fixed, but allows the row reference to
change
allows both the row and column references to change
 Question 6
2 out of 2 points

Solve the problem

The function ________ returns a value or reference of the cell at the intersection of a
particular row and column in a given range.
Selected Answer: INDEX (array, row_num, col_num)
Answers: VLOOKUP(lookup_value, table_array, col_index_num)
HLOOKUP(lookup_value, table_array, row_index_num)
MATCH(lookup_value, lookup_array, match_type)
INDEX(array, row_num, col_num)
 Question 7
 2 out of 2 points

Solve the problem

Using a $ sign before both the row and column labels keeps the reference to that cell
fixed no matter where the formula is copied.
Selected Answer: True
Answers: True
False
 Question 8
2 out of 2 points

Solve the problem

The Excel function of ________ is used to find the largest value in a range of cells.
Selected Answer: MAX(range)
Answers: COUNTIF(range, criteria)
MAX(range)
COUNT(range)
SUM(range)
 Question 9
2 out of 2 points

Use the data given below to answer the following question(s).

Below is a spreadsheet of purchase orders for a computer hardware retailer.

A B C D E F G H
Purchase
1 Orders
2
Cost
Item Item per A/P Terms Order Order
3 Supplier Description Cost Quantity Order (Months) No. Size
Rex
4 Technologies Graphics Card $ 89 35 $3115 20 AL123 Large
Rex
5 Technologies Monitor $150 15 $2250 25 AL234 Small
Rex
6 Technologies Keyboard $ 15 40 $600 15 AL345 Large
Rex
7 Technologies Speakers $ 15 20 $300 25 AL456 Small
Max's
8 Wavetech HD Cables $5 10 $50 25 KO876 Small
 Max's
9 Wavetech Processor $278 27 $6950 30 KO765 Large
Max's
10 Wavetech Hard disk $120 18 $2160 20 KO654 Small
11
12

To find the total order cost, what Excel formula should be used in A12?
Selected Answer: =SUM(E4:E10)
Answers: =COUNT(C4:C7)
=COUNT(C4:C10)
=MAX(C4:C10)
=SUM(E4:E10)
 Question 10
2 out of 2 points

Solve the problem

Which of the following Lookup functions returns the relative position of an item in an
array that equals a specified value in a specified order?
Selected Answer: MATCH (lookup_value, lookup_array, match_type)
Answers: HLOOKUP(lookup_value, table_array, row_index_num)
VLOOKUP(lookup_value, table_array, col_index_num)
INDEX(array, row_num, col_num)
MATCH(lookup_value, lookup_array, match_type)
 Question 11
2 out of 2 points

Solve the problem

Which of the following is a differentiation between calculating using the functions

COUNT and COUNTIF?
Selected COUNT only requires a range of cell and can be obtained without a
Answer:
special criteria, COUNTIF requires range and special criteria to be
calculated.
Answers: COUNT calculates the sum of values for a range of cells; COUNTIF finds
the largest value in a range of cells.
COUNT does not require a range of cells; COUNTIF requires a range of
cells.
 COUNT requires a range of cells; COUNTIF does not require a range of
cells, only special criteria.
COUNT only requires a range of cell and can be obtained without a
special criteria, COUNTIF requires range and special criteria to be
calculated.
 Question 12
2 out of 2 points

Use the data given below to answer the following question(s).

Below is a spreadsheet of purchase orders for a computer hardware retailer.

A B C D E F G H
Purchase
1 Orders
2
Cost
Item Item per A/P Terms Order Order
3 Supplier Description Cost Quantity Order (Months) No. Size
Rex
4 Technologies Graphics Card $ 89 35 $3115 20 AL123 Large
Rex
5 Technologies Monitor $150 15 $2250 25 AL234 Small
Rex
6 Technologies Keyboard $ 15 40 $600 15 AL345 Large
Rex
7 Technologies Speakers $ 15 20 $300 25 AL456 Small
Max's
8 Wavetech HD Cables $5 10 $50 25 KO876 Small
Max's
9 Wavetech Processor $278 27 $6950 30 KO765 Large
Max's
10 Wavetech Hard disk $120 18 $2160 20 KO654 Small
11
12

To find the average of the total cost of orders from Rex Technologies, what Excel
formula should be used in A12?
Selected Answer: =AVERAGE(E4:E7)
Answers: =AVERAGE(E4:E10)
=AVERAGE(E4:E7)
=AVERAGE(C4:C7)
=AVERAGE(C4:C10)
 Question 13
2 out of 2 points

Solve the problem

________ is a logical function that returns one value if the condition is true and
another if the condition is false.
Selected Answer: IF (condition, value if true, value if false)
Answers: AND(condition 1, condition 2…)
IF(condition, value if true, value if false)
OR(condition 1, condition 2…)
TO(value if true, value if false)
 Question 14
2 out of 2 points

Use the data given below to answer the following question(s).

