A Difficult Aspect of Using Spreadsheets to Solve Management Science

question 31

Multiple Choice

A difficult aspect of using spreadsheets to solve management science problems is

• A) obtaining the solution to standard management science problems.
• B) data entry.
• C) performing sensitivity analysis.
• D) setting up a spreadsheet with complex models and formulas.

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Definitions:

Convenience Sampling

A non-probability sampling method where participants are selected based on their availability and proximity to the researcher.

Judgment Sampling

A sampling method where the samples are selected based on the opinion of an expert, rather than random selection.

Central Limit Theorem

A statistical theory stating that, given a sufficiently large sample size from a population with a finite level of variance, the mean of all samples from the same population will be approximately equal to the mean of the population.

Consistent Estimator

An estimator that, as the sample size increases, converges in probability to the true parameter value.