1) CH1

Question 1

Quantitative Model

Answer 1

analyzing data sets with mathematical formulas to identify trends

Question 2

Types of models

Answer 2

mental moddel
Visual Model
Physical or Scale Models
Mathematical Models

Question 3

Mathematical Models

Answer 3

used to describe a decision problem

Question 4

Types of Mathematical Models

Answer 4

Deterministic
Probabilistic

Question 5

Deterministic Mathematical Models

Answer 5

known and well-defined

Question 6

2 types of probabilsitc mathematical models

Answer 6

predictive and descriptive

Predictive: independant variables known, but impact is unknown
Descriptive: inputs are unknown

Question 7

Example of predictive mathematical models

Answer 7

independant variables known! such as SALES!!1]

This is also called Forecasting

Question 8

Descriptive

Answer 8

inputs are unkown (like customer arrivals or service time)

DECISION THEORY, SIMULAITON, QUEING

Question 9

Spreadsheet Modelling

Answer 9

computer model is based on logical assumptions executed by a computer

Question 10

INFORMS

Answer 10

institute for operations research and the management sciences

Question 11

what does informs DO

Answer 11

DEFINES ANALYTICS AS THE SCIENTIFIC PROCESS OF TRANSFORMING DATA INTO INSIGHT TO USE IN MAKING BETTER DECISIONS

Question 12

7 step modelling process

Answer 12

problem defiiniton

data collection

model development

model verification

optimization and decision making

model communication to management

model implementation

Question 13

Cleanliness in Excel points

Answer 13

1) no empty columns or rows, but empty cells are okay
2) No decimals
3) All columns should have labels
4) Use currency function not the accoutning function

Question 14

PIVOT TABLE: what do the columns become in pivot tables

Answer 14

THE FIELDS!

Question 15

Numeric data and titles should be

Answer 15

CENTRED AND WRAPPED

Question 16

Text data and titles sould be

Answer 16

left jusified

Question 17

VLOOKUP

Answer 17

VLOOKUP(what you wanna find, range you are looking in, # of columns to offset, TRU= closest value or FALSE= exact value)

VLOOKUP (the cell you want to look up, range you are looking in [include headings], which column is the relevant answer in, True= closest or Flase= exact)

Question 18

VLOOKUP, if you choose true or leave it blank then

Answer 18

the first column values must be in ascending order, ECEL WILL BE SEARCHING VERTICALLY!

Question 19

Using Excel Sorting

Answer 19

Highlight the entire spreadsheet, click short, TOGGLE THE BOXO N IF THE DATA HAS A HEADER OR NOT!!!!!!1, Then indicate the column

Question 20

Multilevel sort

Answer 20

you can sort more than one criteria, just add the level

Question 21

COUNTIF

Answer 21

COUNT THE number of items that are useful

COUNTIF (range, criteria)

Question 22

Try your best to not type in values

Answer 22

ALWAYS USE CELL REFERFENCES