MGS 3100 FINAL

R2 can take value from

0 to 1

The probability of an event lies between?

0 to 1

What would be the result of =SUM(A1,250), if A1=25?

275

Interpret the line, Y=5X+6

5 is slope

interpret the line, Y=2X+7

7 is y intercept

profit equation

= Revenue- total cost

Contirbution Margin

= [price/unit- VC/unit]

revenue

= price * quanity sold

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)- =MEDIAN(number1,number2,....,last number)

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 formulas below contain the correct syntax (formula arguments) for the VLOOKUP function

=VLOOKUP(lookupvalue, tablearray, colindexnum, range_lookup)

What is regression analysis?

A statistical process for estimating the relationships among variables

Minimax Regret?

Compute Opportunity Loss Table. Then pick largest number for each alternative, and smallest of those

Laplace?

Compute average for each alternative. Pick largest.

A moving average can be used to smooth which of the following?

Cyclical, seasonal, irregualar variations

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

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

EVSI

EVSI-EVUII

EOL stands for?

Expected opportunity loss: Weighted average of Opportunity losses. Do same as above, but for the opportunity loss table.

EVPI stands for?

Expected value of perfect information : EVUII- EV

EVUPI stands for and formula?

Expected value under perfect information (Max number for each state of nature) * (probability of that state of nature)

Breakeven point

FC/[price/unit - VC unit]

Which of the following is NOT a type of Qualitative forecasting?

Heuristic

What is Bayes' theorem

It is the probability of an event based on condition that might be related to an event

Wrap text is used for?

Make the row tall so as to adjust all the words

When we have many independent variables which we use to predict the dependent variable, we call this process as?

Multiple regression

EVUII stands for? And what is the formula

Multiply each payoff for an alternative by its probability, then add the results

For a furniture manufacturing plant, which of the following is an exogenous variable when modelling profit

Number of employees working in a plant

Joint Probabilities

P(A and B) = P(A) * P(B/A)

Posterior Probability

P(A/B) = P(A and B) / P(B)

What is maximin?

Pick smallest number for each alternative, then largest of those.

What is maximax?

Pick the largest number for each alternative, then largest of those.

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

What is the difference between profit model and simulation mode

Profit model has all the inputs known with certainty while simulation is used when inputs are uncertain.

Identify the correct equation

R2 = SSR/SST

returns a random number that is greater than or equal to 0 and less than 1

RAND function

The formula of slope(M) in the equation Y=MX+B is?

Rise/run

Identify the correct equation?

SST=SSR+SSE

What is a simulation?

Simulation is the imitation of the operation of a real-world process or system over time.

In the equation Y=MX+B, what is M?

Slope

decision making under ignorance

The decision maker knows that there will be more than one state of nature, but does not know the probabilities that will occur with them.

Decision making under certainity

The decision maker knows what will happen. Straight forward decision.

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

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.

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

Heuristic

a rule-of-thumb problem-solving strategy

MEAN function is used for?

calculate the average of the column

Variable cost

cost per unit * quanity sold

Clicking on the button fx is generally used for

entering the values for formulas like median, vlookup etc

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

decision under ignorance

maximax, maximin, laplace, minimax regret

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

Updates to a worksheet will result in the RAND function updating the value to a new value for that particular field?

tRUE

decision making under risk

the availability of each alternative and its potential payoffs and costs are all associated with risks