EBTM 350 FINAL EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS VERIFIED
which of the following is not a challenge faced by organizations that want to
develop analytics capabilities?
understanding benefits versus perceived costs of analytics studies
what does business analytics use to help managers make better decisions?
All of the above
T/F
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?
prescriptive analytics uses data to determine a course of action to be executed in a
given situation
which of the following statements is correct about descriptive analytics?
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?
descriptive decision models describe relationships but do not tell a manager what to do
a manager at Gampco Inc. wishes to know the companys revenue and profit in its
previous quarter. Which of the following business analytics will help the
manager?
, descriptive analytics
a trader who wants to predict short-term movements in stock prices is likely to
use which type of analytics?
predictive
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?
visual model
which of the following statements is true about decision variables?
prescriptive decision models help decision makers identify the best solution to decision
problems
identify the uncontrollable variable from the following inputs of a decision model
investment returns
which of the following inputs of a decision model is an example of data?
costs
the manager at soul walk inc., a show manufacturing company, wants to set a
new price (P) for a show model to maximize total profit. The demand (D) as a
function of price is represented as
D=1500-2.5P
the total cost (C) as a function of demand is represented as
C=3200+3.5D
Which of the following is a model for total profit as a function of price?
(1508.75xprice)-(2.5xprice^2)-8450
which of the following is the first phase in problem solving?
COMPLETE SOLUTIONS VERIFIED
which of the following is not a challenge faced by organizations that want to
develop analytics capabilities?
understanding benefits versus perceived costs of analytics studies
what does business analytics use to help managers make better decisions?
All of the above
T/F
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?
prescriptive analytics uses data to determine a course of action to be executed in a
given situation
which of the following statements is correct about descriptive analytics?
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?
descriptive decision models describe relationships but do not tell a manager what to do
a manager at Gampco Inc. wishes to know the companys revenue and profit in its
previous quarter. Which of the following business analytics will help the
manager?
, descriptive analytics
a trader who wants to predict short-term movements in stock prices is likely to
use which type of analytics?
predictive
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?
visual model
which of the following statements is true about decision variables?
prescriptive decision models help decision makers identify the best solution to decision
problems
identify the uncontrollable variable from the following inputs of a decision model
investment returns
which of the following inputs of a decision model is an example of data?
costs
the manager at soul walk inc., a show manufacturing company, wants to set a
new price (P) for a show model to maximize total profit. The demand (D) as a
function of price is represented as
D=1500-2.5P
the total cost (C) as a function of demand is represented as
C=3200+3.5D
Which of the following is a model for total profit as a function of price?
(1508.75xprice)-(2.5xprice^2)-8450
which of the following is the first phase in problem solving?
