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Spreadsheet Modeling and Decision Analysis, A Prac�cal Introduc�on to Business Analy�cs, 9e Cliff Ragsdale (Test Bank All Chapters, 100% Original Verified, A+ Grade) 1 / 4
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Class:
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Chapter 01 Introduction to Modeling and Decision Analysis
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- The essence of decision analysis is
- breaking down complex situations into manageable elements.
- choosing the best course of action among alternatives.
- finding the root cause of why something has gone wrong.
- thinking ahead to avoid negative consequences.
ANSWER: b
- All of the following are reasons why someone would wish to use a spreadsheet model except
- to implement a computer model.
- because spreadsheets are convenient.
- to analyze decision alternatives.
- because spreadsheets lead to increased opportunities.
ANSWER: d
- Which of the following fields of study uses computers, statistics, and mathematics to solve business problems?
- Accounting
- Information systems
- Business analytics
- Scientific management
ANSWER: c
- Anchoring effects occur in decision-making problems when
- decision makers are tied too closely to previous decisions.
- organizations refuse to consider new alternatives.
- a seemingly trivial factor serves as a starting point for estimations.
- a person in a position of authority exerts his or her opinion very forcefully.
ANSWER: c
- Virtually everyone who uses a spreadsheet today for model building and decision making
- is a practitioner of business analytics.
- possesses an advanced knowledge of mathematics and computer programming languages.
- is a CPA.
- is in a position to influence decision makers.
ANSWER: a
- Which of the following statements is true of using models in problem solving and decision analysis?
- It is a fairly new idea.
- It is required in order to find good solutions.
- It is something virtually everyone has done before.
- It is tied to the use of computers.
ANSWER: c
- A road map is an example of a
- mathematical model. 2 / 4
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Chapter 01 Introduction to Modeling and Decision Analysis
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- mental model.
- physical model.
- visual model.
ANSWER: d
- The textbook figure shown below of the problem-solving process is an example of a
- mental model.
- prescriptive model.
- graphical model.
- visual model.
ANSWER: d
- Which of the following is most likely to be used when faced with the decision of how to arrange furniture in a room?
- Mathematical model
- Mental model
- Physical model
- Visual model
ANSWER: b
- To illustrate how a complex system will be built, an engineer will likely use a
- mathematical model.
- mental model.
- physical model.
- visual model.
ANSWER: d
- Which of the following is the type of model used throughout this textbook?
- Mathematical model
- Mental model
- Physical model
- Visual model
ANSWER: a
- The best models
- accurately reflect relevant characteristics of the real-world object or decision.
- are mathematical models.
- replicate all aspects of the real-world object or decision. 3 / 4
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Chapter 01 Introduction to Modeling and Decision Analysis
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- replicate the characteristics of a component in isolation from the rest of the system.
ANSWER: a
- A mathematical model is considered to be valid when
- it accurately represents the relevant characteristics of the object or decision.
- it has passed a validation test.
- it replicates all aspects of the object or decision.
- the left- and right-hand sides of expressions are equal.
ANSWER: a
- All of the following are benefits of modeling except that
- modeling delivers needed information on a more timely basis.
- modeling finds the right answers to incorrect or flawed problem statements.
- modeling is helpful in examining things that would be impossible to do in reality.
- modeling is less expensive than implementing several alternative solutions.
ANSWER: b
- Better decision making using a modeling process is achieved due to the
- interaction with the spreadsheet.
- visualization of the system being studied.
- insight gained through the process.
- timeliness of the results obtained.
ANSWER: c
- The term "mathematics" is used to encompass not only the most familiar elements of math, such as algebra, but also
- profit and revenue calculations.
- calculus
- logic.
- expense calculations.
ANSWER: c
- The specification or description of the relationship between the dependent and independent variables is generally
- constraint.
- declaration.
- function.
- mathematical model.
called a
ANSWER: c
- Variables are termed independent when they satisfy which of the following?
- The function value depends upon their values.
- The decision maker has no control over them.
- The variables have no relationship to one another.
- The variable is described as an output of the spreadsheet model.
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