Winston Test Bank All

Business Analy�cs Data Analysis & Decision Making 8e Chris�an Albright, Wayne Winston (Test Bank All Chapters, 100% Original Verified, A+ Grade) 1 / 4

Chapter 01: Introduction to Business Analytics

Page 1

True / False

• Data analysis includes data description, data visualization, data inference, and the search for relationships in data.
• True
• 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

• 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.

• True
• 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

• Although it is relatively easy to collect data, it can be more challenging to understand what the data mean.
• True
• 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

• 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.

• True
• False

. 2 / 4

Chapter 01: Introduction to Business Analytics

Page 2

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

• 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.

• True
• 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

• Spreadsheet models typically involve inputs, decision variables, and outputs.
• True
• 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

• 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.

• True
• False

ANSWER: False

POINTS: 1

DIFFICULTY: Easy

REFERENCES: 1-3 Introduction to Spreadsheet Modeling

. 3 / 4

Chapter 01: Introduction to Business Analytics

Page 3

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

• 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.

• True
• 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

• The decision-making themes covered in Business Analytics: Data Analysis and Decision Making include which of the

following?

• Optimization techniques
• Decision analysis with uncertainty
• Structured sensitivity analysis
• 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

• Which statement is not true?
• Dealing with uncertainty includes measuring uncertainty.
• Dealing with uncertainty includes modeling uncertainty explicitly into the analysis.
• Dealing with uncertainty includes eliminating uncertainty by using the normal probability distribution.
• Dealing with uncertainty requires a basic understanding of probability.

ANSWER: c

POINTS: 1

DIFFICULTY: Easy

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