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BUSmgt 2321 Midterm I Business Analytics questions with right answers. $9.49   Add to cart
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BUSmgt 2321 Midterm I Business Analytics questions with right answers.
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BUSmgt 2321 Midterm I Business Analytics questions with right answers.

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  • August 26, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • busmgt 2321 midterm i business analytics questions

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  • Business Analytics
  • Business Analytics

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BUSmgt 2321 Midterm I Business
Analytics questions with right answers.
Profit Equation ANS - Profit = Revenue - Cost

Pi = PQ - TC - VQ



Contribution Margin ANS - P-V, how much each item contributes to the whole



Break even is ANS - Profit = 0 at Q units



Indifference Point is ANS - Profit a = Profit b, you don't care which you go for



Indifference Table Questions (3) ANS - 1. What am I trying to solve for? (mix/max profit/cost)

2. What tools do I need? (indiff pts)

3. What data do I need?



What makes a good decision? ANS - - Logic

- Considers all options

- Nonbiased

- Considers all info at decision time

- May give unfavorable result



What makes a bad decision? ANS - - Feeling

- Don't consider alternatives

- Sometimes leads to positive outcome



Better to make a bad or good decision with opposite results? ANS - - Good Decision with unfavorable
results because then you don't continue to make a bad decision

, 5 Steps of Decision Making (Long) ANS - 1. Define the Problem (hardest)

2. List all Alternatives (have control, options)

3. Identify the Outcomes (no control, States of Nature, "if I do this, then...")

4. Determine the Payoff for each combo of Alternatives and Outcomes

5. Pick an analysis tool and apply to problem



5 Steps of Decision Making (Short) ANS - 1. Problem

2. Alternatives

3. Outcomes

4. Payoffs

5. Analysis



3 Techniques for Uncertainty ANS - 1. Maximax

2. Maximin

3. Minimax Regret



Maximax ANS - - Optimistic

- Max of Alternatives

- Max of those

ex. Finance, Venture Capitalists



Maximin ANS - - Pessimistic

- Min of Alternatives

- Max of those

ex. Banks



Minimax Regret ANS - - Monday Morning QB

- Max for each State of Nature (Outcome) (Down)

- Regret for each

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