Spreadsheet Modeling for Business Decisions
Exam Bank
Course Introduction
Spreadsheet Modeling for Business Decisions introduces students to the fundamentals of using spreadsheet software as a powerful tool for analyzing data, modeling business scenarios, and supporting decision-making processes. Through hands-on exercises and real-world case studies, students learn to apply functions, formulas, data visualization, scenario analysis, and optimization techniques to solve common business problems. Emphasis is placed on building effective and flexible models for areas such as budgeting, forecasting, operations, and financial analysis. By the end of the course, students will be equipped with practical skills to construct and interpret spreadsheet models that drive informed and strategic business 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) The notion that every problem is also an opportunity is reflected in the term A)probortunity.
B)formulation.
C)simulation.
D)business opportunity.
Answer: A
Q2) The concept of "probortunity" is
A)the first step in the problem-solving process.
B)a decision support method.
C)part of testing results.
D)part of solution implementation.
Answer: A
Q3) In a decision-making framework presented in Chapter One,the term "poetic justice" refers to a situation when the following occur:
A)Good decision quality and good outcome quality.
B)Good decision quality and bad outcome quality.
C)Bad decision quality and good outcome quality.
D)Bad decision quality and bad outcome quality.
Answer: D
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Chapter 2: Introduction to Optimization and Linear Programming
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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) Some resources i.e.meat and dairy products,pharmaceuticals,a can of paint)are perishable.This means that once a package
A)fX<sub>1</sub>,X<sub>2</sub>,X<sub>3</sub>,X<sub>4</sub>) b<sub>1</sub> B)fX<sub>1</sub>,X<sub>2</sub>,X<sub>3</sub>,X<sub>4</sub>) b<sub>1</sub> C)fX<sub>1</sub>,X<sub>2</sub>,X<sub>3</sub>,X<sub>4</sub>)= b<sub>1</sub> D)fX<sub>1</sub>,X<sub>2</sub>,X<sub>3</sub>,X<sub>4</sub>) b<sub>1</sub>
E)g.a can or a bag)is open the content should be used in its entirety.Which of the following constraints reflects this fact?
Answer: C
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Chapter 3: Modeling and Solving Lp Problems in a Spreadsheet
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Sample Questions
Q1) State Farm Supply has just received an order for 10,000 pounds of chicken feed.The farmer has specified certain that the feed meet minimum requirements for Protein,Carbohydrate,Fat and Vitamins.State Farm can blend four different feeds to produce the required mix.The farmer would like to pay the lowest possible price for the feed.The data for the problem is summarized in the following table.
State Farm Supply
Percent of Nutrient in: Minimum
\[\begin{array} { l c c c c c }
\text { Nutrient } & \text { Feed } 1 & \text { Feed 2 } & \text { Feed 3 } & \text { Feed 4 } &
\text { Req'd Ant } \\
\hline \text { Pratein } & 15 & 20 & 30 & 15 & 18 \\
\text { Carbahydirate } & 20 & 10 & 10 & 15 & 12 \\
\text { Fat } & 20 & 30 & 15 & 20 & 20 \\
\text { Vitamin } & 1 & 1.50 & 0.75 & 0.50 & 1 \\
\hline \text { Cast'1,000 lbs } & \$ 500 & \$ 600 & \$ 550 & \$ 450 & \end{array}\]
Formulate the LP for this problem.
Answer: 11ef2686_a4e9_e60d_ba15_2bb646b3f11c_TB2205_00
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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?
MIN: <sup>7 X</sup><sub>1 </sub><sup>+ 3 X</sup><sub>2</sub>
Subject to: <sup>4 X</sup><sub>1 </sub><sup>+ 4 X</sup><sub>2 </sub><sup> 40</sup>
2 X<sub>1 </sub>+ 3 X<sub>2 </sub> 24 X<sub>1</sub>,X<sub>2 </sub> 0
Q2) The allowable increase for a constraint is
A)how many more units of resource to purchase to maximize profits.
B)the amount by which the resource can increase given shadow price.
C)how much resource to use to get the optimal solution.
D)the amount by which the constraint coefficient can increase without changing the final optimal value.
Q3) When the allowable increase or allowable decrease for the objective function coefficient of one or more variables is zero it indicates in the absence of degeneracy)that
A)the problem is infeasible.
B)alternate optimal solutions exist.
C)there is only one optimal solution.
D)no optimal solution can be found.
Q4) 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) Supply quantities for supply nodes in a transshipment problem are customarily indicated by
A)positive numbers.
B)negative numbers.
C)imaginary numbers.
D)either positive or negative numbers.
