MSIS 3223 EXAM 1 (APPENDIX A1, CH. 1-4)
QUESTIONS AND ANSWERS
/. Cell references - Answer-✅_____ in formulas can be written with either relative
addresses or absolute addresses.
/.Relative - Answer-✅A(n) _____ address uses just the row and column label in the cell
reference (for example A4 or C23).
/.Absolute - Answer-✅A(n) _____ address uses a dollar sign ($) before either the row or
column or both ($A2, C$23, or $B$15).
/.B$4 - Answer-✅Using a dollar sign ($) 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$4 - Answer-✅Using a dollar sign ($) before both the row and column (for example
_____) will keep the reference fixed for both the row and column.
/.Insert - Answer-✅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) - Answer-✅Function in Excel:
finds the smallest value in a range of cells.
/.MAX(range) - Answer-✅Function in Excel:
finds the largest value in a range of cells.
/.SUM(range) - Answer-✅Function in Excel:
finds the sum of values in a range of cells.
/.AVERAGE(range) - Answer-✅Function in Excel:
finds the average of the values in a range of cells.
/.COUNT(range) - Answer-✅Function in Excel:
finds the number of cells in a range that contains numbers.
, /.COUNTIF(range, criteria) - Answer-✅Function in Excel:
finds the number of cells within a range that meet a specified criterion.
/.Net Present Value (NPV) - Answer-✅Measures the worth of a stream of cash flows,
taking into account the time value of money.
/.Discount Rate - Answer-✅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 - Answer-✅A _____ means that the investment will provide added value
because the projected return exceeds the discount rate.
/.Descriptive Analytics - Answer-✅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 - Answer-✅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 - Answer-✅Uses optimization to identify the best alternatives to
minimize or maximize some objective.
/.decision - Answer-✅Many _____ models can be formalized using a model.
/.Model - Answer-✅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 - Answer-✅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 - Answer-✅The 3 types of input in a Decision Model:
/.Data - Answer-✅Assumed to be constant for purposes of the decision model.
/.Uncontrollable inputs - Answer-✅Quantities that can change but cannot be directly
controlled by the decision maker.
QUESTIONS AND ANSWERS
/. Cell references - Answer-✅_____ in formulas can be written with either relative
addresses or absolute addresses.
/.Relative - Answer-✅A(n) _____ address uses just the row and column label in the cell
reference (for example A4 or C23).
/.Absolute - Answer-✅A(n) _____ address uses a dollar sign ($) before either the row or
column or both ($A2, C$23, or $B$15).
/.B$4 - Answer-✅Using a dollar sign ($) 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$4 - Answer-✅Using a dollar sign ($) before both the row and column (for example
_____) will keep the reference fixed for both the row and column.
/.Insert - Answer-✅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) - Answer-✅Function in Excel:
finds the smallest value in a range of cells.
/.MAX(range) - Answer-✅Function in Excel:
finds the largest value in a range of cells.
/.SUM(range) - Answer-✅Function in Excel:
finds the sum of values in a range of cells.
/.AVERAGE(range) - Answer-✅Function in Excel:
finds the average of the values in a range of cells.
/.COUNT(range) - Answer-✅Function in Excel:
finds the number of cells in a range that contains numbers.
, /.COUNTIF(range, criteria) - Answer-✅Function in Excel:
finds the number of cells within a range that meet a specified criterion.
/.Net Present Value (NPV) - Answer-✅Measures the worth of a stream of cash flows,
taking into account the time value of money.
/.Discount Rate - Answer-✅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 - Answer-✅A _____ means that the investment will provide added value
because the projected return exceeds the discount rate.
/.Descriptive Analytics - Answer-✅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 - Answer-✅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 - Answer-✅Uses optimization to identify the best alternatives to
minimize or maximize some objective.
/.decision - Answer-✅Many _____ models can be formalized using a model.
/.Model - Answer-✅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 - Answer-✅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 - Answer-✅The 3 types of input in a Decision Model:
/.Data - Answer-✅Assumed to be constant for purposes of the decision model.
/.Uncontrollable inputs - Answer-✅Quantities that can change but cannot be directly
controlled by the decision maker.