Below is a spreadsheet of purchase orders for a computer hardware retailer.

A B C D E F G H
Purchase
1 Orders
2
Cost
Item Item per A/P Terms Order Order
3 Supplier Description Cost Quantity Order (Months) No. Size
Rex
4 Technologies Graphics Card $ 89 35 $3115 20 AL123 Large
Rex
5 Technologies Monitor $150 15 $2250 25 AL234 Small
Rex
6 Technologies Keyboard $ 15 40 $600 15 AL345 Large
Rex
7 Technologies Speakers $ 15 20 $300 25 AL456 Small
Max's
8 Wavetech HD Cables $5 10 $50 25 KO876 Small
Max's
9 Wavetech Processor $278 27 $6950 30 KO765 Large
Max's
10 Wavetech Hard disk $120 18 $2160 20 KO654 Small
11
12

If purchase quantities of 25 units or higher are found to be large orders, and orders
 less than 25 are considered to be small, what IF function should be entered in H4 to
be copied to H5:H10 to calculate each order's size?
Selected Answer: =IF(D4>=25,"Large","Small")
Answers: =IF(D4>=25,"Large","Small")
=IF(D4=25,"Large")=OR("Small")
=IF(D4<>25,"Small")=AND(D4=25,"Large")
=IF(D4=AND=OR=25,"Large","Small")
 Question 15
2 out of 2 points

Solve the problem

For which of the following MATCH functions must the values in the lookup_array be
ordered in a descending order?
Selected Answer: When match_type = -1
Answers: When match_type = 0
When match_type = 1
When match_type = -1
When match_type >1

Use the table below to answer the following question(s).

Below is a table showing the costs per order of items bought by a computer hardware store.

Supplier Item Description Cost per Order

Aloham Technologies Monitors $250
Aloham Technologies Hard Disks $220
Aloham Technologies Power Supply $ 88
Aloham Technologies Graphics Card $300
Aloham Technologies Processor $325
Aloham Technologies Speakers $ 88
MindRoot Hardwares Flashdrive $9
MindRoot Hardwares Graphics Card $299
MindRoot Hardwares CD-ROM $ 88
MindRoot Hardwares Bluetooth Device $ 80

The measure of location that specifies the middle value when the data are arranged
from least to greatest is the ________.
 Selected Answer: median
Answers: mode
outlier
median
mean
 Question 2
2 out of 2 points

Solve the problem

Which of the following is a difference between a mean and a median?

Selected A median is not affected by outliers; a mean is affected by outliers.
Answer:
Answers: A median is not meaningful for ratio data; a mean is meaningful to ratio
data.
A mean divides the data half above it and half below it; a median does
not.
A mean is an observation that occurs most frequently; a median is the
average of all observations.
A median is not affected by outliers; a mean is affected by outliers.
 Question 3
2 out of 2 points

Solve the problem

Which of the following is true from the equation: , where is the mean of the
sample?
Selected The sum of the deviations above the mean are the same as the sum of
Answer:
the deviations below the mean
Answers: The specific set of values does not have any outliers affecting the mean
Half the data lie above the mean of the values
Half the data lie below the mean of the values
The sum of the deviations above the mean are the same as the sum of
the deviations below the mean
 Question 4
2 out of 2 points

Solve the problem

 Which of the following values of the coefficients of variation of stocks represents the
least risky stock?
Selected Answer: 0.005
Answers: 1.0
0.045
0.005
0.5
 Question 5
0 out of 2 points

Solve the problem

The ________ is the average of the greatest and least values in the data set.
Selected Answer: mean
Answers: mean
mode
midrange
median
 Question 6
2 out of 2 points

Solve the problem

In the z-score formula, which of the following is true if the value in the numerator is a
negative value?
Selected Answer: that the xi value lies to the left of the mean
Answers: that the mean is of negative value
that the mean is of lesser value than the xi value
that the xi value lies to the left of the mean
that the numerator value cannot be divided by the standard deviation
 Question 7
2 out of 2 points

Solve the problem

The ________ is the observation that occurs most frequently.

Selected Answer: mode
Answers: median
mean
 outlier
mode
 Question 8
2 out of 2 points

Solve the problem

In the equation Cp = (upper specification - lower specification)/total variation, what

does Cp denote?
Selected Answer: process capability index
Answers: process capability index
capacity variation index
capability push
capability pattern
 Question 9
2 out of 2 points

Solve the problem

Which of the following describes dispersion in statistics?

Selected Answer: the degree of variation in the data
Answers: the frequency of values in the data
the degree of variation in the data
the measure of outliers in the data
the central value in the data
 Question 10
2 out of 2 points

Use the table below to answer the following question(s).

Below is a table showing the costs per order of items bought by a computer hardware store.

