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:

3-sigma Range Chart

A statistical chart used in quality control that illustrates the variation of a process within three standard deviations (3-sigma) from the mean, identifying outliers.

Average Range

In statistics, it is the mean difference between the largest and smallest values in a set of data, used as a measure of statistical dispersion.

3-sigma Control Limits

Statistical boundaries set at three standard deviations from the mean in a control chart, used to determine the variability of a process and identify potential outliers or trends.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values.