Week 5 - Midterm 270-300

Week 5 - Midterm 270-300 - Week 5 Week 5 Midterm Time...

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Week 5 : Week 5 - Midterm Time Remaining: 1. _______ models are those contained within computer systems that perform routine, repeated tasks with little or no human involvement. (Points : 6) One-time Decision-support Embedded Business education 2. The evidence available from audits of existing spreadsheets, laboratory experiments, surveys of end users, and field visits suggest that, despite widespread use, the quality with which spreadsheets are engineered generally remains poor. There are four major problem areas. Which of the following not a major problem area? (Points : 6) End-user spreadsheets frequently have major bugs End users are overconfident about the quality of their own spreadsheets The process that end users employ to create their spreadsheets is inefficient at best and chaotic at worst End users employ the most productive methods for generating insights from their spreadsheets 3. The model formulation process typically forces developers to confront four features of a model. Which of the following refers to the consequences of the decisions, in other words, the performance measures we use to evaluate the results of taking action. (Points : 6) Decisions Outcomes Structure Data 4. _____ ______ refers to the situation from which the modeler’s problem arises, including the client, the client’s view of the problem, and any available facts about the problem? (Points : 6) Problem context Model structure Model realization Model implementation 5. Which model systems are computer systems that tie together models, data, analysis tools and presentation tools into a single integrated package? (Points : 6) One-time decision models Decision-support models Models embedded in computer systems Models used in business education 6. Countless companies and individuals rely on spreadsheets every day. Most users assume their spreadsheet
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models are error free and available evidence supports this assumption (True or False). (Points : 6) True False 7. A way modeling can benefit business decision making is it can reduce costs. Data collection is often expensive and time-consuming. An effective modeler may be able to provide the same level of information at much lower cost (True or False). (Points : 6) True False 8. Model formulation is an exercise in simplifying the actual situation and capturing its essence, with a specific purpose in mind (True or False)? (Points : 6) True False 9. Evidence does not support the conclusion that the existing state of spreadsheet design and use is generally inadequate. Actually the opposite is true that evidence shows that the state of spreadsheet design is well thought out and excellent (True/False). (Points : 6) True False 10. It is crucial to understand that insights derived from the model world are just that, insights derived from the model world, and not from the real world. To make a model’s insights useful, it must first be translated into terms of the real world and then communicated to the actual decision makers involved. Only then do model insights turn
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Week 5 - Midterm 270-300 - Week 5 Week 5 Midterm Time...

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