,TESTBANK FOR Business Analytics Data Analysis &
Decision Making 8th Edition by S. Christian
Albright
Notes
1- The file is chapter after chapter.
2- We have shown you few pages sample.
3- The file contains all Appendix and Excel sheet
if it exists.
4- We have all what you need, we make update
at every time. There are many new editions
waiting you.
5- If you think you purchased the wrong file You
can contact us at every time, we can replace it
with true one.
Our email:
,Chapter 01: Introduction to Business Analytics
True / False
1. Data analysis includes data description, data visualization, data inference, and the search for
relationships in data.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood
by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
2. A relatively new aspect of business analytics is big data, which typically implies the analysis of the
very large data sets that companies currently encounter.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-1 Introduction
LEARNING OBJECTIVES:DADM_ALWI.25.01.01 - To understand why the methods discussed in this
book apply to all business people, not just the “quant jocks.”
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
3. Although it is relatively easy to collect data, it can be more challenging to understand what the data
mean.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood
by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
4. When we use simulation models to help make decisions, we do not deal with uncertainty, because we
can carry out calculations and avoid performing inferences.
Copyright Cengage Learning. Powered by Cognero. Page 1
,Chapter 01: Introduction to Business Analytics
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
5. We must deal with uncertainty when we make inferences from data and search for relationships in data,
or when we use decision trees to help make decisions.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood
by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
6. Spreadsheet models typically involve inputs, decision variables, and outputs.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Introduction to Spreadsheet Modeling
LEARNING OBJECTIVES:DADM_ALWI.25.01.03 - To start learning Excel modeling skills, including
several Excel functions that will be used throughout the book.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
7. Spreadsheet modeling is the process of entering the outputs into a spreadsheet and then relating them
appropriately, by means of formulas, to obtain the decision variables.
a. True
b. False
ANSWER: False
POINTS: 1
Copyright Cengage Learning. Powered by Cognero. Page 2
,Chapter 01: Introduction to Business Analytics
DIFFICULTY: Easy
REFERENCES: 1-3 Introduction to Spreadsheet Modeling
LEARNING OBJECTIVES: DADM_ALWI.25.01.03 - To start learning Excel modeling skills, including
several Excel functions that will be used throughout the book.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
8. A few ways to enhance the readability of a spreadsheet model are to use a clear, logical layout of the
overall model, and to use clear headings for different sections of the model and for all inputs, decision
variables, and outputs.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Introduction to Spreadsheet Modeling
LEARNING OBJECTIVES:DADM_ALWI.25.01.03 - To start learning Excel modeling skills, including
several Excel functions that will be used throughout the book.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
Multiple Choice
9. The decision-making themes covered in Business Analytics: Data Analysis and Decision
Making include which of the following?
a. Optimization techniques
b. Decision analysis with uncertainty
c. Structured sensitivity analysis
d. All of these choices
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.04 - To learn the importance of sensitivity analysis and
how it can be implemented in Excel with data tables.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
10. Which statement 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. Dealing with uncertainty requires a basic understanding of probability.
ANSWER: c
Copyright Cengage Learning. Powered by Cognero. Page 3
,Chapter 01: Introduction to Business Analytics
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood
by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
11. What is not one of the important themes of your Business Analytics: Data Analysis & Decision
Making text?
a. Data analysis
b. Dealing with uncertainty
c. Decision making
d. Data mining
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood
by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
12. Data analysis includes
a. data description.
b. data inference.
c. the search for relationships in data.
d. all of these choices.
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood
by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
13. Which of the following is not one of the “intermediate” features of Excel that the authors expect you
to be able to use?
a. SUMPRODUCT
b. VLOOKUP
c. IF
Copyright Cengage Learning. Powered by Cognero. Page 4
,Chapter 01: Introduction to Business Analytics
d. DIFFERENCEPRODUCT
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
14. 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
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood
by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
15. The decision making process includes
a. optimization techniques for problems with no uncertainty.
b. decision analysis for problems with uncertainty.
c. sensitivity analysis.
d. all of these choices.
