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Exam 2 Preparation Guidelines February 24, 2013
Exam 2 is scheduled for Tuesday 3/5. Coverage will include material identified on the syllabus through 2/28. The exam will be comprised of two parts: (1) multiple choice questions (and possibly a few true/false), (2) short answers. The weight between parts I and II will likely be in the neighborhood of 50-50. I’m guessing that 80% or more of the exam points will based on content since exam 1 (i.e., content in chapters 8, 10, and 11). The exam is closed book and closed notes. As far as preparation suggestions, begin by re-reading the assigned sections in the chapters, working through the examples, reviewing the assigned exercises, reviewing exam 1 questions, and reviewing the group homework assignment. You can review the main learning objectives from each chapter below, which may be helpful for focusing your preparations. I’ve also included sample questions in order to give you an idea of the types of questions that could be on the exam. In recognition of a principle of nature that you may have seen in your earlier SCM classes (“hockey stick effect”), I will expand my office hours leading up to the exam. • Thursday 2/28: 12:30 – 1:30, 3:30 – 5:00 • Friday 3/1: 4:30 – 6:30 • Monday 3/4: 4:00 – 6:30 Please take advantage of this time if you have any questions at all. I want to help you master the material and I want you to do well on the exam. Main learning objectives from each chapter Introduction (Chapter 1) • Understand what mathematical modeling is and its purpose and use. • Understand what is meant by spreadsheet engineering/modeling and its importance. • Understand the risks and challenges of spreadsheet use. • Be aware of (five) novice modeling behaviors that may limit effectiveness. Modeling and Prototyping (Chapter 2) • Understand the general 6-stage problem solving process. • Be able to use influence charts to translate an initial vague understanding of a problem into a concrete visual representation. • Understand the difference between technical skills and craft skills. • Understand the application of craft skills in the chapter examples. • Understand the families of functions (see figure 2.12) – linear, increasing returns (power function), exponential decay, leveling off (exponential function), diminishing returns (power function), s-shape. Basic Excel Skills (Chapter 3) • Understand basic Excel elements e.g., workbook, worksheet, Excel command tabs, quick access toolbar, ribbons and groups, configuration options, window and sheet manipulation, selection of row, column, worksheet, absolute vs. relative cell references, formatting (font, border, fill, protection), function categories (financial, date & time, etc.). • Be able to use basic Excel commands and functions e.g., entering data via the ‘fill handle’, data entry (text vs. formula), formula symbols, sum, max, min, average, npv, if-then-else, function nesting, charting, printing, help. Advanced Excel Skills (Chapter 4) • Be able to use advanced Excel commands and functions, e.g., common shortcuts (cut, paste, copy, new, open, save, print, find, replace, goto), control options (list box, spin button), cell comments, naming cells and cell ranges, R1C1 reference style, mixed addresses, nesting calculations, parameterization, and-or, sumif, countif, vlookup, hlookup, index, small, match, round, ceiling, floor, int, rand, randbetween. Spreadsheet Engineering (Chapter 5) • Understand and be able to apply the guidelines of spreadsheet engineering. • Be able to use the data validation & protection features, the display formulas feature, and the formula auditing feature. Data Analysis using Spreadsheets (Chapter 6) • Understand the nature of the 5 categories of analysis – base case, what-if, breakeven, optimization, risk analysis. Be able to use the ‘Scenario Manager’ tool, and the ‘Parametric Sensitivity’ tool. • Be able to create and interpret tornado charts. Know how to use the ‘Goal Seek’ function, e.g., in the...
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