Spreadsheet Models

What is the primary purpose of an influence diagram?

• To generate random data

• To perform data analysis

• To visually represent relationships in a model

• To create complex formulas

Which Excel tool is used to find the value of an input cell that will achieve a specified output?

• Solver

• Goal Seek

• Data Table

• Scenario Manager

What does the SUMPRODUCT function do in Excel?

• Calculates the average of a range

• Counts the number of cells in a range

• Returns the sum of the products of corresponding ranges

• Adds a range of cells

In a spreadsheet model, what are parameters?

• Uncontrollable inputs

• Controllable inputs

• Decision variables

• Calculated outputs

What is the purpose of the Scenario Manager in Excel?

• To perform basic calculations

• To format cells

• To create charts

• To quantify the impact of changing multiple inputs

Which function would you use to count the number of cells that meet a specific condition?

• XLOOKUP

• COUNTIF

• AVERAGE

• SUM

What is a key benefit of using spreadsheet models for decision making?

• They eliminate the need for data

• They require no training

• They provide easy-to-use mathematical functions

• They are always accurate

What does the Goal Seek tool help you determine?

• The input value needed for a specific output

• The optimal price for a product

• The best scenario for a project

• The total cost of a project

Which of the following is NOT a principle of good spreadsheet design?

• Document the model clearly

• Use proper formatting and color

• Use complex formulas

• Separate parameters from the model

What is the main function of the Watch Window in Excel?

• To monitor cell values across worksheets

• To display all formulas

• To create charts

• To perform data analysis