TEST BANK FOR Spreadsheet Modeling and Decision Analysis: A Practical Introduction to Business Analytics 9th Edition by Cliff Ragsdale, Verified Complete Chapters|| Newest Update

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Spreadsheet Modeling And Decision Analysis A Practical Introduction To Business Analytics 9th
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Edition Cliff Ragsdale Chapter 1-15
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Answers are at the end of each chapter w w w w w w w


chapter 1 w




Indicate whether the statement is true or false.
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1. Because they simplify reality, models are generally not helpful in examining things that would be impossible
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to do in reality.
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a. True
b. False

2. The proliferation of powerful PCs and the development of easy-to-use electronic spreadsheets have made the
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tools of business analytics far more practical and available to a much larger audience.
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a. True
b. False

3. A mathematical model uses mathematical relationships to describe or represent an object or decision problem.
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a. True
b. False

4. In spreadsheet modeling of a problem, there is no direct correspondence between mathematical equation and
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the spreadsheet.
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a. True
b. False

5. Humans usually do not make errors in estimation due to anchoring and framing effects.
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a. True
b. False

6. Good decisions always result in good outcomes.
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a. True
b. False

7. Defining a problem well will often make it much easier to solve.
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a. True
b. False

8. OR/MS specialists do not deliver business value.
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a. True
b. False

Indicate the answer choice that best completes the statement or answers the question.
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,9. Identifying the real problems faced by the decision maker
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a. is not important since the decision maker has already defined the problem.
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b. requires insight, some imagination, time and a good bit of detective work.
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c. first requires a well-defined problem statement.
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d. will lead to developing the best model.
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10. Business opportunities can be viewed and formulated as
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a. decision problems. w


b. analytical models. w


c. empirical models. w


d. testing tools. w




11. In a spreadsheet, input cells correspond conceptually to
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a. dependent variables. w


b. functions.
c. independent variables. w


d. output cells. w




12. Solutions to which of the following categories of modeling techniques indicate a course of action to the
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decision maker?
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a. Descriptive models w


b. Predictive models w



c. Prescriptive models w


d. Preventive models w




13. A factor that plays a role in determining whether a good or bad outcome occurs is called
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a. luck.
b. intuition.
c. certainty.
d. predictability.

14. In a model Y=f(x1, x2), Y is called:
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a. a dependent variable.
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b. an independent variable.
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c. a confounded variable.
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d. a convoluted variable.
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15. Which of the following is the type of model used throughout this textbook?
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a. Mathematical model w


b. Mental model w


c. Physical model w



d. Visual model w




16. The essence of decision analysis is:
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, a. breaking down complex situations into manageable elements.
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b. choosing the best course of action among alternatives.
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c. finding the root cause of why something has gone wrong.
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d. thinking ahead to avoid negative consequences.
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17. A road map is an example of
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a. a mathematical model.
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b. a mental model.
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c. a physical model.
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d. a visual model.
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18. The mathematical modeling approaches presented in the textbook
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a. are a subset of the total problem-solving process.
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b. cover the entire spectrum of decision support approaches.
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c. are exhaustive. w


d. are complementary.
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19. Operations Research got its start w w w w


a. during World War II. w w w


b. with the first Univac computers in the early 1950's.
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c. from roots in Operations Management.
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d. from Frederick Taylor's Scientific Management.
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20. Anchoring occurs when: w w


a. a trivial factor is used as a starting point for estimations in a decision-making problem.
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b. a difficult factor is incorporated in a problem.
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c. an easy solution is obtained to a difficult problem.
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d. obtaining a solution is trivial. w w w w




21. Two of the effects associated with decision problems are:
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a. anchoring and framing. w w


b. anchoring and loading. w w


c. framing and complacency. w w


d. anchoring and luck w w




22. In the textbook the words "opportunity" and "problem" are
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a. disjoint.
b. used interchangeably. w



c. mutually exclusive. w


d. complementary.

23. A valid model:
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a. accurately represents a decision problem being studied.
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b. produces an optimal solution. w w w




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