M-3 Data-Driven Decision Making

M-3 Data-Driven Decision Making

University

15 Qs

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M-3 Data-Driven Decision Making

M-3 Data-Driven Decision Making

Assessment

Quiz

Business

University

Practice Problem

Easy

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

A craftsman builds two kinds of birdhouses.  One for bluebirds and one for cardinals.  He knows the amount of labor and the units of lumber that are needed for each birdhouse.  The craftsman has available 60 hours of labor and 120 units of lumber.  Which technique should the craftsman use to minimize cost?

Simulation

Linear Regression

Linear Programming

Breakeven

2.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Ski Boards, Inc. wants to enter the market quickly with a new finish on its ski boards.  It has three choices:  refurbish the old equipment, make major modifications or purchase new equipment.  The company has estimated the fixed and variable cost for each option.  Which technique should they use to select the least costly option?

Breakeven

Linear Regression

Linear Programming

Cross Over

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Which analysis technique can be used with hypothesis testing when nominal or categorical data is gathered?

Z-score

Chi-square

t-test

ANOVA

4.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

United Motors indicates that gas mileage tests of one of their cars, the Starbird 300, under city driving conditions has a mean of 29.9 mph and a mode of 30 mph.  Which type of distribution would this testing represent?

Pareto distribution

Bimodal distribution

Multimodal distribution

Normal distribution

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

North American Oil Company is attempting to develop a reasonably priced gasoline that will deliver improved gasoline mileage.  As part of its development process, the company would like to compare the effects of three types of gasoline.  Which analysis technique should the company use to compare the performances of each gasoline type?

t-test

ANOVA

Z-test

Chi-square

6.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Enterprise Industries produces Fresh, a brand of liquid laundry detergent.  In order to study the relationship between price and demand for the large bottle of Fresh, the company develops the following relationship:  Demand = 600 + 50X.  What price is needed to produce a demand of 1000?

$6

$8

$10

$12

7.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

A large manufacturer wants to forecast demand for a piece of pollution-control equipment.  A review of the past 12 months of sales indicates that sales are increasing. What time series pattern does the sales likely exhibit?

Cyclicality

Trend

Seasonality

Random variation

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