Spreadsheet Modeling Solved Exam Questions
Course Introduction
Spreadsheet Modeling introduces students to the fundamental concepts and techniques for using spreadsheets as powerful tools for decision-making and problem-solving in business, finance, and other fields. The course covers designing, building, and analyzing spreadsheet models to tackle real-world scenarios, focusing on logical structuring, effective use of functions and formulas, data analysis, and visualization. Students gain hands-on experience in constructing models for forecasting, optimization, and risk analysis, while developing skills to interpret results and communicate findings effectively. Emphasis is placed on accuracy, best practices, and the practical application of spreadsheets to support evidence-based decisions.
Recommended Textbook
Spreadsheet Modeling and Decision Analysis 7th Edition by Cliff Ragsdale
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Chapter 1: Introduction to Modeling and Decision Analysis
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Sample Questions
Q1) Which of the following is the type of model used throughout this textbook?
A)Mathematical model
B)Mental model
C)Physical model
D)Visual model
Answer: A
Q2) A situation when decision quality is good and the resulting outcome quality is good is referred to as
A)pure luck.
B)deserved success.
C)dumb luck.
D)poetic justice.
Answer: B
Q3) Framing effect refers to:
A)how a decision maker views the alternatives in a decision problem.
B)how difficult the decision is.
C)whether a software program can be used to obtain an optimal solution to a decision problem.
D)how structured the decision problem is.
Answer: A
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Chapter 2: Introduction to Optimization and Linear Programming
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Sample Questions
Q1) In a mathematical formulation of an optimization problem,the objective function is written as z=2x<sub>1</sub>+3x<sub>2</sub>.Then:
A)x<sub>1 </sub>is a decision variable
B)x<sub>2 </sub>is a parameter
C)z needs to be maximized
D)2 is a first decision variable level
Answer: A
Q2) A facility produces two products.The labor constraint in hours)is formulated as: 350x<sub>1</sub>+300x<sub>2 </sub> 10,000.The
Number 10,000 represents
A)a profit contribution of one unit of product 1.
B)one unit of product 1 uses 10,000 hours of labor.
C)there are 10,000 hours of labor available for use.
D)the problem has no objective function.
Answer: C
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Chapter 3: Modeling and Solving Lp Problems in a Spreadsheet
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Sample Questions
Q1) What function is used to add the contents of cells A1,A2 and A3?
A)=A1+A2+A3
B)=ADDA1:A3)
C)=TOTALA1:A3)
D)=PRODUCTA1:A3)
Answer: A
Q2) What does the Excel "=SUMPRODUCTA1:A5,C6;C10)" function do?
A)Sums each range and multiplies the sums.
B)Sum each pair of cells and multiples each sum.
C)Multiplies the contents of cells containing the =SUM)command.
D)Multiplies each pair of cells in two arrays matched by position and sums the products. Answer: D
Q3) How many constraints are there in a transportation problem which has 5 supply points and 4 demand points? ignore the non-negativity constraints)
A)4
B)5
C)9
D)20
Answer: C
Page 5
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Chapter 4: Sensitivity Analysis and the Simplex Method
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Sample Questions
Q1) The allowable decrease for a constraint is
A)how many more units of resource to purchase to maximize profits.
B)the amount by which the resource can decrease given shadow price.
C)how much resource to use to get the optimal solution.
D)the amount by which constraint coefficient can increase without changing the final optimal value.
Q2) Slack variables
A)are always equal to zero.
B)are usually negative.
C)are always positive.
D)can be positive or negative.
Q3) The shadow price of a nonbinding constraint is
A)positive
B)zero
C)negative
D)indeterminate
Q4) Refer to Exhibit 4.1.Of the three percentage of effort constraints,Shipped by Truck,Shipped by Rail,and Shipped by Air,which should be examined for potential cost reduction?
Q5) Refer to Exhibit 4.1.Are there alternate optimal solutions to this problem?
Page 6
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Chapter 5: Network Modeling
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Sample Questions
Q1) The equipment replacement problem is an example of which network problem?
A)transportation problem.
B)shortest path problem.
C)maximal flow problem.
D)minimal spanning tree problem.
Q2) Draw the network representation of this LP model.What type of problem is it?
