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ADM1370 Module 2

Excel

QuestionAnswer
EXCEL A computerized spreadsheet application used to build and manipulate worksheets and workbooks.
Formulas An expression that is not predefined
Auto-Fill Can be used to duplicate formulas or functions, by dragging down the cell that contains the formula.
Function Is a named operation that is already predefined which also returns a value
Autosum (5 points) Summarizes using a singe statistic of row/column - Sum - Average - Total - Max - Min
Formulation (def and 2 points) Transformation of a real problem to a mathematical model -Identify problem and acquire input data -Develop model
Solution: (def and 2 points) Solving the model to obtain the optimal solution -Analyze Model -Test results
Interpretation: (def and two points) Analyzing results and implementing solution -Perform sensitivity -Present result & Implement solution
Models Simplified versions of the things they represent, presents accurate and relevant characteristics of the object being studied
Types of models Mental (arranging furniture) Visual (blueprints and roadmaps) Physical/Scale (buildings) Mathematical (financial analysis)
A computer model A set of mathematical relationships and logical assumptions implemented in a computer as a representation of a real-world situation
Benefits of Modeling Approach (4 points) 1. Economy - costs less to analyze decisions 2.Timeliness - Quicker delivery than real world 3.Feasibility -Does the impossible 4. Gives insight and understanding for decision making
3 Logical functions And Or Not
LF And Allows you to test more than one condition Returns either true or false
Lf OR Returns a TRUE value if any of the logical conditions are true and a FALSE value if all the logical conditions are false.
Lf NOT Reverses the value of its argument, to make sure the value is not equal to one particular value.
4 Conditional functions IF COUNTIF SUMIF AVERAGEIF
Cf IF Evaluates whether a condition or a logical test is true or false and returns a value if it is true, and another value if it is false. If true value "a" if false value "b"
CF Nested IF functions Is an IF function that is placed inside another IF function to test an additional condition
CF COUNTIF Calculates the total employees by location
CF SUMIF Calculates the total salary by location
CF AverageIF Calculates the average salary by location
Business Intelligence A broad category of applications and technologies for gathering storing analyzing sharing access to data to help make better decisions.
Dashboard A visual display of the most important information, arranged on a single screen to achieve business objectives.
Types of Business Intelligence Dashboards Strategic: Excel, static, quick overview Analytical: Sophisticated data Rich comparisons Used to examine the cause Operational: Monitors operations in real time Ensures timely responses
Conditional formatting Offers an easy way to format your cells. eg. applying conditional formatting to a range of cells that contain sales total, specifying if totals drop below 10000, the cell turns red.
Heuristics A method used to speed up the process of finding a good enough solution. Maximax Maxmin Average
Vlookup allows you to search for values in a table that correspond to a lookup value
WHAT- IF : Data tables enables you to see how changing one or two variables affect the bottom line. eg. what happens to net profit when tax is 60% from 45%
WHAT - IF : Goal seeking enables you to find find what it takes to reach a predetermined objective, such as how much you want to sell to make a $20 million profit this year.
Solver and requirements It finds the "best" solution based on constraints/adjustable cells Requires: Target (formula that indirectly/directly affect contraints and adjustable cells) Adjustable cells (until contraints are satisfied) Contraints (restrictions)
Absolute reference Relative reference Absolute reference allows the column/row to be fixed $. Relative reference does not
Created by: wli043
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