4/15/25, 11:08
AM
Mid Term - BUAL - 5380 - Managerial Decision
Making exam questions with complete
solutions
Terms in this set (348)
Data Analysis Process of inspecting and interpreting data.
Quantitative Analysis Using numerical data for decision making.
Competitive Advantage Edge gained through effective data utilization.
Statistics Study of data collection and analysis.
Management Science Field focused on optimization and decision making.
Mathematical study
of uncertainty and
Probability
chance.
1/
6
, 4/15/25, 11:08
AM
Technique for studying
relationships between
Regression
variables.
Analysis
Time Series Analysis Analysis of data points over time.
Forecasting Predicting future values based on historical data.
Spreadsheet Improving efficiency of data processing in
Optimization spreadsheets.
Mathematical method for optimizing a linear
Linear Programming objective.
Computer Virtual models to analyze complex systems.
Simulation Models
Excel Solver Add-In Tool for performing optimization in Excel.
StatTools Statistical add-in for quick data analysis.
Model Abstraction representing key features of a
problem. Graphical Models Visual representations of data relationships.
Mathematical expressions
Algebraic Models representing relationships.
Spreadsheet Models Data organized in spreadsheets for analysis.
Uncertainty Lack of certainty in business problem outcomes.
Sampling Selecting a subset from a population for analysis.
Drawing conclusions about populations based on
Statistical Inference samples.
Decision Making Choosing among alternatives based on
analysis. Data Sets Collections of related data points for
analysis.
Seven-Step Modeling A structured approach to problem-solving in
Process business.
Define the Problem Identify the issue needing resolution in modeling.
Collect and Summarize Gather relevant information for analysis.
Data
2/
6
AM
Mid Term - BUAL - 5380 - Managerial Decision
Making exam questions with complete
solutions
Terms in this set (348)
Data Analysis Process of inspecting and interpreting data.
Quantitative Analysis Using numerical data for decision making.
Competitive Advantage Edge gained through effective data utilization.
Statistics Study of data collection and analysis.
Management Science Field focused on optimization and decision making.
Mathematical study
of uncertainty and
Probability
chance.
1/
6
, 4/15/25, 11:08
AM
Technique for studying
relationships between
Regression
variables.
Analysis
Time Series Analysis Analysis of data points over time.
Forecasting Predicting future values based on historical data.
Spreadsheet Improving efficiency of data processing in
Optimization spreadsheets.
Mathematical method for optimizing a linear
Linear Programming objective.
Computer Virtual models to analyze complex systems.
Simulation Models
Excel Solver Add-In Tool for performing optimization in Excel.
StatTools Statistical add-in for quick data analysis.
Model Abstraction representing key features of a
problem. Graphical Models Visual representations of data relationships.
Mathematical expressions
Algebraic Models representing relationships.
Spreadsheet Models Data organized in spreadsheets for analysis.
Uncertainty Lack of certainty in business problem outcomes.
Sampling Selecting a subset from a population for analysis.
Drawing conclusions about populations based on
Statistical Inference samples.
Decision Making Choosing among alternatives based on
analysis. Data Sets Collections of related data points for
analysis.
Seven-Step Modeling A structured approach to problem-solving in
Process business.
Define the Problem Identify the issue needing resolution in modeling.
Collect and Summarize Gather relevant information for analysis.
Data
2/
6
