Spreadsheet Modeling for Business Exam Questions
Course Introduction
Spreadsheet Modeling for Business introduces students to the practical application of spreadsheet software in solving business problems and supporting decision-making processes. The course covers fundamental and advanced spreadsheet functions, data organization, analytical modeling, what-if analysis, and data visualization techniques. Through hands-on projects, students learn to create financial models, automate tasks with formulas and functions, and leverage tools such as pivot tables and scenario managers. Emphasis is placed on interpreting and presenting data effectively to inform business strategies, making this course essential for anyone seeking to enhance their quantitative and analytical skills in a business context.
Recommended Textbook
Spreadsheet Modeling and Decision Analysis 7th Edition by Cliff Ragsdale
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1208 Verified Questions
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Chapter 1: Introduction to Modeling and Decision Analysis
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Sample Questions
Q1) Which of the following categories of modeling techniques includes simulation?
A)Descriptive models
B)Predictive models
C)Prescriptive models
D)Scale models
Answer: A
Q2) The categories of modeling techniques presented in this book include all of the following except:
A)descriptive models.
B)predictive models.
C)prescriptive models.
D)preventive models.
Answer: D
Q3) Which of the following steps in the problem-solving process is most likely to incur resistance from people affected by the proposed solution?
A)Formulate model
B)Use model to analyze problem
C)Test results
D)Implement solution
Answer: D
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Chapter 2: Introduction to Optimization and Linear Programming
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Sample Questions
Q1) Solve the following LP problem graphically by enumerating the corner points. MIN: <sup>8 X</sup><sub>1 </sub><sup>+ 5 X</sup><sub>2</sub>
Subject to: <sup>6 X</sup><sub>1 </sub><sup>+ 7 X</sup><sub>2 </sub><sup> 84</sup>
X<sub>1 </sub> 4
X<sub>2 </sub> 6 X<sub>1</sub>,X<sub>2 </sub> 0
Answer: Obj = 74.86
X<sub>1 </sub>= 4
X<sub>2 </sub>= 8.57
Q2) Retail companies try to find
A)the least costly method of transferring goods from warehouses to stores.
B)the most costly method of transferring goods from warehouses to stores.
C)the largest number of goods to transfer from warehouses to stores.
D)the least profitable method of transferring goods from warehouses to stores.
Answer: A
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Page 4
Chapter 3: Modeling and Solving Lp Problems in a Spreadsheet
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Sample Questions
Q1) A financial planner wants to design a portfolio of investments for a client.The client has $400,000 to invest and the planner has identified four investment options for the money.The following requirements have been placed on the planner.No more than 30% of the money in any one investment,at least one half should be invested in long-term bonds which mature in six or more years,and no more than 40% of the total money should be invested in B or C since they are riskier investments.The planner has developed the following LP model based on the data in this table and the requirements of the client.The objective is to maximize the total return of the portfolio.
\[\begin{array} { l c c c }
\text { Inve5trment } & \text { Retuin } & \text { Years to Maturity } & \text { Rating } \\
\hline \text { A } & 6.45 \% & 6 & \text { 1-Eacellent } \\
\text { B } & \mathbf { 8 . 5 0 \% } & 5 & \text { 3-Good } \\
\text { C } & 9.00 \% & 8 & 4 - F a i r \\
D & 7.75 \% & 4 & 2 - V e r y \text { Good }
\end{array}\]
Formulate the LP for this problem.
Answer: 11ef2686_f2cc_b5ff_ba15_d92d30f4b96b_TB2205_00
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Page 5
Chapter 4: Sensitivity Analysis and the Simplex Method
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Sample Questions
Q1) Solve this problem graphically.What is the optimal solution and what constraints are binding at the optimal solution?
MAX: <sup>8 X</sup><sub>1 </sub><sup>+ 4 X</sup><sub>2</sub>
Subject to: <sup>5 X</sup><sub>1 </sub><sup>+ 5 X</sup><sub>2 </sub><sup> 20</sup>
6 X<sub>1 </sub>+ 2 X<sub>2 </sub> 18 X<sub>1</sub>,X<sub>2 </sub> 0
Q2) Binding constraints have A)zero slack.
B)negative slack.
C)positive slack.
D)surplus resources.
Q3) The coefficients in an LP model c<sub>j</sub>,a<sub>ij</sub>,b<sub>j</sub>)represent A)random variables.
B)numeric constants.
C)random constants.
D)numeric variables.
Q4) Refer to Exhibit 4.2.Based on the Analytic Solver Platform sensitivity report information,is there anything Robert can request of his instructor to improve his final grade?