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.04 - To learn the importance of sensitivity analysis and
how it can be implemented in Excel with data tables.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
16. Which tool is an Excel add-in for performing what-if analyses?
a. PrecisionTree
b. TopRank
c. Solver
d. @Risk
Copyright Cengage Learning. Powered by Cognero. Page 5
,Chapter 01: Introduction to Business Analytics
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
17. Which of the following statements is true?
a. Three important themes run through the book: data analysis, decision making, and
uncertainty.
b. Data analysis includes data description, data inference, and the searching for relationships in
data.
c. Decision making includes optimization techniques for problems with no uncertainty, decision
analysis for problems with uncertainty, and structured sensitivity analysis.
d. All of these statements are true.
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.04 - To learn the importance of sensitivity analysis and
how it can be implemented in Excel with data tables.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
18. Which of the following statements is false?
a. A two-way table allows you to see how a single output cell varies as you vary two input cells.
b. The SUMPRODUCT function takes two range arguments, which must be exactly the same
size and shape, and it sums the products of the corresponding values in these two ranges.
c. The purpose of the Auditing Toolbar is to solve one equation with one unknown.
d. The NPV function takes two arguments, the discount rate and a stream of cash flows.
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Introduction to Spreadsheet Modeling
LEARNING OBJECTIVES:DADM_ALWI.25.01.03 - To start learning Excel modeling skills, including
several Excel functions that will be used throughout the book.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
19. Which of the following statements are false?
a. Decision-making includes optimization techniques for problems with no uncertainty, decision
analysis for problems with uncertainty, and structured sensitivity analysis.
Copyright Cengage Learning. Powered by Cognero. Page 6
,Chapter 01: Introduction to Business Analytics
b. The three themes of this book are data analysis, decision making, and uncertainty.
c. Dealing with uncertainty includes measuring uncertainty and modeling uncertainty explicitly.
d. None of these statements are false.
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.04 - To learn the importance of sensitivity analysis and how it can
in Excel with data tables.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
20. Which of the following is true?
a. When entering an expression of text into an Excel function, it must be enclosed in double
quotes.
b. A spreadsheet model should always include input numbers in formulas rather than cell
references.
c. If we enter A1:A5 as part of an Excel function, this refers to cells A2, A3, and A4, the cells
that are between A1 and A5, exclusive.
d. All of these statements are true.
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Introduction to Spreadsheet Modeling
LEARNING OBJECTIVES:DADM_ALWI.25.01.03 - To start learning Excel modeling skills, including
several Excel functions that will be used throughout the book.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
21. Which of the following Excel® functions can be used for finding a particular value based on a
comparison?
a. IF
b. SUMPRODUCT
c. VLOOKUP
d. NPV
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Introduction to Spreadsheet Modeling
LEARNING OBJECTIVES:DADM_ALWI.25.01.03 - To start learning Excel modeling skills, including
several Excel functions that will be used throughout the book.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
Copyright Cengage Learning. Powered by Cognero. Page 7
, Chapter 01: Introduction to Business Analytics
22. In Excel, the model outputs are
a. the numeric values that result from combinations of inputs and decision variables through the
use of logical formulas.
b. useful for making formulas more readable.
c. the variables a decision maker has control over to obtain the best solutions.
d. useful for finding a particular value based on a comparison.
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Introduction to Spreadsheet Modeling
LEARNING OBJECTIVES:DADM_ALWI.25.01.03 - To start learning Excel modeling skills, including
several Excel functions that will be used throughout the book.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
23. Which is an Excel add-in for simulation?
a. PrecisionTree
b. TopRank
c. Solver
d. @Risk
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Introduction to Spreadsheet Modeling
LEARNING OBJECTIVES:DADM_ALWI.25.01.03 - To start learning Excel modeling skills, including
several Excel functions that will be used throughout the book.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
24. What is the main difference between traditional quantitative methods and the new field of business
analytics?
a. Business analytics uses smaller datasets.
b. Business analytics focuses more on descriptive statistics.
c. Business analytics utilizes big data and technology.
d. Business analytics relies solely on optimization models.
ANSWER: c
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-1 Introduction
LEARNING OBJECTIVES:DADM_ALWI.25.01.01 - To understand why the methods discussed in this
book apply to all business people, not just the “quant jocks.”
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
Copyright Cengage Learning. Powered by Cognero. Page 8
Decision Making 8th Edition by S. Christian
Albright
Notes
1- The file is chapter after chapter.
2- We have shown you few pages sample.
