ALI BAGHERI MSIS 3223 EXAM 1
QUESTIONS AND ANSWERS
•Common mathematical operators are used - Correct Answers --addition (+)
-subtraction (-)
-multiplication (*)
-division (/)
-exponentiation (^)
Relative references - Correct Answers -A2, C5, D10
Absolute references - Correct Answers -$A$2, $C5, D$10
Using a $ sign before a row label (for example, B$4) keeps the reference fixed to row 4
but allows the column reference to change if the formula is copied to another cell. -
Correct Answers -
Using a $ sign before a column label (for example, $B4) keeps the reference to column
B fixed but allows the row reference to change - Correct Answers -
Using a $ sign before both the row and column labels (for example, $B$4) keeps the
reference to cell B4 fixed no matter where the formula is copied. - Correct Answers -
SUM IF, AVERAGE IF, SUM IFS, and AVERAGE IFS - Correct Answers -can be used
to embed IF logic within mathematical functions.
SUMIF Sum range - Correct Answers -an optional argument that allows you to add cells
in a different range.
Net Present Value (or discounted cash flow) - Correct Answers -measures the worth of
a stream of cash flows, taking into account the time value of money.
range name - Correct Answers -is a descriptive label assigned to a cell or range of cells.
There are several ways to create range names in Excel
-Name box
-Create from Selection
-Define Name
Paste Special - Correct Answers -•Copy the range of cells of interest and click on the
cell where you want to paste the results. Examples:
-To paste only the values in cells (not the formulas), select Values and then click OK.
,-To transpose data in columns to rows and vice versa, use Transpose.
Concatenation - Correct Answers -•To concatenate means to join. In many applications,
you might wish to take text data that are in different columns and join them together (for
example, first and last names). The Excel function CONCATENATE(text1, text2, . . . ,
text30) can be used to join up to 30 text strings into a single string.
-Suppose that cell A1 contains the last name Smith, and cell B1 contains the first name
John. Then CONCATENATE(B1, " ", A1) will result in the text string John Smith.
Error Values - Correct Answers -•#DIV/0!—A formula is trying to divide by zero.
•#N/A—"Not available," meaning that the formula could not return a result.
•#NAME?—An invalid name is used in a formula.
•#NUM!—An invalid argument is used in a function, such as a negative number in
SQRT.
•#REF!—A formula contains an invalid cell reference.
•#VALUE!—Excel cannot compute a function because of an invalid argument.
IFERROR Function - Correct Answers -•IFERROR(value, value_if_error) displays a
specific value if an error is present.
•For example, if you are computing A1/B1, then if B1 is zero or blank, then
= IFERROR(A1/B1, " ")
will display a blank cell instead of #DIV/0!;
Data analytics - Correct Answers -are providing benefits to businesses from the
beginning of a startup, facilitating expansive growth, and exploding them into large,
formidable companies.
Business Analytics - Correct Answers -is s the use of:•data,
•information technology,
•statistical analysis,
•quantitative methods, and
•mathematical or computer-based models to help managers gain improved insight about
their business operations and make better, fact-based decisions.
Pricing - Correct Answers -setting prices for consumer and industrial goods,
government contracts, and maintenance contracts
Customer segmentation - Correct Answers -identifying and targeting key customer
groups in retail, insurance, and credit card industries
Merchandising - Correct Answers -determining brands to buy, quantities, and
allocations
Location - Correct Answers -finding the best location for bank branches and ATMs, or
where to service industrial equipment
, Supply Chain Design - Correct Answers -determining the best sourcing and
transportation options and finding the best delivery routes
Staffing - Correct Answers -ensuring appropriate staffing levels and capabilities, and
hiring the right people
Health care - Correct Answers -scheduling operating rooms to improve utilization,
improving patient flow and waiting times, purchasing supplies, and predicting health risk
factors
Benefits - Correct Answers -reduced costs, better risk management, faster decisions,
better productivity and enhanced bottom-line performance such as profitability and
customer satisfaction.
Challenges - Correct Answers -lack of understanding of how to use analytics, competing
business priorities, insufficient analytical skills, difficulty in getting good data and sharing
information, and not understanding the benefits versus perceived costs of analytics
studies.
Commercial software - Correct Answers --IBM Cognos Express
-SAS Analytics
-Tableau
Spreadsheets - Correct Answers --Widely used
-Effective for manipulating data and developing and solving models
-Support powerful commercial add-ons
-Facilitate communication of results
Descriptive analytics - Correct Answers -the use of data to understand past and current
business performance and make informed decisions
Predictive analytics - Correct Answers -predict the future by examining historical data,
detecting patterns or relationships in these data, and then extrapolating these
relationships forward in time.
