MSIS 3223 EXAM 1 QUESTIONS AND ANSWERS
/. Common Mathematical Operators - Answer-✅Addition +
Subtraction -
Multiplication *
Division /
Exponential - ^
/.Relative Addressing - Answer-✅Using just the row/column label in cell references
Example: A2, C5, D10
/.Absolute Addressing - Answer-✅Using a $ before either the row, column, or both. This
makes it to where it does not change when copied or filed. Use this to keep a row or
column constant.
Example: $A$2, $C5, D$10
/.Using a $ sign before a row label (for example, B$4) keeps the reference... - Answer-
✅fixed to row 4 but allows the column reference to change if the formula is copied to
another cell.
/.Using a $ sign before a column label (for example, $B4) keeps the reference to column
B.. - Answer-✅fixed but allows the row reference to change.
/.Using a $ sign before both the row and column labels (for example, $B$4) keeps the
reference to cell B4... - Answer-✅fixed no matter where the formula is copied.
/.How to copy formulas - Answer-✅Copy/Paste button in home tab
Ctrl C/V
Drag bottom right corner of cell (fill handle) across a row or column
/.Basic Excel Functions - Answer-✅=MIN(range)
=MAX(range)
=SUM(range)
=AVERAGE(range)
=COUNT(range) - (must contain numbers)
=COUNTIF(range,criteria)
, /.Locating a particular function in Excel - Answer-✅Formulas - function library
/.Net Present Value - Answer-✅measures the worth of a stream of cash flows, taking
into account the time value of money
=NPV(rate, value1, value2,...)
/.Descriptive Analytics - Answer-✅Use of data to understand past/current business
performance and make informed decisions. Provides insight into the past.
"What has happened?"
/.Predictive Analytics - Answer-✅predict the future by examining historical data,
detecting patterns or relationships in these data, and then extrapolating these
relationships forward in time.
"What could happen?"
/.Prescriptive analytics - Answer-✅identify the best alternatives to minimize or maximize
some objective.
"What should we do?"
/.Data - Answer-✅numbers or textual data that are collected through some type of
measurement process
/.Information - Answer-✅result of analyzing data; that is, extracting meaning from data
to support evaluation and decision making
/.Reliability - Answer-✅data are accurate and consistent.
/.Validity - Answer-✅data correctly measures what it is supposed to measure.
/.Model - Answer-✅an abstraction or representation of a real system, idea, or object.
Captures the most important features. Can be a written or verbal description, a visual
representation, a mathematical formula, or a spreadsheet.
/.Decision Models - Answer-✅a logical or mathematical representation of a problem or
business situation that can be used to understand, analyze, or facilitate making a
decision.
Inputs:
-Data-assumed to be constant
-Uncontrollable inputs - quantities that can change but cannot be controlled-
-Decision options -controllable and selected at the discretion of the decision maker
/. Common Mathematical Operators - Answer-✅Addition +
Subtraction -
Multiplication *
Division /
Exponential - ^
/.Relative Addressing - Answer-✅Using just the row/column label in cell references
Example: A2, C5, D10
/.Absolute Addressing - Answer-✅Using a $ before either the row, column, or both. This
makes it to where it does not change when copied or filed. Use this to keep a row or
column constant.
Example: $A$2, $C5, D$10
/.Using a $ sign before a row label (for example, B$4) keeps the reference... - Answer-
✅fixed to row 4 but allows the column reference to change if the formula is copied to
another cell.
/.Using a $ sign before a column label (for example, $B4) keeps the reference to column
B.. - Answer-✅fixed but allows the row reference to change.
/.Using a $ sign before both the row and column labels (for example, $B$4) keeps the
reference to cell B4... - Answer-✅fixed no matter where the formula is copied.
/.How to copy formulas - Answer-✅Copy/Paste button in home tab
Ctrl C/V
Drag bottom right corner of cell (fill handle) across a row or column
/.Basic Excel Functions - Answer-✅=MIN(range)
=MAX(range)
=SUM(range)
=AVERAGE(range)
=COUNT(range) - (must contain numbers)
=COUNTIF(range,criteria)
, /.Locating a particular function in Excel - Answer-✅Formulas - function library
/.Net Present Value - Answer-✅measures the worth of a stream of cash flows, taking
into account the time value of money
=NPV(rate, value1, value2,...)
/.Descriptive Analytics - Answer-✅Use of data to understand past/current business
performance and make informed decisions. Provides insight into the past.
"What has happened?"
/.Predictive Analytics - Answer-✅predict the future by examining historical data,
detecting patterns or relationships in these data, and then extrapolating these
relationships forward in time.
"What could happen?"
/.Prescriptive analytics - Answer-✅identify the best alternatives to minimize or maximize
some objective.
"What should we do?"
/.Data - Answer-✅numbers or textual data that are collected through some type of
measurement process
/.Information - Answer-✅result of analyzing data; that is, extracting meaning from data
to support evaluation and decision making
/.Reliability - Answer-✅data are accurate and consistent.
/.Validity - Answer-✅data correctly measures what it is supposed to measure.
/.Model - Answer-✅an abstraction or representation of a real system, idea, or object.
Captures the most important features. Can be a written or verbal description, a visual
representation, a mathematical formula, or a spreadsheet.
/.Decision Models - Answer-✅a logical or mathematical representation of a problem or
business situation that can be used to understand, analyze, or facilitate making a
decision.
Inputs:
-Data-assumed to be constant
-Uncontrollable inputs - quantities that can change but cannot be controlled-
-Decision options -controllable and selected at the discretion of the decision maker
