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OMGT 3223 Test 1 Questions and Answers
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OMGT 3223 Test 1 Questions and Answers
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OMGT 3223 Test 1 Questions andAnswers
Business Decision Modeling - Answer-The application of quantitative analysis to
managerial decision making.
What kind of models are we focused on? - Answer-Quantitative
What are the two dimensions of models? - Answer-Model Purpose and Ceritainty
What kind of models fit under Model Purpose? - Answer-Descriptive, Prescriptive, and
Predictive
What kind of models fit under Certainty? - Answer-Deterministic and Stochastic
What is the function of Goal Seek? - Answer-Update one input to set one output to a
target value.
What is the use of Goal Seek? - Answer-Breakeven Analysis
What is the function of the Data Analysis Toolkit? - Answer-Perform statistical analysis
on data sets.
What is the use of the Data Analysis Toolkit? - Answer-Histograms
What is the function of the Solver? - Answer-Set multiple inputs to achieve an optimal
output while ensuring constraints are satisfied.
What is the use of Solver? - Answer-Constrained Optimization
What is the function of Risk Solver Platform? - Answer-Construct a graphical decision
tree with appropriate formulas.
What is the use of Risk Solver Platform? - Answer-Decision Analysis
Histogram - Answer-Special type of column chart; a histogram displays the frequency or
relative frequency of values (or ranges of values) in the data.
What are we concerned with in regards to Central Tendency? - Answer-Where are the
data values concentrated? What seem to be typical or middle data values?
What are we concerned with in regards to Dispersion? - Answer-How much variation is
there in the data? How spread out are the data values? Are there unusual values?
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