EBTM 350 Final Exam Questions with Correct
Solutions.
Creating good decision models requires: - Correct Answer -Solid understanding of
business functional areas
-Knowledge of business practice and research
- Logical Skills
empirical data - Correct Answer Information gathered from sensory observation and
experimentation
-Observe something; then develop model that best reflects what we observed
spreadsheet engineering - Correct Answer The process of developing good, useful, and
correct spreadsheet models
Spreadsheet models characterize: - Correct Answer The relationship between inputs and
outputs
Do not use input data in model formulas instead: - Correct Answer reference the
spreadsheet cells that contain the data
Verification - Correct Answer the process of ensuring that a model is accurate and free
from logical errors
3 approaches to spreadsheet engineering that improve quality - Correct Answer 1.
Improve the design and format of the spreadsheet
2. Improve the process used to develop the spreadsheet
3. Inspect your results carefully and use appropriate tools available in Excel
Improve the design and format of the spreadsheet - Correct Answer -Clearly define input
and output areas
-Break complex formulas into small pieces
-Make the spreadsheet end-user friendly
, Improve the process used to develop the spreadsheet - Correct Answer -Be careful when
copying and editing formulas
-Check results as build sections of the spreadsheet
Inspect your results carefully and use appropriate tools available in Excel - Correct Answer
-Formula auditing tools in formula tab on ribbon
-Lock cells, check work, etc.
Validity - Correct Answer the degree to which a model represents reality
Newsvendor Problem - Correct Answer problem where a one-time (Single Period)
decision is made under uncertain demand.
Ex: Seasonal retail inventory, game programs, dated material
Parameterize - Correct Answer To give a model parameters.
Data Mining - Correct Answer The nontrivial process of identifying valid, novel, potentially
useful, and ultimately understandable patterns in data stored in structured databases.
Patterns in data mining - Correct Answer explanatory- explains interrelationships and
affinities among the attributes
Predictive- foretelling future values of certain attributes
Process - Correct Answer Data mining comprises many iterative steps
Nontrivial - Correct Answer some experimentation is involved- not straightforward
computation of predefined quantities
Valid - Correct Answer Discovered patterns should hold true on new data(with reasonable
certainty)
Novel - Correct Answer Patterns not previously known to user
potentially useful - Correct Answer Discovered patterns should usually lead to some
benefit to a task / user
Solutions.
Creating good decision models requires: - Correct Answer -Solid understanding of
business functional areas
-Knowledge of business practice and research
- Logical Skills
empirical data - Correct Answer Information gathered from sensory observation and
experimentation
-Observe something; then develop model that best reflects what we observed
spreadsheet engineering - Correct Answer The process of developing good, useful, and
correct spreadsheet models
Spreadsheet models characterize: - Correct Answer The relationship between inputs and
outputs
Do not use input data in model formulas instead: - Correct Answer reference the
spreadsheet cells that contain the data
Verification - Correct Answer the process of ensuring that a model is accurate and free
from logical errors
3 approaches to spreadsheet engineering that improve quality - Correct Answer 1.
Improve the design and format of the spreadsheet
2. Improve the process used to develop the spreadsheet
3. Inspect your results carefully and use appropriate tools available in Excel
Improve the design and format of the spreadsheet - Correct Answer -Clearly define input
and output areas
-Break complex formulas into small pieces
-Make the spreadsheet end-user friendly
, Improve the process used to develop the spreadsheet - Correct Answer -Be careful when
copying and editing formulas
-Check results as build sections of the spreadsheet
Inspect your results carefully and use appropriate tools available in Excel - Correct Answer
-Formula auditing tools in formula tab on ribbon
-Lock cells, check work, etc.
Validity - Correct Answer the degree to which a model represents reality
Newsvendor Problem - Correct Answer problem where a one-time (Single Period)
decision is made under uncertain demand.
Ex: Seasonal retail inventory, game programs, dated material
Parameterize - Correct Answer To give a model parameters.
Data Mining - Correct Answer The nontrivial process of identifying valid, novel, potentially
useful, and ultimately understandable patterns in data stored in structured databases.
Patterns in data mining - Correct Answer explanatory- explains interrelationships and
affinities among the attributes
Predictive- foretelling future values of certain attributes
Process - Correct Answer Data mining comprises many iterative steps
Nontrivial - Correct Answer some experimentation is involved- not straightforward
computation of predefined quantities
Valid - Correct Answer Discovered patterns should hold true on new data(with reasonable
certainty)
Novel - Correct Answer Patterns not previously known to user
potentially useful - Correct Answer Discovered patterns should usually lead to some
benefit to a task / user
