Exam (elaborations)
OMGT 3223 Test 1 Questions and Answers
- Course
- Institution
OMGT 3223 Test 1 Questions and Answers
[Show more]
Content preview
OMGT 3223 Test 1 Questions andAnswers
Business Decision Modeling - Answer-The application of quantitative analysis to
managerial decision making.
What kind of models are we focused on? - Answer-Quantitative
What are the two dimensions of models? - Answer-Model Purpose and Ceritainty
What kind of models fit under Model Purpose? - Answer-Descriptive, Prescriptive, and
Predictive
What kind of models fit under Certainty? - Answer-Deterministic and Stochastic
What is the function of Goal Seek? - Answer-Update one input to set one output to a
target value.
What is the use of Goal Seek? - Answer-Breakeven Analysis
What is the function of the Data Analysis Toolkit? - Answer-Perform statistical analysis
on data sets.
What is the use of the Data Analysis Toolkit? - Answer-Histograms
What is the function of the Solver? - Answer-Set multiple inputs to achieve an optimal
output while ensuring constraints are satisfied.
What is the use of Solver? - Answer-Constrained Optimization
What is the function of Risk Solver Platform? - Answer-Construct a graphical decision
tree with appropriate formulas.
What is the use of Risk Solver Platform? - Answer-Decision Analysis
Histogram - Answer-Special type of column chart; a histogram displays the frequency or
relative frequency of values (or ranges of values) in the data.
What are we concerned with in regards to Central Tendency? - Answer-Where are the
data values concentrated? What seem to be typical or middle data values?
What are we concerned with in regards to Dispersion? - Answer-How much variation is
there in the data? How spread out are the data values? Are there unusual values?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now