MSIS 3223 Exam 1 (Appendix A1, Ch. 1-4) –
Questions with Answers
Cell references - -_____ in formulas can be written with either relative addresses or absolute
addresses.
-Relative - -A(n) _____ address uses just the row and column label in the cell reference (for
example A4 or C23).
-Absolute - -A(n) _____ address uses a dollar sign ($) before either the row or column or
both ($A2, C$23, or $B$15).
-B$4 - -Using a dollar sign ($) before a row label (for example _____) keeps the reference
fixed to row 4 but allows the column reference to change if the formula is copied to another
cell.
-$B$4 - -Using a dollar sign ($) before both the row and column (for example _____) will
keep the reference fixed for both the row and column.
-Insert - -The easiest way to locate a particular function is to select a cell and click the _____
function button (fx) which can be found under the ribbon next to the formula bar.
-MIN(range) - -Function in Excel:
finds the smallest value in a range of cells.
-MAX(range) - -Function in Excel:
finds the largest value in a range of cells.
-SUM(range) - -Function in Excel:
finds the sum of values in a range of cells.
-AVERAGE(range) - -Function in Excel:
finds the average of the values in a range of cells.
-COUNT(range) - -Function in Excel:
finds the number of cells in a range that contains numbers.
-COUNTIF(range, criteria) - -Function in Excel:
finds the number of cells within a range that meet a specified criterion.
-Net Present Value (NPV) - -Measures the worth of a stream of cash flows, taking into
account the time value of money.
, -Discount Rate - -The _____ reflects the opportunity costs of spending funds now versus
achieving a return through another investment, as well as the risks associated with not
receiving returns until a later time.
-positive NPV - -A _____ means that the investment will provide added value because the
projected return exceeds the discount rate.
-Descriptive Analytics - -The most commonly used and most-well understood type of
analytics. Summarizes data into meaningful charts & reports, for example, about budgets,
sales, revenues, or cost.
-Predictive Analytics - -Seeks to predict the future by examining historical data, detecting
patterns or relationships in these data, & then extrapolating these relationships forward in
time.
-Prescriptive Analytics - -Uses optimization to identify the best alternatives to minimize or
maximize some objective.
-decision - -Many _____ models can be formalized using a model.
-Model - -A _____ is an abstraction or representation of a real system, idea, or object. They
capture the most important feature of a problem & present them in a form that is easy to
interpret.
-description - -A model can be as simple as a written or verbal _____ of some phenomenon,
a visual representation (visual model) such as a graph or flowchart, or a mathematical or
spreadsheet representation.
-1. Data
2. Uncontrollable inputs
3. Decision options - -The 3 types of input in a Decision Model:
-Data - -Assumed to be constant for purposes of the decision model.
-Uncontrollable inputs - -Quantities that can change but cannot be directly controlled by
the decision maker.
-Decision options - -Controllable, and can be selected at the discretion of the decision
maker. They are often called decision variables.
-Descriptive Models - -Explain behavior & allow users to evaluate potential decisions by
asking "what-if?" questions. They describe relationships allowing a manager to make a
decision, without telling a manager what to do.
-Predictive Models - -Focus on what will happen in the future.
Questions with Answers
Cell references - -_____ in formulas can be written with either relative addresses or absolute
addresses.
-Relative - -A(n) _____ address uses just the row and column label in the cell reference (for
example A4 or C23).
-Absolute - -A(n) _____ address uses a dollar sign ($) before either the row or column or
both ($A2, C$23, or $B$15).
-B$4 - -Using a dollar sign ($) before a row label (for example _____) keeps the reference
fixed to row 4 but allows the column reference to change if the formula is copied to another
cell.
-$B$4 - -Using a dollar sign ($) before both the row and column (for example _____) will
keep the reference fixed for both the row and column.
-Insert - -The easiest way to locate a particular function is to select a cell and click the _____
function button (fx) which can be found under the ribbon next to the formula bar.
-MIN(range) - -Function in Excel:
finds the smallest value in a range of cells.
-MAX(range) - -Function in Excel:
finds the largest value in a range of cells.
-SUM(range) - -Function in Excel:
finds the sum of values in a range of cells.
-AVERAGE(range) - -Function in Excel:
finds the average of the values in a range of cells.
-COUNT(range) - -Function in Excel:
finds the number of cells in a range that contains numbers.
-COUNTIF(range, criteria) - -Function in Excel:
finds the number of cells within a range that meet a specified criterion.
-Net Present Value (NPV) - -Measures the worth of a stream of cash flows, taking into
account the time value of money.
, -Discount Rate - -The _____ reflects the opportunity costs of spending funds now versus
achieving a return through another investment, as well as the risks associated with not
receiving returns until a later time.
-positive NPV - -A _____ means that the investment will provide added value because the
projected return exceeds the discount rate.
-Descriptive Analytics - -The most commonly used and most-well understood type of
analytics. Summarizes data into meaningful charts & reports, for example, about budgets,
sales, revenues, or cost.
-Predictive Analytics - -Seeks to predict the future by examining historical data, detecting
patterns or relationships in these data, & then extrapolating these relationships forward in
time.
-Prescriptive Analytics - -Uses optimization to identify the best alternatives to minimize or
maximize some objective.
-decision - -Many _____ models can be formalized using a model.
-Model - -A _____ is an abstraction or representation of a real system, idea, or object. They
capture the most important feature of a problem & present them in a form that is easy to
interpret.
-description - -A model can be as simple as a written or verbal _____ of some phenomenon,
a visual representation (visual model) such as a graph or flowchart, or a mathematical or
spreadsheet representation.
-1. Data
2. Uncontrollable inputs
3. Decision options - -The 3 types of input in a Decision Model:
-Data - -Assumed to be constant for purposes of the decision model.
-Uncontrollable inputs - -Quantities that can change but cannot be directly controlled by
the decision maker.
-Decision options - -Controllable, and can be selected at the discretion of the decision
maker. They are often called decision variables.
-Descriptive Models - -Explain behavior & allow users to evaluate potential decisions by
asking "what-if?" questions. They describe relationships allowing a manager to make a
decision, without telling a manager what to do.
-Predictive Models - -Focus on what will happen in the future.