3- The file contains all Appendix and Excel sheet
if it exists.
4- We have all what you need, we make update
at every time. There are many new editions
waiting you.
5- If you think you purchased the wrong file You
can contact us at every time, we can replace it
with true one.
Our email:
,Chapter 01: Introduction to Business Analytics
True / False
1. Data analysis includes data description, data visualization, data inference, and the search for
relationships in data.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood
by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
2. A relatively new aspect of business analytics is big data, which typically implies the analysis of the
very large data sets that companies currently encounter.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-1 Introduction
LEARNING OBJECTIVES:DADM_ALWI.25.01.01 - To understand why the methods discussed in this
book apply to all business people, not just the “quant jocks.”
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
3. Although it is relatively easy to collect data, it can be more challenging to understand what the data
mean.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood
by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
4. When we use simulation models to help make decisions, we do not deal with uncertainty, because we
can carry out calculations and avoid performing inferences.
Copyright Cengage Learning. Powered by Cognero. Page 1
,Chapter 01: Introduction to Business Analytics
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
5. We must deal with uncertainty when we make inferences from data and search for relationships in data,
or when we use decision trees to help make decisions.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood
by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
6. Spreadsheet models typically involve inputs, decision variables, and outputs.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Introduction to Spreadsheet Modeling
LEARNING OBJECTIVES:DADM_ALWI.25.01.03 - To start learning Excel modeling skills, including
several Excel functions that will be used throughout the book.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
7. Spreadsheet modeling is the process of entering the outputs into a spreadsheet and then relating them
appropriately, by means of formulas, to obtain the decision variables.
a. True
b. False
ANSWER: False
POINTS: 1
Copyright Cengage Learning. Powered by Cognero. Page 2
,Chapter 01: Introduction to Business Analytics
DIFFICULTY: Easy
REFERENCES: 1-3 Introduction to Spreadsheet Modeling
LEARNING OBJECTIVES: DADM_ALWI.25.01.03 - To start learning Excel modeling skills, including
several Excel functions that will be used throughout the book.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
8. A few ways to enhance the readability of a spreadsheet model are to use a clear, logical layout of the
overall model, and to use clear headings for different sections of the model and for all inputs, decision
variables, and outputs.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Introduction to Spreadsheet Modeling
LEARNING OBJECTIVES:DADM_ALWI.25.01.03 - To start learning Excel modeling skills, including
several Excel functions that will be used throughout the book.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
Multiple Choice
9. The decision-making themes covered in Business Analytics: Data Analysis and Decision
Making include which of the following?
a. Optimization techniques
b. Decision analysis with uncertainty
c. Structured sensitivity analysis
d. All of these choices
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.04 - To learn the importance of sensitivity analysis and
how it can be implemented in Excel with data tables.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
10. Which statement 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. Dealing with uncertainty requires a basic understanding of probability.
ANSWER: c
Copyright Cengage Learning. Powered by Cognero. Page 3
,Chapter 01: Introduction to Business Analytics
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood
by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
11. What is not one of the important themes of your Business Analytics: Data Analysis & Decision
Making text?
a. Data analysis
b. Dealing with uncertainty
c. Decision making
d. Data mining
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood
by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
12. Data analysis includes
a. data description.
b. data inference.
c. the search for relationships in data.
d. all of these choices.
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood
by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
13. Which of the following is not one of the “intermediate” features of Excel that the authors expect you
to be able to use?
a. SUMPRODUCT
b. VLOOKUP
c. IF
Copyright Cengage Learning. Powered by Cognero. Page 4
,Chapter 01: Introduction to Business Analytics
d. DIFFERENCEPRODUCT
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
14. 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
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood
by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
15. The decision making process includes
a. optimization techniques for problems with no uncertainty.
b. decision analysis for problems with uncertainty.
c. sensitivity analysis.
d. all of these choices.
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.04 - To learn the importance of sensitivity analysis and
how it can be implemented in Excel with data tables.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
16. Which tool is an Excel add-in for performing what-if analyses?
a. PrecisionTree
b. TopRank
c. Solver
d. @Risk
Copyright Cengage Learning. Powered by Cognero. Page 5
,Chapter 01: Introduction to Business Analytics
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.02 -
To learn good spreadsheet practices so your spreadsheets can be understood by others.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
17. Which of the following statements is true?
a. Three important themes run through the book: data analysis, decision making, and
uncertainty.
b. Data analysis includes data description, data inference, and the searching for relationships in
data.
c. Decision making includes optimization techniques for problems with no uncertainty, decision
analysis for problems with uncertainty, and structured sensitivity analysis.
d. All of these statements are true.
