MSIS FINAL EXAM 3223 ALI OKSTATE QUESTIONS AND ANSWERS

MSIS FINAL EXAM 3223 ALI OKSTATE
QUESTIONS AND ANSWERS

The process of developing good, useful, and correct spreadsheet models is known as
spreadsheet engineering
T/F - Correct Answers -True

In predictive modeling, validity refers to how well a model represents reality
T/F - Correct Answers -True

Two-way data tables can evaluate only one output variable
T/F - Correct Answers -True

Models can capture every detail of a real problem
T/F - Correct Answers -False

Verification is the process of ensuring that a model is accurate and free from logical
errors
T/F - Correct Answers -True

Excel Formula Auditing tools (in the Formulas tab) help you validate the formulas and
check for errors
T/F - Correct Answers -True

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
T/F - Correct Answers -False

A wide variety of practical problems in business analytics can be modeled using
spreadsheets
T/F - Correct Answers -True

Which of the following is a visual representation of a descriptive model that shows how
the elements of the model influence, or relate to, others?
Precedence diagram
Influence diagram
Scatter chart - Correct Answers -Influence Diagram

Adding more realism to a model reduces its complexity
T/F - Correct Answers -False

, T/F: as Monte Carlo simulation is essentially statistical sampling, the larger the number
of trials used, the more precise the results. - Correct Answers -True

T/F: Uniform or triangular distributions are used in the absence of data. - Correct
Answers -True

T/F: Risk analysis seeks to examine the impact of uncertain inputs on various outputs. -
Correct Answers -True

T/F: In the context of simulation, random numbers are numbers that are uniformly
distributed between 0 and 9. - Correct Answers -False

T/F: A value randomly generated from a specified probability distribution is called a
random variate. - Correct Answers -True

A constraint function is a function of the decision variables in the problem
T/F - Correct Answers -True

Any solution that satisfies all constraints of a problem is called a feasible solution
T/F - Correct Answers -True

A binding constraint is one for which the Cell Value is greater than the right-hand side of
the value of the constraint
T/F - Correct Answers -False

There are three types of organization models, linear, integer, and nonlinear
T/F - Correct Answers -True

Infeasible problems can occur when the demand requirement is higher than the
available capacity
T/F - Correct Answers -True

Decision variables in an optimization model are known values
T/F - Correct Answers -False

Constraints are limitations, requirements, or other restrictions that are imposed on any
solution, either from practical of technological considerations or by management policy
T/F - Correct Answers -True

Simple bonds constrain the values of multiple variables
T/F - Correct Answers -False

Proportional relationships are often found in problems involving mixtures or blends of
materials or strategies
T/F - Correct Answers -True