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
c.
data mining
d.
decision analysis
ANSWER:
d
17. _____ assigns values to outcomes based on the decision maker’s attitude toward risk, loss, and other factors.
a.
Simulation optimization
b.
Utility theory
c.
Optimization model
d.
Data dashboard
ANSWER:
b
18. Which of the following best exemplifies big data?
a.
Five hundred Facebook users upload one thousand pictures per day.
b.
Cellphone owners around the world generate vast amounts of data by calling, texting, tweeting, and browsing the Web on a daily basis.
c.
A local grocery store collects data from those that scan their loyalty card.
d.
A pharmacy keeps track of customer purchases to send its customers coupons.
ANSWER:
b
19. Which of the following sources of big data is not publicly available?
a.
b.
Weather data
c.
Medical records
d.
Sports records
ANSWER:
c
20. Advanced analytics generally refers to _____.
a.
descriptive and prescriptive analytics
b.
simulation
c.
predictive and prescriptive analytics
d.
decision analysis
ANSWER:
c
21. In the financial sector, _____ are used to construct financial instruments such as derivatives.
a.
descriptive and prescriptive models
b.
predictive models
c.
descriptive models
d.
prescriptive models
ANSWER:
b
22. Optimization models can be used to _____.
a.
assess the risk of investment portfolios
b.
forecast future financial performance
c.
successfully manage commercial real estate risk
d.
decide on how to invest cash received from insurance policies
ANSWER:
d
23. 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.
a.
total worth
b.
total cost
c.
feasibility
d.
financial wellness
ANSWER:
a
24. _____ 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.
a.
Internet of Things (IoT)
b.
MapReduce
c.
Hadoop
d.
Advanced analytics
ANSWER:
a
25. _____ refers to a programming model used within Hadoop that performs the two major steps for which it is named: the map step and the reduce step.