EBTM 350 MID TERM EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS VERIFIED LATEST UPDATE
Which of the following is not a challenge faced by organizations that want to
develop analytics capabilities
A. a lack of understanding of how to use analytics
B.
competing business priorities
C.
profitability and customer satisfaction
This is the correct answer.
D. CORRECT ANSWER
difficulty in getting good data and sharing information
What does business analytics use to help managers make better decisions
A.
data and information technology
B.
mathematical or computer-based models
C.
statistical analysis and quantitative methods
D. CORRECT ANSWER
All of the above
,A deterministic model is one in which all model input information is either known
or assumed to be known with certainty.
True
Which of the following statements is correct about prescriptive analytics?
A.
Prescriptive analytics detects patterns in historical data and extrapolates them forward
in time.
B. CORRECT ANSWER
Prescriptive analytics uses data to determine a course of action to be executed in a
given situation.
C.
Prescriptive analytics summarizes data into meaningful charts and reports that can be
standardized or customized.
D.
Prescriptive analytics identifies patterns and relationships existing in large data sets.
Which of the following statements is correct about descriptive analytics?
A.
Descriptive analytics can use mathematical techniques with optimization to make
decisions that take into account the uncertainty in the data.
B.
Descriptive analytics can predict risk and find relationships in data not readily apparent
with traditional analyses.
C.
,Descriptive analytics helps detect hidden patterns in large quantities of data to group
data into sets to predict behavior.
D. CORRECT ANSWER
Descriptive analytics helps companies classify their customers into segments to develop
specific marketing campaigns.
Which of the following statements is correct about descriptive decision models?
A. CORRECT ANSWER
Descriptive decision models describe relationships but do not tell a manager what to do.
B.
Descriptive decision models do not facilitate evaluation of different decisions.
C.
Descriptive decision models help analyze the risks associated with various decisions.
D.
Descriptive decision models aim to predict what will happen in the future.
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?
predictive analytics
normative analytics
prescriptive analytics
descriptive analytics (CORRECT ANSWER)
A trader who wants to predict short-term movements in stock prices is likely to
use which type of analytics?
, descriptive
predictive (CORRECT ANSWER)
normative
prescriptive
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?
mathematical model
verbal model
kinesthetic (tactile) model
visual model (CORRECT ANSWER)
Which of the following statements is true about decision variables?
A. (CORRECT ANSWER)
Decision variables can be selected at the discretion of the decision maker.
B.
Decision variables are always uncertain.
C.
Decision variables cannot be directly controlled by the decision maker.
D.
Decision variables are assumed to be constant.
Which of the following statements is true about prescriptive decision models?
A.
Prescriptive decision models help make trade-offs between greater rewards and risks of
potential losses.
COMPLETE SOLUTIONS VERIFIED LATEST UPDATE
Which of the following is not a challenge faced by organizations that want to
develop analytics capabilities
A. a lack of understanding of how to use analytics
B.
competing business priorities
C.
profitability and customer satisfaction
This is the correct answer.
D. CORRECT ANSWER
difficulty in getting good data and sharing information
What does business analytics use to help managers make better decisions
A.
data and information technology
B.
mathematical or computer-based models
C.
statistical analysis and quantitative methods
D. CORRECT ANSWER
All of the above
,A deterministic model is one in which all model input information is either known
or assumed to be known with certainty.
True
Which of the following statements is correct about prescriptive analytics?
A.
Prescriptive analytics detects patterns in historical data and extrapolates them forward
in time.
B. CORRECT ANSWER
Prescriptive analytics uses data to determine a course of action to be executed in a
given situation.
C.
Prescriptive analytics summarizes data into meaningful charts and reports that can be
standardized or customized.
D.
Prescriptive analytics identifies patterns and relationships existing in large data sets.
Which of the following statements is correct about descriptive analytics?
A.
Descriptive analytics can use mathematical techniques with optimization to make
decisions that take into account the uncertainty in the data.
B.
Descriptive analytics can predict risk and find relationships in data not readily apparent
with traditional analyses.
C.
,Descriptive analytics helps detect hidden patterns in large quantities of data to group
data into sets to predict behavior.
D. CORRECT ANSWER
Descriptive analytics helps companies classify their customers into segments to develop
specific marketing campaigns.
Which of the following statements is correct about descriptive decision models?
A. CORRECT ANSWER
Descriptive decision models describe relationships but do not tell a manager what to do.
B.
Descriptive decision models do not facilitate evaluation of different decisions.
C.
Descriptive decision models help analyze the risks associated with various decisions.
D.
Descriptive decision models aim to predict what will happen in the future.
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?
predictive analytics
normative analytics
prescriptive analytics
descriptive analytics (CORRECT ANSWER)
A trader who wants to predict short-term movements in stock prices is likely to
use which type of analytics?
, descriptive
predictive (CORRECT ANSWER)
normative
prescriptive
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?
mathematical model
verbal model
kinesthetic (tactile) model
visual model (CORRECT ANSWER)
Which of the following statements is true about decision variables?
A. (CORRECT ANSWER)
Decision variables can be selected at the discretion of the decision maker.
B.
Decision variables are always uncertain.
C.
Decision variables cannot be directly controlled by the decision maker.
D.
Decision variables are assumed to be constant.
Which of the following statements is true about prescriptive decision models?
A.
Prescriptive decision models help make trade-offs between greater rewards and risks of
potential losses.
