IS 314-Predictive Analytics Questionnaire

What is one of the most fundamental functions of management professionals?

• Marketing

• Decision Making

• Communication

• Networking

How do quantitative techniques contribute to decision making?

• They make decision-making methods more complex.

• They help make decision-making methods simpler and more efficient.

• They reduce the need for managers to make decisions.

• They focus solely on financial aspects of decisions.

A manager wants to minimize production costs while maximizing output. Which technique should they use?

• Probability Theory

• Linear Programming

• Game Theory

• Queuing Theory

A business is trying to predict customer behavior based on past purchase data. What technique is most suitable?

• Simulation

• Linear Programming

• Probability Theory

• Game Theory

A company faces competition from a rival launching a similar product. To strategize effectively, the manager should use:

• Simulation

• Linear Programming

• Probability Theory

• Game Theory

An airline is trying to manage its check-in lines during peak hours to minimize customer wait times. Which approach should they take?

• Simulation

• Queuing Theory

• Probability Theory

• Game Theory

To understand how different marketing strategies might perform under various economic conditions, a manager should use:

• Simulation

• Queuing Theory

• Probability Theory

• Game Theory

A factory manager is determining the probability of machinery breakdown based on historical data. The most appropriate technique is:

• Simulation

• Queuing Theory

• Probability Theory

• Game Theory

A supermarket wants to ensure that they fully utilize their available storage space while minimizing waste. Which technique would be best?

• Linear Programming

• Simulation

• Probability Theory

• Game Theory

In order to make decisions under conditions of uncertainty, managers should rely on:

• Linear Programming

• Simulation

• Probability Theory

• Game Theory