MSIS 3223

MSIS 3223 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE The Process of developing good, useful, and correct spreadsheet models is known as spreadsheet engineering. True In predictive modeling, validity refers to how well a model represents reality. True Two-way data tables can evaluate only one output variable. True Models can capture every detail of a real problem. False Verification is the process of ensuring that a model is accurate and free from logical errors True E...

MSIS 3223 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE Classical definition of probability The process that generates the outcome is known and probabilities can be deduced from theoretical arguments Relative frequency definition of probability based on empirical data. The probability that an outcome will occur is simply the relative frequency associated with that outcome Subjective definition of probability based on judgement and experience Random variable A numerical descriptio...

MSIS 3223 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE Formulas in Excel use common mathematical operators: Addition + • Subtraction - • Multiplication * • Division / • Raised to the Power of (Exponentiation) ^ Relative Address A relative address uses just the rowand column label in the cell reference (for example A4 or C23) Absolute Address An absolute address uses a dollars sign ($) before either the row orcolumn or both (for example $A2, C$23, or $B$15) How Absolut...

MSIS 3223 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE Goods Physical Items, raw materials, parts Services activities that provide some kind of time, location, form, and psychological value Supply vs. Demand Excess supply-- wasteful and costly too little-- loss of opportunity, customer dissatisfaction finance Secure financing Allocate resources Manage the budget Analyze investments Provide funds for operations operation produce goods and provide services marketing asses...

MSIS 3223 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE Descriptive Analytics the use of data to understand past and current business performance and make informed decisions Descriptive analytics helps detects hidden patterns in large quantities of data to group data into sets to predict behavior. False A manager at Academy wishes to know the company's revenue and profit in its previous quarter. Predictive analytics is what the manager should use for this task. False Prescripti...

MSIS 3223 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE variable cost unit variable cost x quantity produced total cost fixed cost + variable cost x quantity produced demand influence on profit by predicting how many units of a product will be sold quantity produced decision option typically based on demand profit revenue - variable cost - fixed cost multiple outputs may be evaluated using one way data tables true two way data tables can evaluate only one output variable...

Which of the following ways would 10 raised to the power of 2 x 5 raised to the power of 3/100 - 73 be represented in an excel spreadsheet? 10^2^5^3 / 100 - 73 Which of the following is a difference between relative addressing and absolute addressing when using cell formulas in excel? A relative address uses just the row and column label in the cell reference; an absolute address uses a dollar sign before either the row or column label To copy a formula from a single cell or range of cells d...

Covariance a measure of linear association between two variables, X and Y Correlation measure of the linear relationship between two variables, X and Y, which does not depend on the units of measurement. is measured by the coefficient. For two variables a __________ correlation coefficient indicates a linear relationship exists for which one variable increases as the other also increases. positive Kurtosis refers to the peakedness or flatness of a histogram The coefficient of skewness m...

operations management management of processes or systems that create goods and/or provide services goods physical items produced by business organizations services activities that provide some combination of time, location, form, and psychological value collective success or failure of companies' operations functions impact on the ability of a nation to compete with other nations, and on the nation's economy ideal situation for business organizations achieve a match of supply and ...

Dashboards may include tabular as well as visual data to help a manager to quickly locate key information. True AND(condition 1, condition 2...) is a logical function that returns TRUE if all conditions are true and FALSE if not. True The Pareto principle is often called the "80--20 rule." True The filter tool extracts records meeting the specified criteria, deleting any records that don't match the criteria. False Three useful logical functions in business analytics application...