MSIS Final Exam 3223 Ali Okstate
Questions and Answers
The process of developing good, useful, and correct spreadsheet models is known as
spreadsheet engineering
T/F - ANS-True
In predictive modeling, validity refers to how well a model represents reality
T/F - ANS-True
Two-way data tables can evaluate only one output variable
T/F - ANS-True
Models can capture every detail of a real problem
T/F - ANS-False
Verification is the process of ensuring that a model is accurate and free from logical
errors
T/F - ANS-True
Excel Formula Auditing tools (in the Formulas tab) help you validate the formulas and
check for errors
T/F - ANS-True
One useful Excel tool is the data error feature, which allows you to define acceptable
input values in a spreadsheet and provides an error alert if an invalid entry is made
T/F - ANS-False
A wide variety of practical problems in business analytics can be modeled using
spreadsheets
T/F - ANS-True
Objective function is the quantity that is to be - ANS-minimized or maximized.
Optimization is the most important tool in - ANS-prescriptive analytics.
Solver is an add-in package with Excel that was developed by Frontline Systems Inc.
and can be used to solve many different types of - ANS-optimization problems.
__________ __________ is the parameter that specifies when the Solver algorithm will
terminate an optimization process with integer constraints. - ANS-Integer Tolerance
, The value of Integer Tolerance should be zero in order to find the - ANS-guaranteed
optimal integer solution
-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 improve the
results. - ANS-Monte Carlo Simulation
______________ _______________ are used in the absence of data and depend on
three parameters, minimum, maximum, and most likely. _______________
____________ is often used when one can reasonably estimate these three parameters
based on managerial knowledge and judgment. - ANS-Triangular distribution
In the context of simulation, random numbers are numbers that are uniformly distributed
between - ANS-0 and 1.
RAND() returns a random number between - ANS-0 and 1.
In an integer linear optimization model some or all of the variables are restricted to
being . - ANS-whole numbers
Many optimization models require binary variables, which are variables that are
restricted to being - ANS-either 0 or 1.
Decision variables that are forced to be integers are called __________ integer
variables. - ANS-general
The _________ Answer Report provides basic information about the solution, including
the values of the original and optimal objective function and decision variables. - ANS-
Solver
A ___________ ____________ is a set of values for the decision variables that satisfy
all of the constraints. Linear programs generally have an infinite number of feasible
solutions. - ANS-feasible solution
The set of feasible solutions is often called the ___________ ___________. The
___________ ___________ is the set of points that satisfy all constraints
simultaneously. - ANS-feasible region
When a problem is ________, Solver will report "Solver could not find a feasible
solution." - ANS-infeasible
A ________ __________ is one for which the left-hand side is equal to the right-hand
side of the constraint at the optimal solution. - ANS-binding constraint
Questions and Answers
The process of developing good, useful, and correct spreadsheet models is known as
spreadsheet engineering
T/F - ANS-True
In predictive modeling, validity refers to how well a model represents reality
T/F - ANS-True
Two-way data tables can evaluate only one output variable
T/F - ANS-True
Models can capture every detail of a real problem
T/F - ANS-False
Verification is the process of ensuring that a model is accurate and free from logical
errors
T/F - ANS-True
Excel Formula Auditing tools (in the Formulas tab) help you validate the formulas and
check for errors
T/F - ANS-True
One useful Excel tool is the data error feature, which allows you to define acceptable
input values in a spreadsheet and provides an error alert if an invalid entry is made
T/F - ANS-False
A wide variety of practical problems in business analytics can be modeled using
spreadsheets
T/F - ANS-True
Objective function is the quantity that is to be - ANS-minimized or maximized.
Optimization is the most important tool in - ANS-prescriptive analytics.
Solver is an add-in package with Excel that was developed by Frontline Systems Inc.
and can be used to solve many different types of - ANS-optimization problems.
__________ __________ is the parameter that specifies when the Solver algorithm will
terminate an optimization process with integer constraints. - ANS-Integer Tolerance
, The value of Integer Tolerance should be zero in order to find the - ANS-guaranteed
optimal integer solution
-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 improve the
results. - ANS-Monte Carlo Simulation
______________ _______________ are used in the absence of data and depend on
three parameters, minimum, maximum, and most likely. _______________
____________ is often used when one can reasonably estimate these three parameters
based on managerial knowledge and judgment. - ANS-Triangular distribution
In the context of simulation, random numbers are numbers that are uniformly distributed
between - ANS-0 and 1.
RAND() returns a random number between - ANS-0 and 1.
In an integer linear optimization model some or all of the variables are restricted to
being . - ANS-whole numbers
Many optimization models require binary variables, which are variables that are
restricted to being - ANS-either 0 or 1.
Decision variables that are forced to be integers are called __________ integer
variables. - ANS-general
The _________ Answer Report provides basic information about the solution, including
the values of the original and optimal objective function and decision variables. - ANS-
Solver
A ___________ ____________ is a set of values for the decision variables that satisfy
all of the constraints. Linear programs generally have an infinite number of feasible
solutions. - ANS-feasible solution
The set of feasible solutions is often called the ___________ ___________. The
___________ ___________ is the set of points that satisfy all constraints
simultaneously. - ANS-feasible region
When a problem is ________, Solver will report "Solver could not find a feasible
solution." - ANS-infeasible
A ________ __________ is one for which the left-hand side is equal to the right-hand
side of the constraint at the optimal solution. - ANS-binding constraint
