Q: Given the sales-promotion model $$\text{Total Sales} = 1105.55 + 56.18 \times \text{Price} + 123.88 \times \text{Coupon} + 5.25 \times \text{Advertising}$$, what is the estimated sales if Price = 5, Coupon = 2, and Advertising = 10?

$$1105.55 + 56.18 \times 5 + 123.88 \times 2 + 5.25 \times 10 = 1,605.89$$

Q: If a company uses the model $$\text{Sales} = -2.9485 \times \text{Price} + 3,240.9 to $$maximize revenue, what is the formula for total revenue?

$$\text{Total Revenue} = \text{Price} \times ( -2.9485 \times \text{Price} + 3,240.9 )$$

Question 1

Which of the following best describes the main purpose of business analytics in organizations?

Accepted Answer

To use data, information technology, statistical analysis, and models to improve decision making

Question 2

A company wants to determine the optimal price for a new product to maximize revenue. Which type of analytics should they primarily use?

Accepted Answer

Prescriptive analytics

Question 3

Which of the following equations represents a linear demand prediction model?

Accepted Answer

$$D = 20,000 - 10P$$

Question 4

A tire pressure gauge consistently reads several pounds below the true value. According to the definitions in the text, this gauge is:

Accepted Answer

Valid but not reliable

Question 5

Which of the following is NOT a challenge associated with implementing business analytics in organizations?

Accepted Answer

Reduced costs

Question 6

Given the sales-promotion model $$	ext{Total Sales} = 1105.55 + 56.18 	imes 	ext{Price} + 123.88 	imes 	ext{Coupon} + 5.25 	imes 	ext{Advertising}$$, what is the estimated sales if Price = 5, Coupon = 2, and Advertising = 10?

Accepted Answer

$$1105.55 + 56.18 	imes 5 + 123.88 	imes 2 + 5.25 	imes 10 = 1,605.89$$

Question 7

Which of the following best describes 'big data' as discussed in the text?

Accepted Answer

Data that is large in volume, comes from a variety of sources, is available in real time, and may be uncertain

Question 8

A decision model includes which of the following types of inputs?

Accepted Answer

Data, uncontrollable variables, and decision variables

Question 9

In the outsourcing decision model, the breakeven point is found by solving which equation?

Accepted Answer

$$50,000 + 125Q = 175Q$$

Question 10

Which of the following is an example of a prescriptive analytics application?

Accepted Answer

Identifying the best delivery routes to minimize transportation costs

Question 11

Which of the following statements about model assumptions is TRUE?

Accepted Answer

Assumptions are made to simplify models and make them more tractable

Question 12

A survey question asks customers to rate the quality of food in a restaurant, but the intent is to measure overall satisfaction. This measure is:

Accepted Answer

Neither reliable nor valid

Question 13

Which of the following best describes the difference between uncertainty and risk in business analytics?

Accepted Answer

Uncertainty is about future outcomes, while risk is about the consequences of those outcomes

Question 14

Which of the following is a key step in structuring a business analytics problem?

Accepted Answer

Identifying goals, possible decisions, and constraints

Question 15

If a company uses the model $$	ext{Sales} = -2.9485 	imes 	ext{Price} + 3,240.9 to $$maximize revenue, what is the formula for total revenue?

Accepted Answer

$$	ext{Total Revenue} = 	ext{Price} 	imes ( -2.9485 	imes 	ext{Price} + 3,240.9 )$$

Question 16

Which of the following is NOT a benefit of using business analytics?

Accepted Answer

Increased rigidity in business processes

Question 17

Which of the following best describes a model in business analytics?

Accepted Answer

An abstraction or representation of a real system, idea, or object

Question 18

A gasoline usage model is given by $$G = \frac{m 	imes d + a}{f}$$, where $$m is $$miles driven per day, $$d is $$number of driving days, $$a is $$additional miles, and $$f is $$fuel economy. If $$m = 20$$, $$d = 22$$, $$a = 100$$, and $$f = 25$$, what is $$G$$?

Accepted Answer

$$G = \frac{20 	imes 22 + 100}{25} = 24.8$$

Introduction to Business Analytics: Foundations and Applications

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