MAX <sup>X</sup><sub>41</sub>
Subject to: <sup>X</sup><sub>41 </sub><sup> X</sup><sub>12 </sub><sup> X</sup><sub>13 </sub><sup>= 0</sup>
X<sub>12 </sub> X<sub>24 </sub>= 0 X<sub>13 </sub> X<sub>34 </sub>= 0 X<sub>24 </sub>+ X<sub>34 </sub> X<sub>41 </sub>= 0 0 X<sub>12 </sub> 5, 0 X<sub>13 </sub> 4, 0 X<sub>24 </sub> 3, 0 X<sub>34 </sub> 2, 0 X<sub>41 </sub>
Q3) The supply nodes in the graphical representation of the transshipment problem:
A)have total available quantities expressed as negative numbers
B)have all directed arcs terminating at them
C)have some unidirectional arcs
D)have total demanded quantities expressed as positive numbers
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Chapter 6: Integer Linear Programming
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Sample Questions
Q1) Which of the following is not a benefit of using binary variables?
A)With only 2 values,Solver can work faster.
B)Binary variables are useful in selection problems.
C)Binary variables can replace some IF)conditions.
D)Binary variables can enforce logical conditions.
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) Binary decision variables:
A)are either 0 or 1
B)must be integers
C)may be continuous
D)may be negative
Q4) The branch & bound algorithm stops when:
A)the current best solution cannot be improved
B)the set of candidate problems to evaluate is not empty
C)the LP relaxation produced an integer solution
D)the LP relaxation produced a continuous solution
Q5) Refer to Exhibit 6.1.What formula should go in cell D15 of the above Excel spreadsheet?
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Chapter 7: Goal Programming and Multiple Objective Optimization
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Sample Questions
Q1) What weight would be assigned to a neutral deviational variable?
A)0
B)1
C)10
D)100
Q2) MINIMAX solutions to multi-objective linear programming MOLP)problems are
A)dually optimal.
B)Pareto optimal.
C)suboptimal.
D)maximally optimal.
Q3) Refer to Exhibit 7.4.What formulas should go in cell E26 of the spreadsheet?
Q4) The "triple bottom line" incorporates multiple objective decision-making by:
A)simultaneously considering profit,people and planet
B)environmental issues only
C)financial objectives only
D)wealth redistribution in the society
Q5) Refer to Exhibit 7.4.The spreadsheet model has scaled all the weights from pounds into 100s pounds.How does this scaling effect the solution obtained using the Risk Solver Platform RSP)?
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Chapter 8: Nonlinear Programming and Evolutionary Optimization
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Sample Questions
Q1) When using the GRG algorithm to solve NLPs one should try multiple starting points because
A)If two different starting points return the same solution,that solution is optimal.
B)the solution returned depends upon the starting point.
C)the solution returned is always near the starting point.
D)a random element of GRG requires multiple starting points.
Q2) The main difference between linear LP)and nonlinear programming problems NLP)is that
A)NLP may have a nonlinear objective function
B)All constraints in NLP must be nonlinear
C)No interaction terms are allowed in NLP
D)Only one constraint in NLP can be nonlinear
Q3) The main difference between linear LP)and nonlinear programming problems NLP)is that
A)NLP must have a nonlinear objective function
B)Some constraints in NLP may be nonlinear
C)No interaction terms are allowed in NLP
D)Only one constraint in NLP can be nonlinear
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Chapter 9: Regression Analysis
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Sample Questions
Q1) Refer to Exhibit 9.1.Interpret the meaning of R Square in cell B3 of the spreadsheet.
Q2) Refer to Exhibit 9.6.What is the MS for Residual?
Q3) Refer to Exhibit 9.5.Based on the data in the table which is the best model for the charity to use? Explain which values you used to reach your conclusion.
Q4) Estimation errors are often referred to as A)mistakes.
B)constant errors.
C)residuals.
D)squared errors.
Q5) On average,the differences between the actual and predicted values of Y A)are equal to b<sub>0</sub>.
B)sum to an unknown value.
C)are distributed uniformly.
D)sum to zero.
Q6) Refer to Exhibit 9.3.Predict the mean number of calories consumed by a 19 year old man.
Q7) Refer to Exhibit 9.2.Interpret the meaning of R Square in cell B3 of the spreadsheet.
