Question 1

Which of the following models is "built" in the user's head and represents the most common form of model?

Accepted Answer

A mental model is the model built in the user's head which represents the most common form of model. Physical models are physical representations, mathematical models are often used for scientific purposes, spreadsheet models are computer-based and visual models are usually diagrams or drawings.

Question 2

If the model produces the numerically correct values, it is said to be:

Accepted Answer

If the model produces numerically correct values, it is said to be accurate.

Question 3

A(n) _______________ is a quantity or factor that depends on how the inputs are related to one another.

Accepted Answer

The definition given in the question matches the definition of an output. An output is a variable or quantity that depends on how the inputs are related to one another. Therefore, option E is the best choice.

Question 4

One of the first things you must do in developing a model is:

Accepted Answer

Defining the logic necessary to transform the inputs into the outputs is one of the first and most important steps in developing a model. This allows for a clear understanding of how the model should function and what inputs are needed to achieve the desired outputs. Selecting modeling software, consulting textbooks, and determining formulas are all important steps, but they come after defining the logic of the model. Backwards calculating the inputs based on defined outputs may be necessary at some point in the process, but it is not one of the initial steps.

Question 5

A _________________ is a specific set of conditions that could occur in the real situation.

Accepted Answer

A scenario is a specific set of conditions that could occur in the real situation. It is used in various fields such as business, military, and emergency management to prepare for potential situations and test strategies. Parameters are often used to define the boundaries or limits of a scenario, but they do not fully encompass the scenario itself. Sensitivity and break-even sets are more specific to financial and economic analysis, and circumstances refer to the overall situation or context in which the scenario occurs.

Question 6

A model __________ inputs into ______.

Accepted Answer

A model transforms inputs into outputs. The other options do not accurately describe the relationship between inputs, outputs, and the model.

Question 7

Uncontrollable inputs are also called _______________________.

Accepted Answer

Uncontrollable inputs are generally referred to as parameters in mathematical models. They are fixed values that influence the output of the model but cannot be controlled or changed by the decision-maker. Therefore, option B, parameters, is the most appropriate choice for this question. Option A, decision variables, refers to the inputs that can be controlled by the decision-maker to optimize the output. Option C, unregulated inputs, and option D, unregulated variables, are not commonly used terms in the context of mathematical modelling. Option E, recessive variables, is not a relevant term for this question.

Question 8

What are the most important three dimensions along which a spreadsheet model should be evaluated?

Accepted Answer

The three most important dimensions to evaluate a spreadsheet model are whether it is correct (accuracy of the model), documented (well-explained and understandable), and flexible (able to adapt to changes or different scenarios).

Question 9

Which of the following is a means of implementing mathematical models?

Accepted Answer

Spreadsheet models are a common way to implement mathematical models as they allow for numerical calculations and analysis to be easily performed. Physical models are physical representations of a system or process, while spiritual and mental models are more abstract concepts. Visual models can be used to represent mathematical models, but often require supplementary calculations or analysis.

Question 10

Which of the following models uses equations and relationships among quantities to represent situations?

Accepted Answer

Mathematical models are created using equations and relationships among quantities, making them the best choice for this question. Physical models use physical components or materials to represent situations, mental models are internal representations of the world, spreadsheet models use cells and formulas to perform calculations, and visual models use images or diagrams to represent situations.

Question 11

Controllable inputs are also called _________________________.

Accepted Answer

Controllable inputs are also known as decision variables because they are the variables that can be controlled and manipulated in order to optimize a specific outcome or objective. Parameters, regulated inputs, and regulated variables refer to other types of inputs that may have different levels of controllability. Dominant variables do not necessarily relate to the concept of controllable inputs.

Question 12

Research has shown that most spreadsheet developers believe their products:

Accepted Answer

The answer of Research has shown that most spreadsheet developers...

Question 13

The key to spreadsheet model flexibility is to keep all the ___________ of the model separate from the ______________ of the model.

Accepted Answer

Keeping the inputs (or variables) separate from the formulas (or functions) is essential for making a flexible spreadsheet model. Inputs refer to the values that the user can change or manipulate, while formulas refer to the calculations or operations that are applied to these inputs to produce the desired results or outputs. By separating inputs from formulas, it becomes easy to modify or update the model without affecting the underlying logic or structure. Whenever a change is made to an input, the model automatically updates the associated formulas and outputs. This helps in making quick and accurate decisions based on different scenarios or assumptions. Option B is not correct since outputs are the results or outcomes generated by the model, and they cannot be separated from the formulas. Options C, D, and E are also incorrect since constraints, parameters, and decision variables are all terms used in optimization and modeling disciplines, and do not relate directly to spreadsheet modeling.

Question 14

A road atlas represents which type of model?

Accepted Answer

A road atlas is a visual model as it represents a graphical representation of physical geography and highways.

Question 15

Which of the following models involves objects that represent other objects?

Accepted Answer

The answer of Which of the following models involves objects...

Question 16

Models can also be described as:

Accepted Answer

Models are simplifications or abstractions of reality that help us to understand complex systems or issues. They are not necessarily an accurate representation of the real world, as they involve assumptions and generalisations.

Question 17

__________________ analysis deals with studying the changes to the output of the model as one or more of the inputs change.

Accepted Answer

Sensitivity analysis is the process of studying the changes to the output of a model or system as one or more of the inputs vary. It helps to identify which inputs have the most significant effect on the output and how sensitive the output is to changes in those inputs. The analysis can be used to gain insights into the behavior of the model or system and to assess the risk and uncertainty associated with the output.

Question 18

If a model produces numerically correct values for the outputs for any legitimate values of inputs, it is said to be

Accepted Answer

The answer of If a model produces numerically correct values...

Question 19

A model needs to do more than transform inputs to outputs; it must also:

Accepted Answer

A model must have a clear purpose, or objective, in order to provide valuable insights or predictions. While accuracy is certainly important, it is not the only factor that makes a model effective. Modifying the process or controlling the output may or may not be necessary or desirable depending on the context. Adjusting the controllable inputs is also not necessarily a requirement for a model's success.

Question 20

Break-even analysis is one special case of _________________ analysis.

Accepted Answer

Break-even analysis is a type of sensitivity analysis, which shows the point at which the total cost of producing a product or service equals the total revenue generated. It is used to determine the minimum amount of sales required to cover all costs and identify the contribution margin. Therefore, option C is the best choice.

Quiz 17: Spreadsheet Modeling: An Introduction