Q2) The right hand side value for the starting node in a shortest path problem has a value of
A) 1
B)0
C)1
D)2
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) Binary decision variables:
A)are either 0 or 1
B)must be integers
C)may be continuous
D)may be negative
Q2) The objective function value for the ILP problem can never
A)be as good as the optimal solution to its LP relaxation.
B)be as poor as the optimal solution to its LP relaxation. C)be worse than the optimal solution to its LP relaxation.
D)be better than the optimal solution to its LP relaxation.
Q3) If a company selects Project 1 then it must also select either Project 2 or Project 3.Which of the following constraints enforces this condition?
A)X<sub>1 </sub> X<sub>2 </sub> X<sub>3 </sub> 0
B)X<sub>1 </sub>+ X<sub>2 </sub> X<sub>3</sub>) 0
C)X<sub>1 </sub>+ X<sub>2 </sub>+ X<sub>3 </sub> 2
D)X<sub>1 </sub> X<sub>2 </sub> X<sub>3 </sub> 0
Q4) A company has four projects,numbered 1 through 4.If any project is selected for implementation,each lower- numbered project must also be selected for implementation.Formulate the constraints to enforce these conditions.
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Chapter 7: Goal Programming and Multiple Objective
Optimization
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Sample Questions
Q1) Suppose that X<sub>1 </sub>equals 4.What are the values for d<sub>1</sub><sup>+</sup> and d<sub>1</sub><sup>?</sup><sup> </sup>in the following constraint?
X<sub>1</sub> + d<sub>1</sub><sup>?</sup>? d<sub>1</sub><sup>+ </sup> = 8
A)\(\mathrm{d}_{1}^{-}=4, \mathrm{~d}_{1}^{+}=0\)
B)\(\mathrm{d}_{1}^{-}=0, \mathrm{~d}_{1}^{+}=4\)
C)\(\mathrm{d}_{1}^{-}=4, \mathrm{~d}_{1}^{+}=4\)
D)\(\mathrm{d}_{1}^{-}=8, \mathrm{~d}_{1}^{+}=0\)
Q2) Refer to Exhibit 7.2.Which cells are the changing cells in this model?
A)$B$6:$C$6,$B$10:$B$11
B)$B$6:$C$6
C)$B$6:$D$6
D)$B$10:$B$11
Q3) Refer to Exhibit 7.2.What formula goes in cell B11?
A)=SUMPRODUCTB2:C2,$B$6:$C$6)/$D$7
B)=B2*C2+B3*C3
C)=SUMPRODUCTB3:C3,$B$6:$C$6)/$D$7
D)=SUMPRODUCTB3:C3,$B$6:$C$6)
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Chapter 8: Nonlinear Programming and Evolutionary Optimization
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Sample Questions
Q1) Refer to Exhibit 8.2.What formula would you place in cell B6 to calculate Total Lot Area?
Q2) Refer to Exhibit 8.1.What formula is used in cell D12 of the spreadsheet for this problem?
A)=SUMPRODUCTB3:C3,B12:C12)
B)=SUMPRODUCTB4:C4,B12:C12)
C)=SUMPRODUCTB5:C5,B12:C12)
D)=SUMPRODUCTB7:C7,B12:C12)
Q3) The total annual cost for the economic order quantity model is
A)purchase cost + ordering cost + holding cost.
B)fixed ordering cost + holding cost.
C)purchase cost + fixed ordering cost.
D)unit cost + variable ordering cost + holding cost.
Q4) The Reduced Gradient is similar to which of these terms from linear programming?
A)Shadow Price
B)Allowable Decrease
C)Allowable Increase
D)Reduced Cost
10
Q5) Refer to Exhibit 8.2.What formula would you place into cell B5 to calculate Total Floor Area?
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Chapter 9: Regression Analysis
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Sample Questions
Q1) The term in the regression model represents
A)the slope of the regression model.
B)a random error term.
C)a correction for mistakes in measuring X.
D)a correction for the fact that we are taking a sample.
Q2) In regression analysis,the total variation is:
A)the sum of the squared deviations of each value of y from the mean of x B)the sum of the explained variation and unexplained variation C)the standard error of the forecast D)equal to R<sup>2</sup>
Q3) Refer to Exhibit 9.2.Test the significance of the model and explain which values you used to reach your conclusions.
Q4) Polynomial regression is used when
A)the independent variables are non-linear.
B)there is a non-linear relationship between the dependent and independent variables. C)there is a non-linear relationship between the independent variables. D)there is a curvilinear change in the dependent variables.
Q5) Refer to Exhibit 9.3.Test the significance of the model and explain which values you used to reach your conclusions.
