Test Bank For Spreadsheet Modeling And Decision Analysis A Practical Introduction To Business Analytics 9th Edition Cliff Ragsdale | All Chapter 1-15 | Complete Latest Version 2024.

Test Bank For Spreadsheet Modeling And Decision Analysis A Practical Introduction To Business Analytics 9th Edition Cliff Ragsdale | All Chapter 1-15 | Complete Latest Version 2024. Answers are at the end of each chapter chapter 1 Indicate whether the statement is true or false. 1. Because they simplify reality, models are generally not helpful in examining things that would be impossible to do in reality. a. True b. False 2. The proliferation of powerful PCs and the development of easy-to-use electronic spreadsheets have made the tools of business analytics far more practical and available to a much larger audience. a. True b. False 3. A mathematical model uses mathematical relationships to describe or represent an object or decision problem. a. True b. False 4. In spreadsheet modeling of a problem, there is no direct correspondence between mathematical equation and the spreadsheet. a. True b. False 5. Humans usually do not make errors in estimation due to anchoring and framing effects. a. True b. False 6. Good decisions always result in good outcomes. a. True b. False 7. Defining a problem well will often make it much easier to solve. a. True b. False 8. OR/MS specialists do not deliver business value. a. True b. False Indicate the answer choice that best completes the statement or answers the question. Name: Class: Date: Copyright Cengage Learning. Powered by Cognero. Page 2 9. Identifying the real problems faced by the decision maker a. is not important since the decision maker has already defined the problem. b. requires insight, some imagination, time and a good bit of detective work. c. first requires a well-defined problem statement. d. will lead to developing the best model. 10. Business opportunities can be viewed and formulated as a. decision problems. b. analytical models. c. empirical models. d. testing tools. 11. In a spreadsheet, input cells correspond conceptually to a. dependent variables. b. functions. c. independent variables. d. output cells. 12. Solutions to which of the following categories of modeling techniques indicate a course of action to the decision maker? a. Descriptive models b. Predictive models c. Prescriptive models d. Preventive models 13. A factor that plays a role in determining whether a good or bad outcome occurs is called a. luck. b. intuition. c. certainty. d. predictability. 14. In a model Y=f(x1, x2), Y is called: a. a dependent variable. b. an independent variable. c. a confounded variable. d. a convoluted variable. 15. Which of the following is the type of model used throughout this textbook? a. Mathematical model b. Mental model c. Physical model d. Visual model 16. The essence of decision analysis is: Name: Class: Date: Copyright Cengage Learning. Powered by Cognero. Page 3 a. breaking down complex situations into manageable elements. b. choosing the best course of action among alternatives. c. finding the root cause of why something has gone wrong. d. thinking ahead to avoid negative consequences. 17. A road map is an example of a. a mathematical model. b. a mental model. c. a physical model. d. a visual model. 18. The mathematical modeling approaches presented in the textbook a. are a subset of the total problem-solving process. b. cover the entire spectrum of decision support approaches. c. are exhaustive. d. are complementary. 19. Operations Research got its start a. during World War II. b. with the first Univac computers in the early 1950's. c. from roots in Operations Management. d. from Frederick Taylor's Scientific Management. 20. Anchoring occurs when: a. a trivial factor is used as a starting point for estimations in a decision-making problem. b. a difficult factor is incorporated in a problem. c. an easy solution is obtained to a difficult problem. d. obtaining a solution is trivial. 21. Two of the effects associated with decision problems are: a. anchoring and framing. b. anchoring and loading. c. framing and complacency. d. anchoring and luck 22. In the textbook the words "opportunity" and "problem" are a. disjoint. b. used interchangeably. c. mutually exclusive. d. complementary. 23. A valid model: a. accurately represents a decision problem being studied. b. produces an optimal solution. Name: Class: Date: Copyright Cengage Learning. Powered by Cognero. Page 4 c. produces a good solution. d. produces a feasible solution. 24. In a decision-making framework presented in Chapter One, the term "deserved success" refers to a situation when the following occur: a. Good decision quality and good outcome quality. b. Good decision quality and bad outcome quality. c. Bad decision quality and good outcome quality. d. Bad decision quality and bad outcome quality. 25. The goal of the modeling approach to problem solving is to a. help individuals make good decisions. b. ensure optimality of decisions. c. determine a set of optimal decisions. d. determine feasibility of decisions. 26. Business analytics focuses on a. identifying and leveraging business opportunities. b. formulating analytical models. c. using models to analyze problem. d. testing and implementing results. 27. Which of the following steps in the problem-solving process is most likely to incur resistance from people affected by the proposed solution? a. Formulate model b. Use model to analyze problem c. Test results d. Implement solution 28. To illustrate how a complex system will be built, an engineer will likely use a a. mathematical model. b. mental model. c. physical model. d. visual model. 29. Chapter One discussed all of the following except: a. how models of decision problems differ in a number of important characteristics. b. how spreadsheet modeling and analysis fit into the problem-solving process. c. how spreadsheet models of decision problems can be used to analyze the consequences of possible courses of action. d. how to implement a problem formulation as a spreadsheet model. 30. A mathematical model is considered to be "valid" when a. it accurately represents the relevant characteristics of the object or decision. b. it has passed a validation test. Name: Class: Date: Copyright Cengage Learning. Powered by Cognero. Page 5 c. it replicates all aspects of the object or decision. d. the left-hand and right-hand sides of expressions are equal. 31. A situation when decision quality is good and the resulting outcome quality is bad is referred to as a. pure luck. b. deserved success. c. bad luck. d. poetic justice. 32. There are a variety of problems a manager might face. While presenting and defending your approach, how would you complete this thought? Several different modeling techniques are available to solve managerial decision problems, a. the wrong choice of modeling technique is a common source of implementation difficulties. b. students should develop a strong preference and expertise in one technique so when faced with problems as managers they can formulate them as a model that can be solved by their favorite technique. c. fundamental characteristics of the problem guide the selection of an appropriate modeling technique. d. most problems faced by managers are fundamentally the same. 33. Which of the following categories of modeling techniques involves determining the value of a dependent variable based on specific values of independent variables? a. Biased models. b. Descriptive models. c. Predictive models. d. Prescriptive models. 34. In order to be useful to a decision-maker, decision problems need to be a. valid. b. analyzed. c. simplified. d. tested. 35. Why would someone wish to use a spreadsheet model? a. To implement a computer model. b. Because spreadsheets are convenient. c. To analyze decision alternatives. d. All of these. 36. Which of the following is true of "What if?" analysis? a. A well-designed spreadsheet facilitates "What if?" analysis. b. It is not very useful when working with non mathematical models. c. "What if?" analysis is an efficient optimization technique. d. "What if?" analysis is useful in creating a well-defined problem statement.