BUSINESS ANALYTICS THE ART OF MODELING WITH SPREADSHEETS CERTIFICATION EVALUATION EXAMS SET FULL QUESTIONS AND COMPLETE SOLUTION

BUSINESS ANALYTICS THE ART OF
MODELING WITH SPREADSHEETS
CERTIFICATION EVALUATION EXAMS SET
FULL QUESTIONS AND COMPLETE
SOLUTION

●● What competitive advantage can companies gain from business
analytics?
Answer: Companies can uncover valuable information from data sets
and act on it to gain a competitive edge.


●● What are the two main fields combined in this book?
Answer: Statistics and management science.


●● What does the study of statistics focus on?
Answer: Data analysis.


●● What are the three important themes of this book?
Answer: Data analysis, decision making, and dealing with uncertainty.


●● What is the purpose of sensitivity analysis in business analytics?
Answer: To measure and model uncertainty explicitly.

, ●● What software is primarily used in this book for analysis?
Answer: Microsoft Excel.


●● What is the Palisade DecisionTools Suite?
Answer: A suite of programs built as Excel add-ins for decision analysis
and simulation.


●● What is the DADM_Tools add-in?
Answer: An add-in developed for users without access to Palisade
software, implementing decision trees and basic data analysis tools.


●● What are some intermediate Excel functions introduced in this book?
Answer: SUMPRODUCT, VLOOKUP, IF, NPV, and COUNTIF.


●● What is the primary purpose of a spreadsheet model?
Answer: To enter and relate essential elements of a business problem for
quantitative analysis.


●● What are the essential components of a spreadsheet model?
Answer: Inputs, decision variables, and outputs.


●● What is the role of decision variables in a spreadsheet model?