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Test Bank For Business Analytics: Data Analysis & Decision Making, 8th Edition by Albright and Winston's, All 19 Chapters Covered, Verified Latest Edition

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Test Bank For Business Analytics: Data Analysis & Decision Making, 8th Edition by Albright and Winston's, All 19 Chapters Covered, Verified Latest Edition Test Bank For Business Analytics: Data Analysis & Decision Making, 8th Edition by Albright and Winston's, All 19 Chapters Covered, Verified L...

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Business Analytics: Data Analysis & Decision Making,

TEST BANK
Business Analytics: Data Analysis & Decision Making,
8th Edition. S. Christian Albright, Wayne L. Winston Verified
Chapters 1 - 19, Complete

Business Analytics: Data Analysis & Decision Making,

, Business Analytics: Data Analysis & Decision Making,

TABLE OF CONTENTS
 Chapter 1. Introduction to Business Analytics
 Chapter 2. Describing the Distribution of a Variable
 Chapter 3. Finding Relationships among Variables
 Chapter 4. Business Intelligence (BI) Tools for Data Analysis
 Chapter 5. Probability and Probability Distributions
 Chapter 6. Decision Making under Uncertainty
 Chapter 7. Sampling and Sampling Distributions
 Chapter 8. Confidence Interval Estimation
 Chapter 9. Hypothesis Testing
 Chapter 10. Regression Analysis: Estimating Relationships
 Chapter 11. Regression Analysis: Statistical Inference
 Chapter 12. Time Series Analysis and Forecasting
 Chapter 13. Introduction to Optimization Modeling
 Chapter 14. Optimization Models
 Chapter 15. Introduction to Simulation Modeling
 Chapter 16. Simulation Models
 Chapter 17. Data Mining
 Chapter 18. Analysis of Variance and Experimental Design
 Chapter 19. Statistical Process Control

Business Analytics: Data Analysis & Decision Making,

, Business Analytics: Data Analysis & Decision Making,

Chapter 1. Introduction to Business Analytics

1. The decision-making themes covered in Business Analytics: Data Analysis & 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 | Bloom's: Knowledge
TOPICS: A-Head: 1-2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

2. 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
POINTS: 1
DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

3. 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 | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

4. 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 | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

Business Analytics: Data Analysis & Decision Making,

, Business Analytics: Data Analysis & Decision Making,

5. Which of the following is not one of the steps in the modeling process?
a. Select the scale for the model.
b. Collect and summarize data.

Business Analytics: Data Analysis & Decision Making,

, Business Analytics: Data Analysis & Decision Making,

c. Verify the model.
d. Present the results.
e. Implement the model and update it through time.
ANSWER: a
POINTS: 1
DIFFICULTY: Easy | Bloom's: Comprehension
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

6. 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 | Bloom's: Comprehension
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

7. 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 | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

®
8. Which tool is an Exc el add-in for performing what-if analyses?
a. PrecisionTree
b. TopRank
c. Solver
d. @Risk
e. StatTools
ANSWER: b
POINTS: 1
DIFFICULTY: Easy | Bloom's: Comprehension
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

9. Which of the following statements are 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
Business Analytics: Data Analysis & Decision Making,

, Business Analytics: Data Analysis & Decision Making,

c. Decision making includes optimization techniques for problems with no uncertainty, decision analysis for
problems with uncertainty, and structured sensitivity analysis.

Business Analytics: Data Analysis & Decision Making,

, Business Analytics: Data Analysis & Decision Making,

d. Dealing with uncertainty includes measuring uncertainty and modeling uncertainty explicitly into the analysis.
e. All of these statements are true.
ANSWER: e
POINTS: 1
DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

10. Data analysis includes data description, data inference, and the search for relationships in data.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

11. Decision-making includes optimization techniques for problems with certainty, decision analysis for problems with
certainty, and structured sensitivity analysis.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

12.
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: False
POINTS: 1
DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

13. Three important themes run through the Business Analytics: Data Analysis & Decision Making text: data analysis, decision-
making, and dealing with uncertainty.
a. True
b. False
ANSWER: True
POINTS: 1

Business Analytics: Data Analysis & Decision Making,

, Business Analytics: Data Analysis & Decision Making,

DIFFICULTY: Easy | Bloom's: Knowledge
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

Business Analytics: Data Analysis & Decision Making,

, Business Analytics: Data Analysis & Decision Making,

®
14. Spreadsheet simulations cannot be performed entirely with the built-in or add-in tools in Excel , so spreadsheet
simulations are still one of the most difficult quantitative models to implement in the business world.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy | Bloom's: Comprehension
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Data Methods

15. 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 | Bloom's: Comprehension
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Data Methods

16. When we use simulation models to help make decisions, we do not deal with uncertainty at all, since we often must make
inferences from the simulated data.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy | Bloom's: Comprehension
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

17. 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 | Bloom's: Comprehension
TOPICS: A-Head: 1.2 Overview of the Book
OTHER: BUSPROG: Analytic | DISC: Decision Making

®
18. @Risk is an Exc el add-in that can be used to run replications of a simulation, keep track of outputs, create useful
charts, and perform sensitivity analyses.
a. True
b. False

Business Analytics: Data Analysis & Decision Making,

, Business Analytics: Data Analysis & Decision Making,

ANSWER: True
POINTS: 1
DIFFICULTY: Easy | Bloom's: Comprehension

Business Analytics: Data Analysis & Decision Making,

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Exam (elaborations)

Test Bank For Business Analytics: Data Analysis & Decision Making, 8th Edition by Albright and Winston's, All 19 Chapters Covered, Verified Latest Edition

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