FInal Exam 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

R2 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

Sales is in Units of $1000.00 and Advertising is in Units of $100. what is the value of sales increase when we say it is increased by one unit of Advertising? The equation is: Y=45.9+123.3X.

123300

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

275

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 lets you test if something is true or false and then do different things depending on which result you get?

=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

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 does the "criteria" parameter signifies in the COUNTIF function?

A number, expression, cell reference, or text string that determines which cells will be counted

What is regression analysis?

A statistical process for estimating the relationships among variables

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

A) cyclical variation B) seasonal variation C) irregular variation

A Sundial is what type of model?

Analog Model

A car odometer is what type of model?

Analog Model

If I wanted to find the mean salary for women in the finance department, I would use?

Averageifs

A particular cell in Excel is referred to by it's cell name which is:

Column-Letter Row-number

Which of the following can be used to find the total number of lines with data in a column, based on 2 different requirements?

Countifs

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 you conclude it has at least two doors. What type of reasoning is this?

Deduction

All cats are red. Tom has a cat, therefore his cat is red. What type of reasoning is this?

Deduction

A model which gives result by solving a linear equation (ax+b = y) is what type of model?

Deterministic model

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

How do you lock the top row in excel so that it will always be visible when you scroll.

Got to the Freeze Panes in the view tab

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

Heuristic

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?

In column 1, look for a value that matches the value in cell A25. The return the value next to it in column B. If not exact match return #N/A.

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

All the students you know taking a biology class are going to a picnic hence you concluded, all students in the biology class are going for picnic. This type of reasoning is an example of

Induction

The price of stock in Apple has gone up for the last 10 days, hence you conclude Apple stock always goes up. 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

When one wishes to select the largest number from a set of data, one should use which function?

Max

When one wishes to select the smallest number from a set of data, one should use which function?

Min

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

Multiple Regression

Which if the following functions will print the date and time on an excel sheet?

Now()

All of the following are good spreadsheet practices except:

Only the person that created it understands it

A model which gives stock prices based on random changes in the economy is what type of model?

Probabilistic Model

What does the P stand for in Bayes Theorem?

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.

An Online survey in which someone is asked to describe a product, collects what type of data?

Qualitative

Break even analysis, where a company estimates the amount of sales needed to become profitable is what type of model?

Quantitative Model

Models that are based on Mathematical formula are called?

Quantitative model

Identify the correct equation?

R2 = SSR/SST

How to create a simulation of flipping a coin using (as illustrated in the Video)?

RAND and Vlookup

The amount of income a company actually receives during a specific period is called

Revenue

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

Rise/Run

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

A Cost for research to develop a new product can't be included in a profit model and therefore is considered a

Sunk Cost

Research & Development expenses are 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

Which of these statements on Vlookup() is false?

The values of the first column must be in descending order.

What is true for probabilistic models

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.

The MEAN function is used ?

To calculate the average of the selected data

A cost for items that are required for each product you make, such as flour for donuts is which type of cost?

Variable Cost

A cost that changes with the number of Unit made (or produced) is

Variable Cost

The cost of the wood that is required to make a table is which type of cost?

Variable Cost

When entering information into the If Function, the third argument is:

What to do if the condition is false

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

A bias of -10 means

You are over forecasting

When setting up a Vlookup table in Excel, the number in the far left column is the value when ?

You start returning a value in this row.

What are the arguments of the sumproduct function?

a list of arrays

A thermometer is what type of model?

analog model

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

Flipping a coin is which type of variable?

discrete

What is Not true about models

does not help in decision making, Models are always a perfect representation of a system

Clicking on the button fx towards the top left in Excel is generally used for?

getting a screen so you can enter the values for formulas like median, vlookup etc

Column index (col_index) serves what purpose in the Vlookup formula?

is the column number in the table_array from which the matching value should be returned

A globe is what type of model of the earth?

physical model

How do you freeze the total cell so that it doesn't change when copied?

put a $ in front of the letter and number that represents the cell position.

The RAND function

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

What is the main function of Vlookup?

searches for values in a column or row of a spreadsheet list or table and return another value from the table

The prob(A|B)) is the same as?

that is the only way to write it

When using Bayes theorem, why do you gather more information ?

to help you make a better decision

What is the symbol that is used to represent when two separate conditions are both true?

upside down U