Lessons 7-10 Flashcards
What represents the logic of a more complicated logical process through functions and calculations on a spreadsheet?
A spreadsheet model
What are the three common elements of a spreadsheet model?
Changeable inputs, outputs, and intermediate calculations
Which what-if analysis is used to swap out multiple cells in a formula?
Scenario Manager
Which what-if analysis is used to find the value needed to accomplish a set goal by performing many “trial and error” calculations in the background?
Goal seek
Which what-if analysis is used to swap out one or two cells in a formula and present the results in table format for comparison?
Data Tables
What is it called when a cell directly references itself?
Direct circular reference
What is it called when a cell references another cell that eventually references back to itself?
Indirect circular reference
What is the complete set of entities for an item if interest called?
population
What is a part of a population or set of entities called?
sample
What is a measure of how diverse the elements in our data set are?
Standard deviation
What is the function that calculates standard deviation for a sample?
STDEV.S
What function calculates the standard deviation for a population?
STDEV.P
What is the range of values within which we believe the “true” value for the population falls?
Confidence intervals
What function calculates confidence interval?
CONFIDENCE.NORM(alpha, standard dev, size)
What is the level of confidence that we want to have with our estimate and is calculated as 1, so 95% confidence is noted as 0.05 called?
alpha
What is making predictions about one set of values in your spreadsheet using information you know about another set of values called?
Forecasting
What is a statistical relationship between two things and ranges between -1 and 1 called?
Correlation coefficient
What is it called when values for one thing increase the values for the other also increase?
positive correlation
What is it called when values for one thing decrease the values for the other increase?
negative correlation
What function calculates the correlation coefficient?
CORREL
What is an array?
a set of values
What is the value we are trying to predict called?
dependent variable (Y)
What is the value that we are using to predict the other variable called?
independent variable (X)
What function makes predictions based on the data you have in your spreadsheet?
FORCAST
What is the excel add-in that you can use to solve optimization problems?
Solver
What is the model used to find the optimal solution for a problem called?
Optimization Model
What are the three major elements of the Optimization model?
objective, decisions, and constraints
