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Business Analytics Test 3 | BUS - Business Strategy & Policy, Quizzes of Business Strategy

Class: BUS - Business Strategy & Policy; Subject: Business; University: Roanoke College; Term: Forever 1989;

Typology: Quizzes

2014/2015

Uploaded on 11/22/2015

mrfwertz
mrfwertz 🇺🇸

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TERM 1
Spreadsheet Engineering
DEFINITION 1
Building spreadsheets models is part art and part science
TERM 2
Verification
DEFINITION 2
________________ is the process of ensuring that a model is
accurate and free from logical errors.
TERM 3
Validity
DEFINITION 3
_____________ refers to how well a model represents reality
TERM 4
Sources of data
DEFINITION 4
1) Subjective Judgment2) Existing databases3) analysis of
historical data4) surveys, experiments, or other methods of
data collection........ are examples of _____________
TERM 5
Empirical Data
DEFINITION 5
Many predictive models in business analytics use
____________ in conjunction with logical model development
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Spreadsheet Engineering

Building spreadsheets models is part art and part science TERM 2

Verification

DEFINITION 2 ________________ is the process of ensuring that a model is accurate and free from logical errors. TERM 3

Validity

DEFINITION 3 _____________ refers to how well a model represents reality TERM 4

Sources of data

DEFINITION 4

  1. Subjective Judgment2) Existing databases3) analysis of historical data4) surveys, experiments, or other methods of data collection........ are examples of _____________ TERM 5

Empirical Data

DEFINITION 5 Many predictive models in business analytics use ____________ in conjunction with logical model development

Assumptions, certainty

Predictive analytical models are based on ______________ about the future and incorporate variables that most like will not be known with ___________. TERM 7

"What-if"

DEFINITION 7 Spreadsheet models allow you to easily evaluate __________ questions by changing input values and recalculating model outputs. TERM 8

1) Data tables 2) Scenario Manager 3) Goal

Seek

DEFINITION 8 Systematic approaches to what-if analysis that are available in Excel make the process easier and more useful. What are they? (Hint: there are 3) TERM 9

Data tables

DEFINITION 9 _____________ summarize the impact of one or two inputs on a specified output. TERM 10

One-way data table

DEFINITION 10 A _______________ evaluates an output variable over a range of values for a single input variable

Optimization

__________________ is the process of selecting values of decision variables that minimize or maximize some quantity of interest. TERM 17

Decision Variables

DEFINITION 17 ________________ are the unknown values that the model seeks to determine TERM 18

Objective Function

DEFINITION 18 The ___________________ is the quantity we seek to minimize or maximize TERM 19

Constraints

DEFINITION 19 ________________ are the limitations, requirements, or other restrictions that are imposed on any solution TERM 20

Constraint Function

DEFINITION 20 _________________ is the left-hand side of a constraint."Total labor-hours used in fabrication cannot exceed the amount of labor hours available"

Linear Optimization Model

A _______________________________ has two basic properties.1) The objective function and all constraints are linear functionsof the decision variables.2) All variables are continous TERM 22

Feasible Solution

DEFINITION 22 A _____________________ to an optimization problem is any solution that satisfies all of the constraints. TERM 23

Optimal Solution

DEFINITION 23 An _________________ is the best of all the feasible solutions. TERM 24

Binding Contraint

DEFINITION 24 A ___________________ is one for which the Cell Value is equal to the right-hand side of the value of the constraint TERM 25

Slack

DEFINITION 25 ______________ refers to the difference between left- and right-hand sides of the constraints for the optimal solution