Page 6
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Chapter 5: Network Modeling
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Sample Questions
Q1) Joe Fix plans the repair schedules each day for the Freeway Airline.Joe has 3 planes in need of repair and 5 repair personnel at his disposal.Each plane requires a single repairperson,except plane 3,which needs 2 personnel.Anyone not assigned to maintaining an airplane works in the maintenance shop for the day not modeled).Each repairperson has different likes and dislikes regarding the types of repairs they prefer.For each plane,Joe has pulled the expected maintenance and determined the total preference matrix for his repair personnel.The preference matrix is: \(\begin{array}{lrrr} & \text { Plane 1 } & \text { Plane 2 } & \text { Plane 3 } \\
\hline \text { Repair Person 1 } & 11 & 9 & 21 \\
\text { Repair Person 2 } & 17 & 7 & 13 \\
\text { Repair Person 3 } & 9 & 12 & 17 \\
\text { Repair Person 4 } & 14 & 8 & 28 \\
\text { Repair Person 5 } & 12 & 5 & 12 \end{array}\)
Draw the balanced network flow for this assignment problem assuming Joe would like to maximize the total preference in his worker-to-aircraft schedule.
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Chapter 6: Integer Linear Programming
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Sample Questions
Q1) For minimization problems,the optimal objective function value to the LP relaxation provides what for the optimal objective function value of the ILP problem?
A)An upper bound.
B)A lower bound.
C)An alternative optimal solution.
D)An additional constraint for the ILP problem.
Q2) Refer to Exhibit 6.1.What values would you enter in the Analytic Solver Platform task pane for the above Excel spreadsheet?
Objective Cell: Variables Cells: Constraints Cells:
Q3) Variables,which are not required to assume strictly integer values are referred to as
A)strictly non-integer.
B)continuous.
C)discrete.
D)infinite.
Q4) Refer to Exhibit 6.2.What formula would go into cell E14?
Q5) Refer to Exhibit 6.1.What formula should go in cell D15 of the above Excel spreadsheet?
Q6) Refer to Exhibit 6.2.What formula would go into cells B11:E11 and cells F8:F10?
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Chapter 7: Goal Programming and Multiple Objective
Optimization
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Sample Questions
Q1) Goal programming solution feedback indicates that the d<sub>4</sub><sup>+ </sup>level of 50 should not be exceeded in future solution iterations.How should you modify your goal constraint to accommodate this requirement?
40 X<sub>1 </sub>+ 20 X<sub>2</sub> + d<sub>4</sub><sup>?</sup> + d<sub>4</sub><sup>+</sup> = 300
A)\(\text { Increase the RHS value from } 300 \text { to } 350 \text {. }\)
B)\(\text { Replace the constraint with } 40 \mathrm{X}_{1}+20 \mathrm{X}_{2} \leq 350\)
C)\(\text { Do not modify the constraint, add a constraint } \mathrm{d}_{4}^{+} \leq 50\)
D)\(\text { Do not modify the constraint, add a constraint } d_{4}+=50\)
Q2) If no other feasible solution to a multi-objective linear programming MOLP)problem allows an increase in any objective without decreasing at least one other objective,the solution is said to be
A)dually optimal.
B)Pareto optimal.
C)suboptimal.
D)maximally optimal.
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Chapter 8: Nonlinear Programming and Evolutionary Optimization
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Sample Questions
Q1) A company makes products A and B from 2 resources,labor and material.The company wants to determine the selling price which will maximize profits.A unit of A costs 30 to make and demand is estimated to be 50 ? .09 * Price of A.A unit of B costs 20 to make and demand is estimated to be 30 ? .14 * Price of B.The utilization of labor and materials and the available quantity of resources is shown in the table.A reasonable price for the products is between 90 and 140.
\(\begin{array}{rrrr}
\text { Product } & \text { A } & \text { B } & \text { Available resources } \\
\hline \text { Labor hr/unit) } & 2 & 4 & 150 \\
\text { Material ounces/unit) } & 2 & 8 & 220 \\
\text { Manufacturing cost } \$ / \text { unit) } & 30 & 20 & \\ \text { Demand units) } & 50-0.09^{*} \mathrm{P}_{1} & 30-0.14^{*} \mathrm{P}_{2} & \end{array}\)
Let X<sub>1 </sub>= demand for As and X<sub>2 </sub>= demand for Bs.Let P<sub>1 </sub>= price for As and P<sub>2 </sub>= price for Bs.
Formulate the NLP for this company
Q2) Refer to Exhibit 8.2.What formula would you place in cell D13 to calculate total cost?
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Page 10
Chapter 9: Regression Analysis
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Sample Questions
Q1) The standard prediction error is
A)always smaller than the standard error.
B)used to construct confidence intervals for predicted values.
C)measures the variability in the predicted values.
D)all of these.
Q2) A variable which takes on m discrete values would be modeled using
A)m 1)binary variables.
B)m binary variables.
C)m 1)integer variables.
D)m non-linear variables.
Q3) Refer to Exhibit 9.6.What is the MS for Residual?