Page 11
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Chapter 10: Data Mining
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Sample Questions
Q1) Plots useful in data mining analysis can be accessed in Excel using the add-in
A)XLMiner
B)Charts
C)Data Analysis
D)Vusual Basic
Q2) Useful data mining techniques can be found in Excel under drop menu
A)Data/Data Analysis)
B)Regression
C)Histogram
D)Insert/Chart
Q3) A algorithm is used during the training process to adjust weights in a neural network
A)backpropagation
B)branch-and-bound
C)Simplex
D)cutting plane
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Chapter 11: Time Series Forecasting
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Sample Questions
Q1) Refer to Exhibit 11.7.What formula should be entered in cell F4 to compute the trend when using Holt's method?
A)=$J$3*D4+1-$J$3)*E3+F3)
B)=$J$4*E4-E3)+1-$J$4)*F3
C)=$J$4*E4-E3)+1-$J$4)*G3
D)=$J$4*G3+1-$J$4)*D3+G3)
Q2) Refer to Exhibit 11.5.What formula should be entered in cell F7 to compute the seasonal factor using the multiplicative seasonal effects model?
A)=$J$3*D4+1-$J$3)*E3+F3)
B)=$J$4*D7/E7)+1-$J$4)*F3
C)=$J$4*E7/E6)+1-$J$4)*E6
D)=$J$3*G3+1-$J$3)*D3+G3)
Q3) Refer to Exhibit 11.2.What would be the forecasted value for time period 13?
A)83.024.
B)80.796.
C)79.245.
D)79.908.
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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) What method is used to generate observations from a distribution?
A)random number generator
B)sample generator
C)problem generator
D)steady state generator
Q3) In general there are two primary issues involved in risk.What are these two issues?
A)Validation of spreadsheet model and setting up for the simulation.
B)Uncertainty of the outcome and magnitude of the potential loss.
C)Maximum amount of profit made and the probability of a maximum profit.
D)Maximum amount of loss incurred and the likelihood of that loss.
Q4) Inventory position is defined as
A)ending inventory + outstanding orders
B)ending inventory backorders
C)outstanding orders on hand inventory
D)ending inventory
Q5) What function should be used for generating random integer numbers between 2 and 8?
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Chapter 13: Queuing Theory
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Sample Questions
Q1) Which of the following is the typical operating characteristic for average number of units in a queue?
A)W
B)W<sub>q</sub>
C)L
D)L<sub>q</sub>
Q2) Refer to Exhibit 13.2.Based on this report what is the average number of customers waiting for a haircut?
Q3) For a Poisson random variable, represents the number of arrivals per time period
A)maximum
B)minimum
C)average
D)standard deviation of
Q4) The memoryless property is also referred to as the property.
A)Markov
B)Erlang
C)Poisson
D)Normal
Q5) Refer to Exhibit 13.3.What is the mean arrival rate per hour?
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Chapter 14: Decision Analysis
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Sample Questions
Q1) Refer to Exhibit 14.9.What formula should go in cell D5 and get copied to D6:D8 to implement the maximax decision rule?
Q2) Refer to Exhibit 14.1.What decision should be made according to the maximin decision rule?
A)A
B)B
C)C D)Bank
Q3) Decision Analysis techniques provide modeling techniques to help decision makers make decisions.Which of the following is not typically a benefit of decision analysis?
A)Incorporating uncertainty via probabilities.
B)Incorporating risk via utility theory functions.
C)Incorporating uncertainty via exponential distributions.
D)Structuring decision strategies via decision trees.
Q4) Which are characteristics of decision-making under uncertainty?
A)the probability of possible future events is unknown
B)decision-makers must rely on probabilities in evaluating outcomes
C)all process parameters have known values
D)some process parameters have known values
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Chapter 15: Project Management Online
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Sample Questions
Q1) Slack for activity I is computed as
A)LFT<sub>i </sub> EST<sub>i</sub>
B)LST<sub>i </sub> EST<sub>i</sub>
C)EST<sub>i </sub> LST<sub>i</sub>
D)EFT<sub>i </sub> LFT<sub>i</sub>
Q2) If we are employing Activity-On-Arc AOA)network design,the arcs in the network diagram represent
A)significance relationships.
B)precedence relationships.
C)tasks to complete.
D)task times.
Q3) Slack represents the amount of time by which an activity can be delayed without delaying the entire project,assuming that
A)all successor activities start at their earliest start times.
B)all predecessor activities start at their earliest start times.
C)immediate predecessor activities start at their earliest start times.
D)all predecessor activities start at their latest start times.
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?
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