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Chapter 10: Data Mining
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Sample Questions
Q1) Oversampling forces a classification method to
A)discriminate between groups
B)classifying records correctly
C)classifying records incorrectly
D)perform a large number of iterations
Q2) In the step of data mining,a researcher attempts to predict the value of a continuous response variable based on the data set
A)classification
B)prediction
C)categorization
D)association/segmentation
Q3) Refer to Exhibit 10.2.What number of observations is classified correctly?
A)19
B)20
C)7
D)8
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Chapter 11: Time Series Forecasting
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Sample Questions
Q1) Refer to Exhibit 11.11.What formula should be entered in cell F3 to compute the quadratic trend for year 1 Quarter 1?
A)= 263.4545 * C3 + 5.985514 * D3 + 4.922577
B)= 263.4545 + 5.985514 * D3 + 4.922577 * C3
C)= 263.4545 + 5.985514 * C2 + 4.922577 * D2
D)= 263.4545 + 5.985514 * C3 + 4.922577 * D3
Q2) Assume that seasonality exists in the monthly product sales data.The number of seasonal indexes needed to model this is equal to
A)11
B)10
C)12
D)4
Q3) Refer to Exhibit 11.10.What are predicted sales for the fourth quarter of year 4?
A)1170 ? predicted sales < 1175
B)1310 ? predicted sales < 1315
C)1460 ? predicted sales < 1465
D)1615 ? predicted sales < 1620
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Chapter 12: Introduction to Simulation Using Analytic Solver
Platform
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Sample Questions
Q1) The PsiTarget. )function in Analytic Solver Platform
A)returns the cumulative probability of a specified distribution cell being less or equal to the specified target value
B)returns the cumulative probability of a specified distribution cell being equal to or larger than the specified target value
C)returns the cumulative probability of a specified distribution cell being equal to the specified target value
D)returns the probability of a specified distribution cell being equal to the specified target value
Q2) If chance or uncertainty is present in a system then there is an element of in the decision-making problem.
A)danger
B)security
C)risk
D)difficulty
Q3) What function should be used for generating random numbers between a and b from a symmetric triangular distribution when the most likely value is a + b)/2?
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Chapter 13: Queuing Theory
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Sample Questions
Q1) Refer to Exhibit 13.6.Based on this report what is the probability that a student will not get instantaneous help?
Q2) Refer to Exhibit 13.7.Based on this report what is the average number of customers waiting to be helped?
Q3) 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?
\(\begin{array}{ll}
\text { Customers } & \text { / hour } \\ \hline 2 & 3 \\
3 & 4 \\ 2 & 3 \\ 3 & 3 \\
4 & 2 \\ 4 & 3 \\
2 & 4
\end{array}\)
Q4) A grocery clerk can serve 20 customers per hour on average and the service time follows an exponential distribution.What is the probability that a customer's service time is more than 4 minutes?
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Chapter 14: Decision Analysis
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Sample Questions
Q1) A state of nature
A)is observed
B)is under control of a decision maker
C)is known with certainty
D)is estimated using a decision model of choice
Q2) Refer to Exhibit 14.2.What formula should go in cell F5 of the Regret Matrix above to compute the regret value?
A)=B$5-MAXB$5:B$8)
B)=MAXB$5:B$8)-MAXB5)
C)=MAXB$5:B$8)-MINB$5:B$8)
D)=MAXB$5:B$8)-B5
Q3) Refer to Exhibit 14.11.What is PF?H),where F = favorable response and H = high demand?
Q4) Expected regret is also called A)EMV.
B)EOL.
C)EPA.
D)EOQ.
Q5) Refer to Exhibit 14.10.Complete the Regret Table according to the expected regret decision rule.
Page 16
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Chapter 15: Project Management Online
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Sample Questions
Q1) Which of the following is true regarding projects?
A)Projects can have a unique start activity and a unique finish activity.
B)Projects can have multiple start activities and a unique finish activity.
C)Projects can have multiple start and finish activities.
D)All of these are true regarding projects.
Q2) Slack for activity I is computed as
A)LFT<sub>i </sub> EST<sub>i</sub>
B)LST<sub>i </sub> EST<sub>i</sub>
C)EST<sub>i </sub> LST<sub>i</sub>
D)EFT<sub>i </sub> LFT<sub>i</sub>
Q3) Refer to Exhibit 15.3.Identify each path through the network and its expected length.
Q4) Refer to Exhibit 15.1.What array formula is placed in cell H5 to calculate the Latest Finish Time?
A)E2 + D2
B)MAXIFISNUMBERFIND$A$2:$A$8,C5)),$F$2:$F$8))
C)H2 ? D2
D)MINIFISERRFINDA5,$C$5:$C$17)),MAX$F$5:$F$17),$G$5:$G$17))
Q5) Refer to Exhibit 15.5.What formula should go in cell H3 of the Costs spreadsheet to compute Crash Cost Per Day?
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