Q4) The terms <sub>0</sub><sub> </sub>and <sub>1</sub><sub> </sub>are referred to as
A)sample statistics
B)random variables
C)population variables
D)population parameters
Q5) Refer to Exhibit 9.6.What is the F-statistic value?
Q6) Refer to Exhibit 9.1.Provide a rough 95% confidence interval on the number of labor hours for a batch of 5 parts.
Page 11
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Chapter 10: Data Mining
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Sample Questions
Q1) The Fisher linear discriminant function
A)identifies a linear function for each of the groups in the classification problem
B)fits a nonlinear function for each of the groups in the classification problem
C)defines a hyperplane
D)defines a half-space
Q2) Logistic regression in XLMiner add-in can be used for groups
A)2
B)3
C)4
D)5
Q3) _ is a classification technique that estimates the probability of an observation belonging to a particular group
A)logistic regression
B)binary regression
C)multivariate analysis
D)ANCOVA
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Chapter 11: Time Series Forecasting
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Sample Questions
Q1) A time series which has no significant upward or downward trend is referred to as A)static.
B)non-moving.
C)stationary.
D)non-stationary.
Q2) As alpha increases the exponential smoothing model
A)produces sluggish forecasts.
B)reacts quickly to changes in the data.
C)reacts slowly to changes in the data.
D)does not change.
Q3) Refer to Exhibit 11.10.What is the Input X Range in the Regression command settings dialog box?
A)B3:B14
B)C3:C14
C)C3:D14
D)C3:E14
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Chapter 12: Introduction to Simulation Using Analytic Solver
Platform
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Sample Questions
Q1) What function should be used for generating random numbers from a normal distribution with mean and standard deviation ?
Q2) Common continuous distributions available in Analytic Solver Platform are A)exponential
B)Normal
C)truncated Normal
D)all of the above
Q3) Using the information in Exhibit 12.4,what formula should go in cell C13 of the worksheet to determine the Opportunity Cost of Empty Seats?
A)=C5*MAXC4,C10)
B)=C5*MAXC4,0)
C)=MAXC4-C10,0)
D)=C5*MAXC4-C10,0)
Q4) The best-case analysis approach to risk analysis
A)is optimistic
B)is pessimistic
C)is most likely
D)is likely to produce good outcomes
14
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Chapter 13: Queuing Theory
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Sample Questions
Q1) A company has recorded the following list of service rates customers/hour)for one of its servers.What is the mean service time for this server?
Customers / hour: 4,4,5,6,5,4,3,4,3,5,5,6
A)0.22 min
B)1.11 min
C)4.5 min
D)13.3 min
Q2) The Kendall notation for a queuing system with Poisson arrivals,exponential service and 3 service providers is
A)M/M/3
B)M/G/1
C)G/G/3
D)G/G/1
Q3) Customers arrive at a store randomly,following a Poisson distribution at an average rate of 20 per hour.What is the probability of exactly 0,1 2,and 3 arrivals in a 15 minute period?
Q4) Refer to Exhibit 13.7.Based on this report what is the probability that a customer does not have to wait for assistance with his or her taxes?
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Page 15
Chapter 14: Decision Analysis
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Sample Questions
Q1) The scores in a scoring model range from
A)0 to 1
B) 1 to +1
C)0 to 5
D)0 to 10
Q2) The scores in a scoring model can be thought of as subjective assessments of A)usefulness. B)worthiness. C)utility. D)payoff.
Q3) Refer to Exhibit 14.13.What formula should go in cell G11 and copied to cells G12:G13 of the Price worksheet to compute the Consistency Measure?
Q4) Refer to Exhibit 14.1.What formula should go in cell D5 to implement the maximax decision rule?
A)=MAXMAXB5:C5))
B)=MINB5:C5)
C)=AVERAGEB5:C5)
D)=MAXB5:C5)
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Chapter 15: Project Management Online
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Sample Questions
Q1) The critical path in PERT analysis is the path with the A)smallest variance.
B)longest expected completion time.
C)smallest number of tasks.
D)smallest variance and longest expected completion time.
Q2) Refer to Exhibit 15.3.Draw the CPM network for this problem.Use AON notation.
Q3) The purpose of the backward pass in the Critical Path Method CPM)technique is to
A)review each of the precedence relationships in the activity network.
B)calculate the slack time within each node on the activity network.
C)determine the earliest time each activity can start and finish.
D)determine the latest time each activity can start and finish.
Q4) Refer to Exhibit 15.6.Is it necessary to draw an arc from the node for activity F to the node for activity I?
Q5) Which of the following is true regarding projects?
A)Projects can have a unique start activity and a unique finish activity.
B)Projects can have multiple start activities and a unique finish activity.
C)Projects can have multiple start and finish activities.
D)All of these are true regarding projects.
Q6) Refer to Exhibit 15.3.Identify each path through the network and its expected length.
Page 17
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