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.04 - To learn the importance of sensitivity analysis and
how it can be implemented in Excel with data tables.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
18. Which of the following statements is false?
a. A two-way table allows you to see how a single output cell varies as you vary two input cells.
b. The SUMPRODUCT function takes two range arguments, which must be exactly the same
size and shape, and it sums the products of the corresponding values in these two ranges.
c. The purpose of the Auditing Toolbar is to solve one equation with one unknown.
d. The NPV function takes two arguments, the discount rate and a stream of cash flows.
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Introduction to Spreadsheet Modeling
LEARNING OBJECTIVES:DADM_ALWI.25.01.03 - To start learning Excel modeling skills, including
several Excel functions that will be used throughout the book.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
19. Which of the following statements are false?
a. Decision-making includes optimization techniques for problems with no uncertainty, decision
analysis for problems with uncertainty, and structured sensitivity analysis.
Copyright Cengage Learning. Powered by Cognero. Page 6
,Chapter 01: Introduction to Business Analytics
b. The three themes of this book are data analysis, decision making, and uncertainty.
c. Dealing with uncertainty includes measuring uncertainty and modeling uncertainty explicitly.
d. None of these statements are false.
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Overview of the Book
LEARNING OBJECTIVES:DADM_ALWI.25.01.04 - To learn the importance of sensitivity analysis and how it can
in Excel with data tables.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
20. Which of the following is true?
a. When entering an expression of text into an Excel function, it must be enclosed in double
quotes.
b. A spreadsheet model should always include input numbers in formulas rather than cell
references.
c. If we enter A1:A5 as part of an Excel function, this refers to cells A2, A3, and A4, the cells
that are between A1 and A5, exclusive.
d. All of these statements are true.
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Introduction to Spreadsheet Modeling
LEARNING OBJECTIVES:DADM_ALWI.25.01.03 - To start learning Excel modeling skills, including
several Excel functions that will be used throughout the book.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
21. Which of the following Excel® functions can be used for finding a particular value based on a
comparison?
a. IF
b. SUMPRODUCT
c. VLOOKUP
d. NPV
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Introduction to Spreadsheet Modeling
LEARNING OBJECTIVES:DADM_ALWI.25.01.03 - To start learning Excel modeling skills, including
several Excel functions that will be used throughout the book.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
Copyright Cengage Learning. Powered by Cognero. Page 7
, Chapter 01: Introduction to Business Analytics
22. In Excel, the model outputs are
a. the numeric values that result from combinations of inputs and decision variables through the
use of logical formulas.
b. useful for making formulas more readable.
c. the variables a decision maker has control over to obtain the best solutions.
d. useful for finding a particular value based on a comparison.
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Introduction to Spreadsheet Modeling
LEARNING OBJECTIVES:DADM_ALWI.25.01.03 - To start learning Excel modeling skills, including
several Excel functions that will be used throughout the book.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Remember
23. Which is an Excel add-in for simulation?
a. PrecisionTree
b. TopRank
c. Solver
d. @Risk
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Introduction to Spreadsheet Modeling
LEARNING OBJECTIVES:DADM_ALWI.25.01.03 - To start learning Excel modeling skills, including
several Excel functions that will be used throughout the book.
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
24. What is the main difference between traditional quantitative methods and the new field of business
analytics?
a. Business analytics uses smaller datasets.
b. Business analytics focuses more on descriptive statistics.
c. Business analytics utilizes big data and technology.
d. Business analytics relies solely on optimization models.
ANSWER: c
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-1 Introduction
LEARNING OBJECTIVES:DADM_ALWI.25.01.01 - To understand why the methods discussed in this
book apply to all business people, not just the “quant jocks.”
NATIONAL STANDARDS: United States - BUSPROG: Analytic
United States - Descriptive Statistics
KEYWORDS: Bloom's: Understand
Copyright Cengage Learning. Powered by Cognero. Page 8
