MSIS 3223 Exam 1 Exam Questions With
Correct Answers
Common mathematical operators are used - answer✔✔-addition (+)
-subtraction (-)
-multiplication (*)
-division (/)
-exponentiation (^)
Relative references - answer✔✔A2, C5, D10
Absolute references - answer✔✔$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. - answer✔✔
Using a $ sign before a column label (for example, $B4) keeps the reference to column B fixed
but allows the row reference to change - answer✔✔
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. - answer✔✔
SUM IF, AVERAGE IF, SUM IFS, and AVERAGE IFS - answer✔✔can be used to embed IF
logic within mathematical functions.
SUMIF Sum range - answer✔✔an optional argument that allows you to add cells in a different
range.
Net Present Value (or discounted cash flow) - answer✔✔measures the worth of a stream of cash
flows, taking into account the time value of money.
range name - answer✔✔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
EXAM STUDY MATERIALS July 26, 2024 9:30 AM
,Paste Special - answer✔✔•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 - answer✔✔•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 - answer✔✔•#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 - answer✔✔•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 - answer✔✔are providing benefits to businesses from the beginning of a startup,
facilitating expansive growth, and exploding them into large, formidable companies.
Business Analytics - answer✔✔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 - answer✔✔setting prices for consumer and industrial goods, government contracts, and
maintenance contracts
EXAM STUDY MATERIALS July 26, 2024 9:30 AM
, Customer segmentation - answer✔✔identifying and targeting key customer groups in retail,
insurance, and credit card industries
Merchandising - answer✔✔determining brands to buy, quantities, and allocations
Location - answer✔✔finding the best location for bank branches and ATMs, or where to service
industrial equipment
Supply Chain Design - answer✔✔determining the best sourcing and transportation options and
finding the best delivery routes
Staffing - answer✔✔ensuring appropriate staffing levels and capabilities, and hiring the right
people
Health care - answer✔✔scheduling operating rooms to improve utilization, improving patient
flow and waiting times, purchasing supplies, and predicting health risk factors
Benefits - answer✔✔reduced costs, better risk management, faster decisions, better productivity
and enhanced bottom-line performance such as profitability and customer satisfaction.
Challenges - answer✔✔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 - answer✔✔-IBM Cognos Express
-SAS Analytics
-Tableau
Spreadsheets - answer✔✔-Widely used
-Effective for manipulating data and developing and solving models
-Support powerful commercial add-ons
-Facilitate communication of results
Descriptive analytics - answer✔✔the use of data to understand past and current business
performance and make informed decisions
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.
Prescriptive analytics - answer✔✔identify the best alternatives to minimize or maximize some
objective
Data - answer✔✔numbers or textual data that are collected through some type of measurement
process
EXAM STUDY MATERIALS July 26, 2024 9:30 AM