Prescriptive analytics - Correct Answers -identify the best alternatives to minimize or
maximize some objective
Data - Correct Answers -numbers or textual data that are collected through some type
of measurement process
Information - Correct Answers -result of analyzing data; that is, extracting meaning from
data to support evaluation and decision making
QUESTIONS AND ANSWERS
•Common mathematical operators are used - Correct Answers --addition (+)
-subtraction (-)
-multiplication (*)
-division (/)
-exponentiation (^)
Relative references - Correct Answers -A2, C5, D10
Absolute references - Correct Answers -$A$2, $C5, D$10
Using a $ sign before a row label (for example, B$4) keeps the reference fixed to row 4
but allows the column reference to change if the formula is copied to another cell. -
Correct Answers -
Using a $ sign before a column label (for example, $B4) keeps the reference to column
B fixed but allows the row reference to change - Correct Answers -
Using a $ sign before both the row and column labels (for example, $B$4) keeps the
reference to cell B4 fixed no matter where the formula is copied. - Correct Answers -
SUM IF, AVERAGE IF, SUM IFS, and AVERAGE IFS - Correct Answers -can be used
to embed IF logic within mathematical functions.
SUMIF Sum range - Correct Answers -an optional argument that allows you to add cells
in a different range.
Net Present Value (or discounted cash flow) - Correct Answers -measures the worth of
a stream of cash flows, taking into account the time value of money.
range name - Correct Answers -is a descriptive label assigned to a cell or range of cells.
There are several ways to create range names in Excel
-Name box
-Create from Selection
-Define Name
Paste Special - Correct Answers -•Copy the range of cells of interest and click on the
cell where you want to paste the results. Examples:
-To paste only the values in cells (not the formulas), select Values and then click OK.
,-To transpose data in columns to rows and vice versa, use Transpose.
Concatenation - Correct Answers -•To concatenate means to join. In many applications,
you might wish to take text data that are in different columns and join them together (for
example, first and last names). The Excel function CONCATENATE(text1, text2, . . . ,
text30) can be used to join up to 30 text strings into a single string.
-Suppose that cell A1 contains the last name Smith, and cell B1 contains the first name
John. Then CONCATENATE(B1, " ", A1) will result in the text string John Smith.
Error Values - Correct Answers -•#DIV/0!—A formula is trying to divide by zero.
•#N/A—"Not available," meaning that the formula could not return a result.
•#NAME?—An invalid name is used in a formula.
•#NUM!—An invalid argument is used in a function, such as a negative number in
SQRT.
•#REF!—A formula contains an invalid cell reference.
•#VALUE!—Excel cannot compute a function because of an invalid argument.
IFERROR Function - Correct Answers -•IFERROR(value, value_if_error) displays a
specific value if an error is present.
•For example, if you are computing A1/B1, then if B1 is zero or blank, then
= IFERROR(A1/B1, " ")
will display a blank cell instead of #DIV/0!;
Data analytics - Correct Answers -are providing benefits to businesses from the
beginning of a startup, facilitating expansive growth, and exploding them into large,
formidable companies.
Business Analytics - Correct Answers -is s the use of:•data,
•information technology,
•statistical analysis,
•quantitative methods, and
•mathematical or computer-based models to help managers gain improved insight about
their business operations and make better, fact-based decisions.
Pricing - Correct Answers -setting prices for consumer and industrial goods,
government contracts, and maintenance contracts
Customer segmentation - Correct Answers -identifying and targeting key customer
groups in retail, insurance, and credit card industries
Merchandising - Correct Answers -determining brands to buy, quantities, and
allocations
Location - Correct Answers -finding the best location for bank branches and ATMs, or
where to service industrial equipment
, Supply Chain Design - Correct Answers -determining the best sourcing and
transportation options and finding the best delivery routes
Staffing - Correct Answers -ensuring appropriate staffing levels and capabilities, and
hiring the right people
Health care - Correct Answers -scheduling operating rooms to improve utilization,
improving patient flow and waiting times, purchasing supplies, and predicting health risk
factors
Benefits - Correct Answers -reduced costs, better risk management, faster decisions,
better productivity and enhanced bottom-line performance such as profitability and
customer satisfaction.
Challenges - Correct Answers -lack of understanding of how to use analytics, competing
business priorities, insufficient analytical skills, difficulty in getting good data and sharing
information, and not understanding the benefits versus perceived costs of analytics
studies.
Commercial software - Correct Answers --IBM Cognos Express
-SAS Analytics
-Tableau
Spreadsheets - Correct Answers --Widely used
-Effective for manipulating data and developing and solving models
-Support powerful commercial add-ons
-Facilitate communication of results
Descriptive analytics - Correct Answers -the use of data to understand past and current
business performance and make informed decisions
Predictive analytics - Correct Answers -predict the future by examining historical data,
detecting patterns or relationships in these data, and then extrapolating these
relationships forward in time.
Prescriptive analytics - Correct Answers -identify the best alternatives to minimize or
maximize some objective
Data - Correct Answers -numbers or textual data that are collected through some type
of measurement process
Information - Correct Answers -result of analyzing data; that is, extracting meaning from
data to support evaluation and decision making
