MSIS 3223 EXAM 1 ACTUAL TEST PAPER
QUESTIONS AND SOLUTIONS COMPLETE
REVIEW RESOURCE
●● What is the easiest way to locate a particular function?
Answer: select a cell and click on the insert function button (fx) below
the ribbon
●● MIN(range)
Answer: finds the smallest value in a range of cells
●● MAX(range)
Answer: finds the largest value in a range of cells
●● SUM(range)
Answer: finds the sum of values in a range of cells
●● Average(range)
Answer: finds the average of the values in a range of cells
●● COUNT(range)
Answer: finds the number of cells in a range that contains numbers
,●● COUNTIF(range, criteria)
Answer: finds the number of cells within a range that meet a specified
criterion
●● Net Present Value (NPV)
Answer: measures the worth of a streak of cash flows, taking into
account the time value of money
●● discount rate
Answer: reflects the opportunity cost of spending funds versus achieving
a return through another investment, as well as the risks associated with
not receiving returns until a later time
●● a positive NPV means...
Answer: the investment will provide added value because the project
return exceeds the discount rate
●● Descriptive analytics
Answer: summarizes data into meaningful charts and reports
●● predictive analytics
, Answer: seeks to predict the future by examining historical data,
detecting patterns or relationships in these data and then extrapolating
these relationships forward in time
●● prescriptive analytics
Answer: uses optimization to identify the best alternatives to minimize
or maximize an objective
●● Reliability
Answer: data that is accurate and consistent
●● Validity
Answer: the extent that the data measures what it is supposed to measure
●● Data used in business decisions need to be
Answer: reliable and valid
●● Model
Answer: abstraction or representation of a real system, idea, or object.
Ex: flowchart or spreadsheet representation
●● what do models capture?
QUESTIONS AND SOLUTIONS COMPLETE
REVIEW RESOURCE
●● What is the easiest way to locate a particular function?
Answer: select a cell and click on the insert function button (fx) below
the ribbon
●● MIN(range)
Answer: finds the smallest value in a range of cells
●● MAX(range)
Answer: finds the largest value in a range of cells
●● SUM(range)
Answer: finds the sum of values in a range of cells
●● Average(range)
Answer: finds the average of the values in a range of cells
●● COUNT(range)
Answer: finds the number of cells in a range that contains numbers
,●● COUNTIF(range, criteria)
Answer: finds the number of cells within a range that meet a specified
criterion
●● Net Present Value (NPV)
Answer: measures the worth of a streak of cash flows, taking into
account the time value of money
●● discount rate
Answer: reflects the opportunity cost of spending funds versus achieving
a return through another investment, as well as the risks associated with
not receiving returns until a later time
●● a positive NPV means...
Answer: the investment will provide added value because the project
return exceeds the discount rate
●● Descriptive analytics
Answer: summarizes data into meaningful charts and reports
●● predictive analytics
, Answer: seeks to predict the future by examining historical data,
detecting patterns or relationships in these data and then extrapolating
these relationships forward in time
●● prescriptive analytics
Answer: uses optimization to identify the best alternatives to minimize
or maximize an objective
●● Reliability
Answer: data that is accurate and consistent
●● Validity
Answer: the extent that the data measures what it is supposed to measure
●● Data used in business decisions need to be
Answer: reliable and valid
●● Model
Answer: abstraction or representation of a real system, idea, or object.
Ex: flowchart or spreadsheet representation
●● what do models capture?
