COB 291 TEST 1 QUESTIONS &
ANSWERS
computer model - Correct Answers -set of mathematical relationships and logical
assumptions implemented in a computer as a representation of some real-world object,
decision problem, or phenomenon; Spreadsheets provide the most convenient way for
business people to
build computer models
electronic spreadsheets - Correct Answers -most convenient/useful in
implementation/analysis of business problems
visual model - Correct Answers -concrete model that is "real-world"; used for complex
decisions
physical/scale model - Correct Answers -model in its true form, i.e. model cars/airplanes
symbolic/mathematical model - Correct Answers -uses mathematical relationships to
describe or represent an object or decision problem
spreadsheet model - Correct Answers -computer model implemented via spreadsheet;
allows person to analyze decision alternatives before choosing which to make
business analytics - Correct Answers -field of study that uses data, computers,
statistics, and math to solve business problems
mental model - Correct Answers -picturing something in your mind's eye; used for
simple decisions
valid model - Correct Answers -accurately represents relevant characteristics of
problem
alternative - Correct Answers -course of action intended to solve a problem
criteria - Correct Answers -represent various factors that are important to decision
maker; influenced by alternatives, causes serious impact on decision maker
states of nature - Correct Answers -correspond to future events that are not under
decision maker's control
ANSWERS
computer model - Correct Answers -set of mathematical relationships and logical
assumptions implemented in a computer as a representation of some real-world object,
decision problem, or phenomenon; Spreadsheets provide the most convenient way for
business people to
build computer models
electronic spreadsheets - Correct Answers -most convenient/useful in
implementation/analysis of business problems
visual model - Correct Answers -concrete model that is "real-world"; used for complex
decisions
physical/scale model - Correct Answers -model in its true form, i.e. model cars/airplanes
symbolic/mathematical model - Correct Answers -uses mathematical relationships to
describe or represent an object or decision problem
spreadsheet model - Correct Answers -computer model implemented via spreadsheet;
allows person to analyze decision alternatives before choosing which to make
business analytics - Correct Answers -field of study that uses data, computers,
statistics, and math to solve business problems
mental model - Correct Answers -picturing something in your mind's eye; used for
simple decisions
valid model - Correct Answers -accurately represents relevant characteristics of
problem
alternative - Correct Answers -course of action intended to solve a problem
criteria - Correct Answers -represent various factors that are important to decision
maker; influenced by alternatives, causes serious impact on decision maker
states of nature - Correct Answers -correspond to future events that are not under
decision maker's control
