Question 1

Optimization models find the highest,lowest,or exact value for one particular result.

Accepted Answer

Optimization models are used to find the maximum, minimum, or exact value of a specific variable or function.

Question 2

An objective cell is required to complete a Solver model.

Accepted Answer

Solver requires an objective cell to optimize the solution. The objective cell is the cell that represents the value that Solver is trying to maximize, minimize or find a specific target for.

Question 3

Solver is on the Formulas tab.

Accepted Answer

The answer of Solver is on the Formulas tab....

Question 4

Match each of the following terms to its best description:
I)Scenario
II)Scenario Manager
III)Scenario Summary Report
IV)Changing Cell
V)Scenario Summary PivotTable
A)Displays different scenarios with their input values and results well organized on a new worksheet
B)Values that represent different possible situations
C)Variable
D)Tool that enables you to build different scenarios for comparison
E)An optional output

Accepted Answer

The answer of Match each of the following terms to...

Question 5

The Solver Add-in is loaded by default.

Accepted Answer

The Solver Add-in needs to be installed separately and is not loaded by default in Excel.

Question 6

A Scenario Manager Summary report displays the single best input to achieve the desired outcome.

Accepted Answer

A Scenario Manager Summary report displays multiple input scenarios and the resulting outcomes, allowing the user to compare and choose the best input to achieve the desired outcome.

Question 7

Solver has the ability to generate an answer report.

Accepted Answer

Solver has the ability to generate an answer report which provides information on the solution, as well as any constraints and assumptions used in the model.

Question 8

Solver is an Excel Add-in.

Accepted Answer

Solver is indeed an Excel Add-in.

Question 9

Goal Seek has the ability to restrict variables to integers and greater than zero numbers.

Accepted Answer

Goal Seek in Excel does not have the built-in capability to restrict variables to integers or to enforce constraints such as requiring numbers to be greater than zero. It simply finds a value for one input that will result in a specified outcome for one result, without such restrictions.

Question 10

The number of scenarios that Scenario Manager can manage is unlimited.

Accepted Answer

Scenario Manager in Excel has a limit of 32 changing cells that it can manage at one time.

Question 11

Scenario Manager is not an Excel Add-in.

Accepted Answer

Scenario Manager is a built-in tool in Excel and does not need to be added as an add-in.

Question 12

Match the following range names with their appropriate description of any problem with the name:
I)10YearGoal
II)Ten Year Goal
III)Ten_Year_Goal!
IV)Goal10Year
V)Ten_Year_Goal
A)No problem,underscore used for readability
B)No Special characters
C)No problem.Numbers used appropriately
D)Must start with a letter
E)Spaces are not allowed

Accepted Answer

The answer of Match the following range names with their...

Question 13

Match between columns
                        Premises: Non-binding constraint
Objective cell
Optimization model
Binding constraint
Solver

Accepted Answer

The Answer of Cell that contains the formula to produce is...

Question 14

Match between columns
                        Premises: Substitution Value
What-if analysis
Variable
Changing variable cell
Range name

Accepted Answer

The Answer of A word or string of characters that is...

Question 15

Match between columns
                        Premises: Change interest rate
Answer Report
Set Cell
PivotTable
Change term and down payment

Accepted Answer

The Answer of Goal Seek and Solver and One-variable data is...

Question 16

Match between columns
                        Premises: Goal Seek Dialog Box
Answer Report
Scenario Summary Report
Optimization Model
Scenario PivotTable

Accepted Answer

The Answer of Organizes the results from a set of is...

Question 17

Match between columns
                        Premises: Goal Seek
Solver
Scenario Manager
One-variable data table
Two-variable data table

Accepted Answer

The Answer of Finds the best way to optimize values is...

Question 18

Match between columns
                        Premises: Stop value
Step value
Substitution value
Range name
What-if analysis

Accepted Answer

The Answer of The ending value for the series and is...

Question 19

Match between columns
                        Premises: Scenario Manager
Two-variable data table
Solver
One-variable data table
Goal Seek

Accepted Answer

The Answer of You want to know how many products is...

Question 20

Match between columns
                        Premises: Solver
Add-in
Constraint
Binding constraint
Changing variable cell

Accepted Answer

The Answer of Cell containing a variable whose value changes is...

Quiz 6: What-If Analysis

Optimization models find the highest,lowest,or exact value for one particular result.

An objective cell is required to complete a Solver model.

Solver is on the Formulas tab.

The Solver Add-in is loaded by default.

A Scenario Manager Summary report displays the single best input to achieve the desired outcome.

Solver has the ability to generate an answer report.

Solver is an Excel Add-in.

Goal Seek has the ability to restrict variables to integers and greater than zero numbers.

The number of scenarios that Scenario Manager can manage is unlimited.

Scenario Manager is not an Excel Add-in.

Match each of the following terms to its best description:

Match each of the following terms to its description:

Associate the following concepts with its corresponding what-if analysis tool.

Match each of the following terms to its best description:

Match each of the following terms to its best description:

Match each of the following tools to its best description of its function:

Match each of the following what-if analysis tools to its most likely use:

Match each of the following terms to its description: