A+ Graded Paper
MSIS 3223 End Term Exam - Ali Bagheri – 2025
Verified Q&A
Questions and Mark scheme
Version: Final 1.1
,Prescriptive models - ✔✔help decision makers identify the best solution to a decision problem.
Optimization - ✔✔finding values of decision variables that minimize (or maximize) something such as cost (or profit)
Objective function - ✔✔the equation that minimizes (or maximizes) the quantity of interest
Optimal solution - ✔✔values of the decision variables at the minimum (or maximum) point
Assumptions are made to - ✔✔-simplify a model and make it more tractable; that is, able to be easily analyzed or solved.
-better characterize historical data or past observations.
•The task of the modeler is to select or build an appropriate model that best represents the behavior of the real
situation.
Uncertainty - ✔✔s imperfect knowledge of what will happen in the future.
Risk - ✔✔is associated with the consequences of what actually happens.
Data set - ✔✔- a collection of data
-Examples: Marketing survey responses, a table of historical stock prices, and a collection of measurements of
dimensions of a manufactured item
Database - ✔✔- a collection of related files containing records on people, places, or things
-A database file is usually organized in a two-dimensional table, where the columns correspond to each individual
element of data (called fields, or attributes), and the rows represent records of related data elements.
Excel table - ✔✔allows you to use table references to perform basic calculations. Select the data range including
headers. Next, click Table from the Tables group on the Insert tab and make sure that the box for My Table Has Headers
is checked.
•The table name (default: Table1),can be found (and changed) in the Properties group of the Table Tools Design tab in
Windows or in the Table tab on a Mac.
, Pareto Analysis - ✔✔An Italian economist, Vilfredo Pareto, observed in 1906 that a large proportion of the wealth in
Italy was owned by a small proportion of the people.
Similarly, businesses often find that a large proportion of sales come from a small proportion of customers, the "80-20
rule."
A Pareto analysis involves sorting data and calculating cumulative proportions.
•Common mathematical operators are used - ✔✔-addition (+)
-subtraction (-)
-multiplication (*)
-division (/)
-exponentiation (^)
Relative references - ✔✔A2, C5, D10
Absolute references - ✔✔$A$2, $C5, D$10
Using a $ sign before a row label (for example, B$4) keeps the reference fixed to row 4 but allows the column reference
to change if the formula is copied to another cell. - ✔✔
Using a $ sign before a column label (for example, $B4) keeps the reference to column B fixed but allows the row
reference to change - ✔✔
Using a $ sign before both the row and column labels (for example, $B$4) keeps the reference to cell B4 fixed no matter
where the formula is copied. - ✔✔
SUM IF, AVERAGE IF, SUM IFS, and AVERAGE IFS - ✔✔can be used to embed IF logic within mathematical functions.
SUMIF Sum range - ✔✔an optional argument that allows you to add cells in a different range.
Net Present Value (or discounted cash flow) - ✔✔measures the worth of a stream of cash flows, taking into account the
time value of money.
MSIS 3223 End Term Exam - Ali Bagheri – 2025
Verified Q&A
Questions and Mark scheme
Version: Final 1.1
,Prescriptive models - ✔✔help decision makers identify the best solution to a decision problem.
Optimization - ✔✔finding values of decision variables that minimize (or maximize) something such as cost (or profit)
Objective function - ✔✔the equation that minimizes (or maximizes) the quantity of interest
Optimal solution - ✔✔values of the decision variables at the minimum (or maximum) point
Assumptions are made to - ✔✔-simplify a model and make it more tractable; that is, able to be easily analyzed or solved.
-better characterize historical data or past observations.
•The task of the modeler is to select or build an appropriate model that best represents the behavior of the real
situation.
Uncertainty - ✔✔s imperfect knowledge of what will happen in the future.
Risk - ✔✔is associated with the consequences of what actually happens.
Data set - ✔✔- a collection of data
-Examples: Marketing survey responses, a table of historical stock prices, and a collection of measurements of
dimensions of a manufactured item
Database - ✔✔- a collection of related files containing records on people, places, or things
-A database file is usually organized in a two-dimensional table, where the columns correspond to each individual
element of data (called fields, or attributes), and the rows represent records of related data elements.
Excel table - ✔✔allows you to use table references to perform basic calculations. Select the data range including
headers. Next, click Table from the Tables group on the Insert tab and make sure that the box for My Table Has Headers
is checked.
•The table name (default: Table1),can be found (and changed) in the Properties group of the Table Tools Design tab in
Windows or in the Table tab on a Mac.
, Pareto Analysis - ✔✔An Italian economist, Vilfredo Pareto, observed in 1906 that a large proportion of the wealth in
Italy was owned by a small proportion of the people.
Similarly, businesses often find that a large proportion of sales come from a small proportion of customers, the "80-20
rule."
A Pareto analysis involves sorting data and calculating cumulative proportions.
•Common mathematical operators are used - ✔✔-addition (+)
-subtraction (-)
-multiplication (*)
-division (/)
-exponentiation (^)
Relative references - ✔✔A2, C5, D10
Absolute references - ✔✔$A$2, $C5, D$10
Using a $ sign before a row label (for example, B$4) keeps the reference fixed to row 4 but allows the column reference
to change if the formula is copied to another cell. - ✔✔
Using a $ sign before a column label (for example, $B4) keeps the reference to column B fixed but allows the row
reference to change - ✔✔
Using a $ sign before both the row and column labels (for example, $B$4) keeps the reference to cell B4 fixed no matter
where the formula is copied. - ✔✔
SUM IF, AVERAGE IF, SUM IFS, and AVERAGE IFS - ✔✔can be used to embed IF logic within mathematical functions.
SUMIF Sum range - ✔✔an optional argument that allows you to add cells in a different range.
Net Present Value (or discounted cash flow) - ✔✔measures the worth of a stream of cash flows, taking into account the
time value of money.