Supplier Item Description Cost per Order

Aloham Technologies Monitors $250
Aloham Technologies Hard Disks $220
Aloham Technologies Power Supply $ 88
Aloham Technologies Graphics Card $300
Aloham Technologies Processor $325
Aloham Technologies Speakers $ 88
MindRoot Hardwares Flashdrive $9
 MindRoot Hardwares Graphics Card $299
MindRoot Hardwares CD-ROM $ 88
MindRoot Hardwares Bluetooth Device $ 80

Calculate the mode for the cost per order data.

Selected Answer: $88
Answers: $88
$325
$174.17
$206.5
 Question 11
2 out of 2 points

Use the table below to answer the following question(s).

Below is a table showing the costs per order of items bought by a computer hardware store.

Supplier Item Description Cost per Order

Aloham Technologies Monitors $250
Aloham Technologies Hard Disks $220
Aloham Technologies Power Supply $ 88
Aloham Technologies Graphics Card $300
Aloham Technologies Processor $325
Aloham Technologies Speakers $ 88
MindRoot Hardwares Flashdrive $9
MindRoot Hardwares Graphics Card $299
MindRoot Hardwares CD-ROM $ 88
MindRoot Hardwares Bluetooth Device $ 80

Calculate the mean cost per order.

Selected Answer: $174.70
Answers: $220.54
$159
$174.70
$88
 Question 12
2 out of 2 points

Use the table below to answer the following question(s).

 Below is a table showing the costs per order of items bought by a computer hardware store.

Supplier Item Description Cost per Order

Aloham Technologies Monitors $250
Aloham Technologies Hard Disks $220
Aloham Technologies Power Supply $ 88
Aloham Technologies Graphics Card $300
Aloham Technologies Processor $325
Aloham Technologies Speakers $ 88
MindRoot Hardwares Flashdrive $9
MindRoot Hardwares Graphics Card $299
MindRoot Hardwares CD-ROM $ 88
MindRoot Hardwares Bluetooth Device $ 80

One of the measures of location is calculated as 88. Which of the following measures
of location corresponds to this value?
Selected Answer: mode
Answers: median
mean
mode
midrange
 Question 13
2 out of 2 points

Solve the problem

According to statistical notations, what does Σ stand for?

Selected Answer: to act as a summation operator
Answers: to act as a summation operator
to represent sample statistics
to represent population measures
to represent the number of items in a population
 Question 14
2 out of 2 points

Solve the problem

Which of the following is true for a mode?

Selected Answer: The highest bar in a histogram is its mode.
 Answers: Modes are the mid values of data arranged from least to greatest.
The highest bar in a histogram is its mode.
Modes are affected by outliers.
Modes cannot be used in data having repetitious values.
 Question 15
2 out of 2 points

Solve the problem

The purpose of sampling is to ________.

Selected obtain sufficient information to draw a valid inference about a
Answer:
population
Answers: obtain sufficient information to draw a valid inference about a
population
measure all items of interest for a particular interest or investigation
enumerate all the values in the population
calculate all variables and observations within a population
 Question 16
2 out of 2 points

Solve the problem

Which of the following types of conditions is most likely to render a midrange value
useless?
Selected Answer: having extreme values in a data
Answers: having the data arranged from least to greatest in value
having a small sample size
having extreme values in a data
having repetitious values in the data set
 Question 17
2 out of 2 points

Use the table below to answer the following question(s).

Below is a table showing the costs per order of items bought by a computer hardware store.

Supplier Item Description Cost per Order

Aloham Technologies Monitors $250
Aloham Technologies Hard Disks $220
Aloham Technologies Power Supply $ 88
 Aloham Technologies Graphics Card $300
Aloham Technologies Processor $325
Aloham Technologies Speakers $ 88
MindRoot Hardwares Flashdrive $9
MindRoot Hardwares Graphics Card $299
MindRoot Hardwares CD-ROM $ 88
MindRoot Hardwares Bluetooth Device $ 80

Calculate the median for the cost per order data.

Selected Answer: $154
Answers: $325
$88
$154
$174.17
 Question 18
2 out of 2 points

Solve the problem

Which of the following is true for a median?

Selected For an even number of observations, the median is the mean of the two
Answer:
middle numbers.
Answers: Medians are affected by outliers.
Medians can be calculated no matter how the data is arranged.
A median is only meaningful for interval or ordinal data and not for ratio
data.
For an even number of observations, the median is the mean of the two
middle numbers.
 Question 19
0 out of 2 points

Solve the problem

Which of the following measures of location is calculated using the

formula = , where n is the number of observations?

Selected Answer: median
Answers: sample mean
midrange
mode
 median
 Question 20
2 out of 2 points

Solve the problem

Which of the following is a similarity between a midrange and a mean?

Selected Answer: Both measures are affected by outliers.
Answers: Both measures are affected by outliers.
Both measures are calculated using all the values in a data set.
Both measures can only be used for small sample sizes.
Both measures divide the data into two equal halves.