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MSIS 3223 Exam 1 - Okstate WITH 100- SURE ANSWERS
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MSIS 3223 Exam 1 - Okstate WITH 100- SURE ANSWERS
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EUNICEMSIS 3223 Exam 1 – Okstate WITH 100% CORRECT
ANSWERS
Terms in this set (114)
Addition in excel +
Subtraction in Excel -
Multiplication in Excel *
Division in Excel /
Raised to the power (exponentiation) ^
How would 10 raised to the power of 2 × 5 10^2 * 5^3/100-73
raised to the power of 3/ 100 - 73 be
represented in an Excel spreadsheet?
A relative address uses just the row and column label in the cell reference (for
relative address
example A4 or C23)
An absolute address uses a dollars sign ($) before either the row or column or both
absolute address
(for example $A2, C$23, or $B$15)
Using a dollar sign ($) before a row label (for example B$4) keeps the reference
How do you keep JUST a row fixed, but not
fixed to row 4 but allows the column reference to change if the formula is copied to
the column?
another cell.
How do you keep both the column and A dollar sign before both the row and column (for example $B$4) will keep the
row fixed? reference fixed for both the row and column.
first select the cell or range, click and hold the mouse on the small square in the
How do you copy a formula down a
lower right-hand corner of the cell, and drag the formula to the "target" cells which
column and across a row?
you wish to copy
Another way to copy a formula in Excel is to select the cell with the formula to be
What is the alternate way to copy a formula copied, and then press Ctrl-C on your Windows keyboard, click on the cell you wish
only using your keyboard? to copy to and then press Ctrl-V in Windows. With a MAC, use the Command key
rather than Ctrl
What is the easiest way to locate a select a cell and click on the Insert function button (fx) which can be found under
particular function? the ribbon next to the formula bar
MIN(range) finds the smallest value in a range of cells
MAX(range) finds the largest value in a range of cells
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, SUM(range) finds the sum of values in a range of cells
AVERAGE(range) finds the average or mean of the values in a range of cells
COUNT(range) finds the number of cells in a range that contains numbers
COUNTIF(range, criteria) finds the number of cells within a range that meet a specified criterion
measures the worth of a stream of cash flows, taking into account the time value of
Net Present Value (NPV)
money.
reflects the opportunity costs of spending funds now versus achieving a return
Discount Rate through another investment, as well as the risks associated with not receiving returns
until a later time.
means that the investment will provide added value because the projected return
Positive NPV?
exceeds the discount rate
the most commonly used and most-well understood type of analytics. Descriptive
Descriptive analytics analytics summarizes data into meaningful charts and reports, for example, about
budgets, sales, revenues, or cost
seeks to predict the future by examining historical data, detecting patterns or
predicitive analytics
relationships in these data, and then extrapolating these relationships forward in time
uses optimization to identify the best alternatives to minimize or maximize some
Prescriptive Analytics
objective
Data used in business decisions need to be reliable and valid
Reliability means that data are accurate and consistent
Validity means that data correctly measure what they are supposed to measure
Model Many decision models can be formalized
an abstraction or representation of a real system, idea, or object. Models capture the
Model most important feature of a problem and present them in a form that is easy to
interpret
can be as simple as a written or verbal description of some phenomenon, a visual
Model representation (visual model) such as a graph or flowchart, or a mathematical or
spreadsheet representation
Decision Models three types of input data, uncontrollable inputs, and decision options
Data which are assumed to be constant for purposes of the model
which are quantities that can change but cannot be directly controlled by the
uncontrollable inputs
decision maker
which are controllable and can be selected at the discretion of the decision maker.
decision options
Decision options are often called decision variables
explain behavior and allow users to evaluate potential decisions by asking "what-if?"
descriptive models questions. Descriptive decision models describe relationships allowing a manager to
make a decision, without telling a manager what to do.
predictive models focus on what will happen in the future.
help decision makers identify the best solution to decision problems. Prescriptive
prescriptive models models use optimization—the process of finding a set of values for decision options
that minimize or maximize some quantity of interest
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