MSIS 3223 FINAL EXAM OKSTATE
QUESTIONS AND ANSWERS
Building spreadsheet models, often called _____________, is part art and part science -
Correct Answers -spreadsheet engineering
The Process of developing good, useful, and correct spreadsheet models is known as
spreadsheet engineering
A. True
B. False - Correct Answers -True
The Process of developing good, useful, and correct spreadsheet models is known as
spreadsheet _________ - Correct Answers -engineering
In predictive modeling, validity refers to how well a model represents reality.
A. True
B. False - Correct Answers -A.
In predictive modeling, ______ refers to how well a model represents reality.
A. True
B. False - Correct Answers -validity
Two-way data tables can evaluate only one output variable
A. True
B. False - Correct Answers -A.
Two-way data tables can __________only one output variable - Correct Answers -
evaluate
Models can capture every detail of a real problem
A. True
B. False - Correct Answers –False
_________has an influence on profit by predicting how many units of a product will be
sold - Correct Answers -Demand
_________ produced is a decision option typically based on demand - Correct Answers
-Quantity
_________levels are often used to plan inventory levels - Correct Answers -Sales
, __________ Bounds constrain the value of a single variable - Correct Answers -Simple
Verification is the process of ensuring that a model is accurate and free from logical
errors
A. True
B. False - Correct Answers -True
___________ is the process of ensuring that a model is accurate and free from logical
errors - Correct Answers -Verification
Excel Formula Auditing tools (in the Formulas tab) help you validate the formulas and
check for errors
A. True
B. False - Correct Answers -A.
One useful Excel tool is the data error feature, which allows you to define acceptable
input values in a spreadsheet and provides an error alert if an invalid entry is made.
A. True
B. False - Correct Answers -B.
A wide variety of practical problems in business analytics can be modeled using
spreadsheets.
A. True
B. False - Correct Answers -A.
A wide variety of practical problems in business analytics can be modeled using
_____________ - Correct Answers -spreadsheets
__________________ is a visual representation of a descriptive model that shows how
the elements of the model influence or relate to others. - Correct Answers -Influence
diagram
Adding more realism to a model reduces its complexity.
A. True
B. False - Correct Answers -F.
Monte Carlo simulation is essentially statistical sampling, the larger the number of trials
used, the more precise the results.
A. True
B. False - Correct Answers -A.
Monte Carlo simulation is essentially statistical sampling, the _________ the number of
trials used, the more precise the results - Correct Answers -larger
Uniform or triangular distributions are used in the absence of data.
QUESTIONS AND ANSWERS
Building spreadsheet models, often called _____________, is part art and part science -
Correct Answers -spreadsheet engineering
The Process of developing good, useful, and correct spreadsheet models is known as
spreadsheet engineering
A. True
B. False - Correct Answers -True
The Process of developing good, useful, and correct spreadsheet models is known as
spreadsheet _________ - Correct Answers -engineering
In predictive modeling, validity refers to how well a model represents reality.
A. True
B. False - Correct Answers -A.
In predictive modeling, ______ refers to how well a model represents reality.
A. True
B. False - Correct Answers -validity
Two-way data tables can evaluate only one output variable
A. True
B. False - Correct Answers -A.
Two-way data tables can __________only one output variable - Correct Answers -
evaluate
Models can capture every detail of a real problem
A. True
B. False - Correct Answers –False
_________has an influence on profit by predicting how many units of a product will be
sold - Correct Answers -Demand
_________ produced is a decision option typically based on demand - Correct Answers
-Quantity
_________levels are often used to plan inventory levels - Correct Answers -Sales
, __________ Bounds constrain the value of a single variable - Correct Answers -Simple
Verification is the process of ensuring that a model is accurate and free from logical
errors
A. True
B. False - Correct Answers -True
___________ is the process of ensuring that a model is accurate and free from logical
errors - Correct Answers -Verification
Excel Formula Auditing tools (in the Formulas tab) help you validate the formulas and
check for errors
A. True
B. False - Correct Answers -A.
One useful Excel tool is the data error feature, which allows you to define acceptable
input values in a spreadsheet and provides an error alert if an invalid entry is made.
A. True
B. False - Correct Answers -B.
A wide variety of practical problems in business analytics can be modeled using
spreadsheets.
A. True
B. False - Correct Answers -A.
A wide variety of practical problems in business analytics can be modeled using
_____________ - Correct Answers -spreadsheets
__________________ is a visual representation of a descriptive model that shows how
the elements of the model influence or relate to others. - Correct Answers -Influence
diagram
Adding more realism to a model reduces its complexity.
A. True
B. False - Correct Answers -F.
Monte Carlo simulation is essentially statistical sampling, the larger the number of trials
used, the more precise the results.
A. True
B. False - Correct Answers -A.
Monte Carlo simulation is essentially statistical sampling, the _________ the number of
trials used, the more precise the results - Correct Answers -larger
Uniform or triangular distributions are used in the absence of data.
