Chapter 01 Introduction - PDF

Name: Class: Date: Chapter 01 - Introduction Multiple Choice 1. The decisions concerning an organization’s goals and future plans are called _____. a. financial decisions b. tactical decisions c. strategic decisions d. operational decisions ANSWER: c 2. Tactical decisions are concerned with _____...

Name: Class: Date: Chapter 01 - Introduction Multiple Choice 1. The decisions concerning an organization’s goals and future plans are called _____. a. financial decisions b. tactical decisions c. strategic decisions d. operational decisions ANSWER: c 2. Tactical decisions are concerned with _____. a. the day-to-day activities of the organization b. the goals and plans of the organization c. the domain of operations managers, who are close to the customer d. how the organization should achieve the goals and objectives set by its strategy ANSWER: d 3. 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) _____. a. tactical decision b. operational decision c. strategic decision d. financial decision ANSWER: c 4. _____ is the most critical step of the decision-making process. a. Choosing an alternative b. Identifying and defining the problem c. Evaluating the alternatives d. Determining the set of alternatives ANSWER: b 5. Which of the following is not an approach to making decisions? a. Tradition b. Rules of thumb c. Intuition d. Guess and check ANSWER: d 6. Data-driven decision making tends to decrease a firm's _____. a. market value b. productivity c. risk d. profit ANSWER: c 7. Data dashboards are a type of _____analytics. a. predictive b. descriptive c. prescriptive d. decision ANSWER: b 8. 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 _____ a. spreadsheet models b. data dashboards c. data mining d. data queries Copyright Cengage Learning. Powered by Cognero. Page 1 Name: Class: Date: Chapter 01 - Introduction ANSWER: d 9. Corporate-level managers use ______ to summarize sales by region, current inventory levels, and other company-wide metrics all in a single screen. a. simulations b. crosstabulation c. data dashboards d. tables ANSWER: c 10. A forecast that helps direct police officers to areas where crimes are likely to occur based on past data is an example of _____. a. predictive analytics b. decision analysis c. prescriptive analytics d. descriptive analytics ANSWER: a 11. Which one of the following is used in predictive analytics? a. Data dashboard b. Linear regression c. Data visualization d. Optimization model ANSWER: b 12. 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. a. Data query b. Simulation c. Data mining d. Data dashboards ANSWER: c 13. _____ are used in the pharmaceutical industry to assess the risk of introducing a new drug. a. Data dashboards b. Charts c. Spreadsheet models d. Simulations ANSWER: d 14. Which of the following analytical techniques helps us arrive at the best decision? a. Predictive analytics b. Data mining c. Prescriptive analytics d. Descriptive analytics ANSWER: c 15. Simulation optimization helps _____. a. in identifying the constraints of the situation b. to find good decisions in highly complex and highly uncertain settings c. in assigning values to outcomes d. to model certainty using optimization techniques ANSWER: b 16. When a decision maker is faced with several alternatives and an uncertain set of future events, s/he uses _____ to develop an optimal strategy. a. utility theory b. predictive analytics Copyright Cengage Learning. Powered by Cognero. Page 2