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Quantitative Business Analysis questions with right answers.
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Quantitative Business Analysisquestions with right answers.
A retail store owner offers a discount on product A and predicts that the customers would purchase
products B and C in addition to product A. Identify the technique used to make such a prediction. ANS -
Data Mining
Which of the following sources of big data is not publicly available? ANS - Medical records
__________ analytics use techniques that take input data and yield a best course of action. ANS -
Perscriptive
_________ analytics are techniques that use models, constructed from past data, to predict the future
or to ascertain the impact of one variable on another. ANS - Predictive
Data-driven decision making tends to decrease a firm's ANS - risk
A forecast that helps direct police officers to areas where crimes are likely to occur based on past data is
an example of ANS - Predictive analytics
The extraction of information on the number of shipments, how much was included in each shipment,
the date each shipment was sent, and so on from the manufacturing plant's database exemplifies ANS -
Data queries
A light bulb manufacturer uses descriptive analytics ANS - to present supply chain to managers visually.
In order to manage an organization's human resource activities, such as hiring employees, tracking, and
influencing employee retention, HR personnel use ANS - descriptive and predictive analytics.
__________ refers to the technology that allows data, collected from sensors in all types of machines, to
be sent over the Internet to repositories where it can be stored and analyzed. ANS - Internet of Things
(IoT)
,In the financial sector, __________ are used to construct financial instruments such as derivatives. ANS
- predictive models
Which of the following is not an approach to making decisions? ANS - Guess and check
Corporate-level managers use ______ to summarize sales by region, current inventory levels, and other
company-wide metrics all in a single screen. ANS - Data dashboards
A __________ decision involves higher-level issues and is concerned with the overall direction of the
organization, defining the overarching goals and aspirations for the organization's future. ANS -
Strategic
A better understanding of consumer behavior through analytics directly leads to ANS - Better pricing
strategies
Picks and Axes Inc. is an Internet-based retail seller of hiking boots and mountaineering gear. The
company decides to open retail stores across the major areas of the city to help complement its
Internet-based strategy. This activity would be categorized as a(n) ANS - strategic decision
__________ are used in the pharmaceutical industry to assess the risk of introducing a new drug. ANS -
Simulations
Advanced analytics generally refers to ANS - predictive and prescriptive analytics.
Utility theory is the study of the __________ or relative desirability of a particular outcome that reflects
the decision maker's attitude toward a collection of factors, such as profit, loss, and risk. ANS - total
worth
A __________ decision is concerned with how the organization should achieve the goals and objectives
set by its strategy. ANS - tactical
Which one of the following is used in predictive analytics? ANS - Linear regression
, When a decision maker is faced with several alternatives and an uncertain set of future events, s/he
uses __________ to develop an optimal strategy. ANS - decision analysis
The goal regarding using an appropriate number of bins is to show the ANS - variation in the data.
The difference in a variable measured over observations (time, customers, items, etc.) is known as ANS
- variation
The __________ shows the number of data items with values less than or equal to the upper class limit
of each class. ANS - cumulative frequency distribution
The College Board reported that the mean Math Level 2 SAT subject test score was 686 with a standard
deviation of 96. Assuming scores followa bell-shapeddistribution, usetheempiricalrule
tofindthepercentageofstudentswhoscoredlessthan494. ANS - 2.5%
Compute the mean of the following data.
56, 42, 37, 29, 45, 51, 30, 25, 34, 57 ANS - 40.6
The College Board originally scaled SAT scores so that the scores for each section were approximately
normally distributed with a mean of 500 and a standard deviation of 100. Assuming scores follow a bell-
shaped distribution, use the empirical rule to find the percentage of students who scored greater than
700. ANS - 2.5%
Scores on Ms. Bond's test have a mean of 70 and a standard deviation of 11. Michelle has a score of 48.
Convert Michelle's score to a z-score. (Round to two decimal places if necessary.) ANS - -2
Use technology to compute the standard deviation for the following sample data.
32, 41, 36, 24, 29, 30, 40, 22, 25, 37 ANS - 6.75
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