business analysis final mc questions review
Which special character is used to lock a particular value in excel so that it remains constant in the sumproduct function?
$
R can take value from?
-1 to 1
R^2 can take value from?
0 to 1
The probability of an event lies between?
0 to 1
The total probability of all the possible outcomes should be equal to?
1
What would be the result of =SUM(A1,250), if A1=25?
275
Interpret the line, Y=5X+6
5 is the Slope
Interpret the line, Y=2X+7
7 is the y intercept
To add up series of number, what is the correct method?
=A1+A2+A3+A4
The syntax of COUNTIF used in the coin flip video is?
=COUNTIF(range,criteria)
What function offers you the possibility to view different results depending on the entered condition?
=If()
The formula for MEDIAN is?
=MEDIAN(number1,number2,....,last number)
The syntax of RAND function is?
=RAND()
If you want to add the cells A10 through A20 and then multiply that total by 5%, which formula below would be correct?
=SUM(A10:A20)*.05
What is the syntax of Vlook up in excel?
=VLOOKUP (value, table, colindex, [rangelookup])
Which of the VLOOKUP formulas will give you the results in 3E.
=VLOOKUP(D3,A2:B9,2,FALSE)
Which of the formulas below contain the correct syntax (formula arguments) for the VLOOKUP function?
=VLOOKUP(lookupvalue, tablearray, colindexnum, range_lookup)
What does A|B mean?
A happening given B has happened
What is regression analysis?
A statistical process for estimating the relationships among variables
Car Odometer is what type of model?
Analog Model
Thermometer is what type of model?
Analog Model
How do you make all the columns uniform?
By formatting and adjusting column width
Interpret coefficient -6 from the regression equation: y = 100 - 6X where y is number of donuts sold and x is price. So on an average, if price increases by one dollar, the number of donuts sold:
Decreases by 6
All cars have at least two doors, Audi is a car hence it has at least two doors. What type of reasoning is this?
Deduction
A model which gives result by solving a linear equation is what type of model?
Deterministic model
Flipping a coin is which type of variable?
Discrete
What is the difference between discrete and continuous variable?
Discrete can take only certain value while continuous can take unlimited values between two specific values
The correct formula for EVPI is?
EVUPI — EVUII
What is true for deterministic models?
Every time you run it, you get same result
EOL stands for?
Expected opportunity loss
EVPI stands for?
Expected value of perfect information
EVUII stands for?
Expected value under Imperfect Information
EVUPI stands for?
Expected value under perfect information
What does the | (in prob(A|B)) stand for?
Given
Which of the following is NOT a type of Qualitative forecasting?
Heuristic
All the dogs you have seen are black, hence you concluded that all dogs are black. This type of reasoning is an example of
Induction
Many students of Tracy class are going for picnic hence you concluded, all students in the class are going for picnic. This type of reasoning is an example of
Induction
One of the three main reasons given in the video that we use Simulation?
It is less expensive
What is Bayes' theorem?
It is the probability of an event based on condition that might be related to an event
What is decision making(DM) under risk?
Knows the probability of states of nature occurring
Wrap text is used for?
Make the row tall so as to adjust all the words
When one wishes to select the largest number from a set of data, one should use which function?
Max
What is Not true about models
Model does not help in decision making
What is Not true about models (2)
Models are always a perfect representation of a system
When we have many independent variables which we use to predict the dependent variable, we call this process as?
Multiple Regression
Globe is what type of model of earth?
Physical Model
A model which gives stock prices is what type of model?
Probabilistic Model
What does the P stand for?
Probability
What is the formula for the probability of a specific favorable outcome?
Probability = number of favorable outcomes / sum of all possible outcomes
What is cumulative probability?
Probability for a specific outcome and all those who have come before
Total earnings after expenses have been deducted is called
Profit
What is the difference between profit model and simulation model (as discussed in Chapter 4)?
Profit model has all the inputs known with certainty while simulation is used when inputs are uncertain.
Market Research is what type of model?
Qualitative Model
Online survey is what type of model?
Qualitative Model
Break even analysis, where company decides estimated amount of sales to avoid loss of money is what type of model?
Quantitative Model
Models that are based on Mathematic formula are called?
Quantitative model
Identify the correct equation for R^2?
R^2 = SSR/SST
Amount that company actually receives during a specific period is called
Revenue
The formula of slope(M) in the equation Y=MX+B is?
Rise/Run
Identify the correct equation for SST?
SST=SSR+SSE
For a Car manufacturing plant, which of the following is an exogenous variable when modelling profit
Sales price of cars manufactured per year
For a furniture manufacturing plant, which of the following is an exogenous variable when modelling profit
Sales price of tables manufactured per year
In the equation Y=MX+B, what is M?
Slope
A Cost that is not recoverable through future actions is
Sunk Cost
R&D cost is which type of cost?
Sunk Cost
Spanish language is what type of model?
Symbolic Model
Updates to a worksheet will result in the RAND function updating the value to a new value for that particular field?
TRUE
Suppose cells A2:B20 contain a table with product numbers in column A and product prices in column B. What does the formula =VLOOKUP(A25,A2:B20,2,FALSE) return?
The price for the product in column A if the exact product number corresponding to A25 can be found, or #N/A if not.
Which of these statements on Vlookup() is false?
The values of the first column must be in descending order.
What is true for probabilistic model
They include an element of randomness
In a VLOOKUP formula, what does the argument columnindexnumber mean?
This is the number of the column within the selected table_array where the lookup result is located.
MEAN function is used for?
To calculate the average of the column
What is the main function of fill color? a) To fill color in the current selected fields
To fill color in the current selected fields
What factor does not define a deductive model?
Uncertainty
A cost that changes with the number of Unit made is
Variable Cost
Raw Material cost is which type of cost?
Variable Cost
When entering information into the If Function, the second argument is:
What to do if the condition is true
In the equation Y=MX+B, what is B?
Y intercept
What are the arguments of sumproduct function?
a list of arrays
RAND function: To make the value as static so that it does not change when we click anywhere in the excel sheet, what is the best method?
copy and paste as values
A moving average can be used to smooth which of the following?
cyclical variation seasonal variation irregular variation
Clicking on the button fx is generally used for?
entering the values for formulas like median, vlookup etc
What is a simulation?
imitation of the operation of a real-world process or system over time.
Column index (col_index) serves what purpose in the Vlook up formula?
is the column number in the table_array from which the matching value should be returned
RAND function is used for?
returns a random number that is greater than or equal to 0 and less than 1
What is the main function of Vlook up?
searches for values in a column or row of a spreadsheet list or table
