MSIS 3223 Exam 1 (Appendix A1, Ch. 1-
4) Questions and Answers 100% Correct
Cell references - ANSWER-_____ in formulas can be written with either relative
addresses or absolute addresses.
Relative - ANSWER-A(n) _____ address uses just the row and column label in the cell
reference (for example A4 or C23).
Absolute - ANSWER-A(n) _____ address uses a dollar sign ($) before either the row or
column or both ($A2, C$23, or $B$15).
B$4 - ANSWER-Using a dollar sign ($) before a row label (for example _____) keeps
the reference fixed to row 4 but allows the column reference to change if the formula is
copied to another cell.
$B$4 - ANSWER-Using a dollar sign ($) before both the row and column (for example
_____) will keep the reference fixed for both the row and column.
Descriptive Analytics - ANSWER-The most commonly used and most-well understood
type of analytics. Summarizes data into meaningful charts & reports, for example, about
budgets, sales, revenues, or cost.
Predictive Analytics - ANSWER-Seeks to predict the future by examining historical data,
detecting patterns or relationships in these data, & then extrapolating these
relationships forward in time.
Prescriptive Analytics - ANSWER-Uses optimization to identify the best alternatives to
minimize or maximize some objective.
Insert - ANSWER-The easiest way to locate a particular function is to select a cell and
click the _____ function button (fx) which can be found under the ribbon next to the
formula bar.
MIN(range) - ANSWER-Function in Excel:
finds the smallest value in a range of cells.
MAX(range) - ANSWER-Function in Excel:
finds the largest value in a range of cells.
SUM(range) - ANSWER-Function in Excel:
finds the sum of values in a range of cells.
, AVERAGE(range) - ANSWER-Function in Excel:
finds the average of the values in a range of cells.
COUNT(range) - ANSWER-Function in Excel:
finds the number of cells in a range that contains numbers.
COUNTIF(range, criteria) - ANSWER-Function in Excel:
finds the number of cells within a range that meet a specified criterion.
Net Present Value (NPV) - ANSWER-Measures the worth of a stream of cash flows,
taking into account the time value of money.
Data - ANSWER-Assumed to be constant for purposes of the decision model.
Uncontrollable inputs - ANSWER-Quantities that can change but cannot be directly
controlled by the decision maker.
Decision options - ANSWER-Controllable, and can be selected at the discretion of the
decision maker. They are often called decision variables.
Discount Rate - ANSWER-The _____ reflects the opportunity costs of spending funds
now versus achieving a return through another investment, as well as the risks
associated with not receiving returns until a later time.
positive NPV - ANSWER-A _____ means that the investment will provide added value
because the projected return exceeds the discount rate.
decision - ANSWER-Many _____ models can be formalized using a model.
Model - ANSWER-A _____ is an abstraction or representation of a real system, idea, or
object. They capture the most important feature of a problem & present them in a form
that is easy to interpret.
description - ANSWER-A model can be as simple as a written or verbal _____ of some
phenomenon, a visual representation (visual model) such as a graph or flowchart, or a
mathematical or spreadsheet representation.
1. Data
2. Uncontrollable inputs
3. Decision options - ANSWER-The 3 types of input in a Decision Model:
Descriptive Models - ANSWER-Explain behavior & allow users to evaluate potential
decisions by asking "what-if?" questions. They describe relationships allowing a
manager to make a decision, without telling a manager what to do.
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