EBTM 350 MIDTERM 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?
understanding benefits versus perceived costs of analytics studies
What does business analytics use to help managers make better decisions?
All of the above
Determine whether the following statement is true or false.
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 company's 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?
Decision variables can be selected at the discretion of the decision maker.
Which of the following statements is true about prescriptive decision models?
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 shoe manufacturing company, wants to set a new price (P) for a shoe
model to maximize total profit. The demand (D) as a function of price is represented as
Dequals=1,500minus−2.5P.
,The total cost (C) as a function of demand is represented as
Cequals=3,200plus+3.5D.
Which of the following is a model for total profit as a function of price?
1,508.75times×price)minus−(2.5times×pricesquared2)minus−8,450
Which of the following is the first phase in problem solving?
recognizing the problem
The complexity of a problem increases when the problem belongs to an individual rather than a group.
False
n the accompanying spreadsheet, there is data on the price, cost, demand, and quantity produced for
an item. There are also different "what if" values that can help a manager to calculate costs and
revenue with variability in demand. Which of the following is the Excel formula to determine the
number of units sold?
equals=MIN(B8,B9)
Using the accompanying chart, how many gallons will be sold if the price is increased to $4.75?
843
To select a chart type in Excel from the Charts group, which tab has to be accessed?
Insert Tab
Changes to the type of chart, data included in the chart, and chart layout and styles can be made from
the Layout tab.
False
, Which of the following charts provides a useful means for displaying data over time?
Line Chart
Philip wishes to understand the relative proportion of each data source to the total. Which of the
following charts must Philip use?
Pie Chart
Observations consisting of pairs of variable data are required to construct which type of chart?
Scatter chart
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?
Bubble chart
Which of the following charts allows plotting of multiple dimensions of several data series?
Radar chart
To select data bars in Excel from the Home tab, which command would have to be accessed?
Conditional Formatting under Styles group
Color Scales are one of the options under Conditional Formatting.
True
What is the color-coding of quantitative data commonly called?
Heatmap
COMPLETE SOLUTIONS VERIFIED LATEST UPDATE
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
Determine whether the following statement is true or false.
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 company's 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?
Decision variables can be selected at the discretion of the decision maker.
Which of the following statements is true about prescriptive decision models?
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 shoe manufacturing company, wants to set a new price (P) for a shoe
model to maximize total profit. The demand (D) as a function of price is represented as
Dequals=1,500minus−2.5P.
,The total cost (C) as a function of demand is represented as
Cequals=3,200plus+3.5D.
Which of the following is a model for total profit as a function of price?
1,508.75times×price)minus−(2.5times×pricesquared2)minus−8,450
Which of the following is the first phase in problem solving?
recognizing the problem
The complexity of a problem increases when the problem belongs to an individual rather than a group.
False
n the accompanying spreadsheet, there is data on the price, cost, demand, and quantity produced for
an item. There are also different "what if" values that can help a manager to calculate costs and
revenue with variability in demand. Which of the following is the Excel formula to determine the
number of units sold?
equals=MIN(B8,B9)
Using the accompanying chart, how many gallons will be sold if the price is increased to $4.75?
843
To select a chart type in Excel from the Charts group, which tab has to be accessed?
Insert Tab
Changes to the type of chart, data included in the chart, and chart layout and styles can be made from
the Layout tab.
False
, Which of the following charts provides a useful means for displaying data over time?
Line Chart
Philip wishes to understand the relative proportion of each data source to the total. Which of the
following charts must Philip use?
Pie Chart
Observations consisting of pairs of variable data are required to construct which type of chart?
Scatter chart
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?
Bubble chart
Which of the following charts allows plotting of multiple dimensions of several data series?
Radar chart
To select data bars in Excel from the Home tab, which command would have to be accessed?
Conditional Formatting under Styles group
Color Scales are one of the options under Conditional Formatting.
True
What is the color-coding of quantitative data commonly called?
Heatmap
