Quiz #10-#13 Principles of Data Analytics
Use the following information to answer the question(s) below. Cerebro Manufacturing produces four types of structural support fittings-plugs, rails, rivets, and clips-which are machined on two CNC machining centers. The machining centers have a capacity of 250,000 minutes per year. The gross margin per unit and machining requirements are shown in the spreadsheet below. A B C D E F 1 Cerebro Manufacturing Model 2 3 Product Plugs Rails Rivets Clips Machine Capacity (mins./year) 4 Gross Margin/Unit $0.40 $1.20 $0.80 $1.10 5 Minutes/unit 1 2 3 1.5 250,000 6 Gross margin/minute 7 Maximum Production 8 Profit Using the spreadsheet data above, what is the maximum possible production of rails based on the machine capacity? a) 125,000 b) 83,333.33 c) 250,000 d) 166,666,67
a) 125,000
A constraint function is a function of the decision variables in the problem. a) True b) False
a) True
A value randomly generated from a specified probability distribution is called a random variate. a) True b) False
a) True
A wide variety of practical problems in business analytics can be modeled using spreadsheets. a) True b) False
a) True
Any solution that satisfies all constraints of a problem is called a feasible solution. a) True b) False
a) True
As Monte Carlo simulation is essentially statistical sampling, the larger the number of trials used, the more precise is the result. a) True b) False
a) True
Balance constraints essentially state that input = output and ensure that the flow of material or money is accounted for at locations or between time periods. a) True b) False
a) True
Constraints are limitations, requirements, or other restrictions that are imposed on any solution, either from practical of technological considerations or by management policy. a) True b) False
a) True
Excel Formula Auditing tools (in the Formulas tab) help you validate the formulas and check for errors. a) True b) False
a) True
In predictive modeling, validity refers to how well a model represents reality. a) True b) False
a) True
Infeasible problems can occur when the demand requirement is higher than the available capacity. a) True b) False
a) True
Proportional Relationships are often found in problems involving mixtures or blends of materials or strategies. a) True b) False
a) True
Requirements involve the specifications of minimum levels of performance. a) True b) False
a) True
Risk analysis seeks to examine the impact of uncertain inputs on various outputs. a) True b) False
a) True
The process of developing good, useful, and correct spreadsheet models is known as spreadsheet engineering. a) True b) False
a) True
There are three types of optimization models: linear, integer, and nonlinear. a) True b) False
a) True
Two-way data tables can evaluate only one output variable. a) True b) False
a) True
Uniform or triangular distributions are used in the absence of data. a) True b) False
a) True
Verification is the process of ensuring that a model is accurate and free from logical errors. a) True b) False
a) True
A binding constraint is one for which the Cell Value is greater than the right-hand side of the value of the constraint. a) True b) False
b) False
Adding more realism to a model reduces its complexity. a) True b) False
b) False
Decision variables in an optimization model are known values. a) True b) False
b) False
In predictive modeling, verification refers to how well a model represents reality. a) True b) False
b) False
In the context of simulation, random numbers are numbers that are uniformly distributed between 0 and 9. a) True b) False
b) False
Models can capture every detail of a real problem. a) True b) False
b) False
One useful Excel tool is the data error feature, which allows you to define acceptable input values in a spreadsheet and provides an error alert if an invalid entry is made. a) True b) False
b) False
Simple bounds constrain the values of multiple variables. a) True b) False
b) False
Which of the following is a visual representation of a descriptive model that shows how the elements of the model influence, or relate to, others? a) Precedence diagram b) Influence diagram c) Scatter chart
b) Influence diagram
Problem statements such as production must be sufficient to meet promised customer orders would be categorized as a ________ constraint. a) limitations b) requirements c) proportional relationships d) balance
b) requirements
Which of the following best defines Monte Carlo simulation? a) It is a tool for building statistical models that characterize relationships among a dependent variable and one or more independent variables. b) It is a collection of techniques that seeks to group or segment a collection of objects into subsets. c) It is the process of selecting values of decision variables that minimizes or maximizes some quantity of interest. d) It is the process of generating random values for uncertain inputs in a model and computing the output variables of interest.
d) It is the process of generating random values for uncertain inputs in a model and computing the output variables of interest.
