MSIS 3223 Final Exam with Complete
Solutions
Influence Diagram - ANS-A diagram that describes how elements influence other
elements.
Spreadsheet engineering - ANS-Building spreadsheet models
Verification - ANS-The process of ensuring that a model is accurate and free from
logical errors.
Data validation - ANS-Allows you to define acceptable input values and provides an
error alert if an invalid entry is made.
Newsvendor problem - ANS-A dilemma where you don't know how many units to
produce to maximize profit and minimize losses.
Overbooking - ANS-To take more reservations than can be handled, with the
assumption that many will cancel.
Two-way data table - ANS-Evaluates a single output variable over a range of values for
two different input variables.
scenarios - ANS-Sets of values that are saved and can be substituted automatically on
your worksheet.
Monte Carlo Simulation - ANS-The process of generating random values for uncertain
inputs in a model, computing the output variables of interest, and repeating this process
for many trials to understand the distribution of the output results and their statistical
properties.
Random number (Simulation Context) - ANS-Numbers uniformly distributed between 0
and 1.
Random variate - ANS-A value randomly generated from a specified probability
distribution.
random number seed - ANS-a value from which a stream of random numbers is
generated.
Solutions
Influence Diagram - ANS-A diagram that describes how elements influence other
elements.
Spreadsheet engineering - ANS-Building spreadsheet models
Verification - ANS-The process of ensuring that a model is accurate and free from
logical errors.
Data validation - ANS-Allows you to define acceptable input values and provides an
error alert if an invalid entry is made.
Newsvendor problem - ANS-A dilemma where you don't know how many units to
produce to maximize profit and minimize losses.
Overbooking - ANS-To take more reservations than can be handled, with the
assumption that many will cancel.
Two-way data table - ANS-Evaluates a single output variable over a range of values for
two different input variables.
scenarios - ANS-Sets of values that are saved and can be substituted automatically on
your worksheet.
Monte Carlo Simulation - ANS-The process of generating random values for uncertain
inputs in a model, computing the output variables of interest, and repeating this process
for many trials to understand the distribution of the output results and their statistical
properties.
Random number (Simulation Context) - ANS-Numbers uniformly distributed between 0
and 1.
Random variate - ANS-A value randomly generated from a specified probability
distribution.
random number seed - ANS-a value from which a stream of random numbers is
generated.
