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BIT 3434 EXAM 1 QUESTIONS AND 100% CORRECT ANSWERS
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BIT 3434 EXAM 1 QUESTIONS AND 100%CORRECT ANSWERS
What is a computer model? - Answer It is a collection of mathematical relationships and
logical assumptions run on a computer.
What is business analytics? - Answer c. It is synonymous to management science.
What is a physical model? - Answer c. It is the actual form of an object - for example, a
car - made to a smaller scale for evaluation and testing purposes.
What is a mathematical model? - c. The model represents the object or decision problem
using relationships in the form of mathematics.
What is the major benefit of modeling? - b. Models provide a way for us to derive insight
and understanding about the object or decision problem under investigation.
In the following total cost (TC) equation, "F" is the fixed cost, "c" is the variable cost per
unit and "Q" is the quantity produced. Which is (are) the dependent
variable(s)?TC=F+cQ - Answer TC
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In the following functional relationship, how many independent variables are there?Y =
f(X1, X2, ., Xk ) - Answer k
The following functional relationship must be represented in a spreadsheet. How many
input cells?Y = f(X1, X2, ., Xk ) - Answer k
The following functional relationship must be represented in a spreadsheet. How many
output, or target, cells?Y = f(X1, X2, ., Xk ) - Answer 1
,Your company manufactures 10 different products. Each product requires resources,
such as money, material and labor that do not have unlimited availability. You are
responsible for developing a mathematical model to determine how many units of each
product to make in order to minimize total production cost. What kind of model is this? -
Answer Prescriptive
What is the result of the problem identification phase? - b. Well-defined statement of the
problem.
Which of the following directly follows the termination of the formulation step? - a.
Implementation of this formulation as a spreadsheet model.
What does the implementation step in the problem solving process do? -b. Develop a
message that is comprehendible by different organizational players, and help to
convince others toward a certain course of action.
What are the two common types of errors in human judgment? -Answer Anchoring and
framing
Decision makers believe that good decisions are always accompanied by good
outcomes. Why is this not a natural law? -Answer a. Unforeseeable circumstances
beyond your control sometimes lead to bad outcomes even though the decision was
sound.
What is a good decision? -Answer b. It is one that uses a structured, data-driven, and
model-based process to make decisions.
The article "THE WORLD OF BUSINESS ANALYTICS" at what time did the original
business analytics, under the name Operations Research, first have its roots? - Answer
WWII
The article "THE WORLD OF BUSINESS ANALYTICS" What was estimated amount of
, yearly savings at United Airlines, because of the installation of a Paragon scheduling
system? - Answer $1 million
THE WORLD OF BUSINESS ANALYTICS Approximately how many decision variables
were used to model the American Airlines' yield management system? - Answer 250
In the article "THE WORLD OF BUSINESS ANALYTICS" it is noted that most business
processes are by nature cross-functional. What type of skills should be represented on
the interdisciplinary team that takes on business process reengineering projects? -
Answer b. An operations research/management science (OR/MS) analyst.
Regression analysis is: -Answer c. A modeling technique for analyzing the dependence
of a continuous dependent variable Y on one or more independent variables X1, X2, .,Xn.
Given the model: Y= f(X1, X2, ., Xk) +ε, The term ɛis known as: -Answer Random
disturbance, or error
An element of unsystematic or random variation in the dependent variable is expressed
by ___________ in equation f(X1, X2, ., Xk) + ε. - Answer ε
In the equation: Yi = ????0 + ????1X1 i + ????i, ????0 and ????1 are known as: - Answer
Population Parameters
The estimated values of ????0 and ????1 in the context of a simple linear regression
model are b0, and b1 respectively: - Sample statistics
The term Yi - is known as: - The estimation error or residual for observation i.
Regression analysis finds the values of the parameter estimates that minimize the sum
of squared estimation errors. This approach is called: -Answer Method of least squares
Using Solver to estimate the parameters of a simple linear regression model, the
objective function is to minimize ESS = subject to no constraints. This is an example of:
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