Spreadsheet Models

Question 1

Data table

Answer 1

An Excel tool that quantifies the impact of changing the value of a specific input on an output of interest.

Question 2

Decision variable

Answer 2

A model input the decision maker can control.

Question 3

Goal seek

Answer 3

An Excel tool that allows the user to determine the value for an input cell that will cause the value of a related output cell to equal some specified value

Question 4

Influence diagram

Answer 4

A visual representation that shows which entities influence others in a model.

Question 5

Make-versus-buy decision

Answer 5

A decision often faced by companies that have to decide whether they should manufacture a product or outsource its production to another firm.

Question 6

One-way data table

Answer 6

An Excel Data Table that summarizes a single input’s impact on the output of interest.

Question 7

Parameter

Answer 7

In a what-if model, the uncontrollable model input.

Question 8

Two-way data table

Answer 8

An Excel Data Table that summarizes two inputs’ impact on the output of interest.

Question 9

What-if model

Answer 9

A model designed to study the impact of changes in model inputs on model outputs.