MSIS 3223 FINAL EXAM REVIEW
(JASON MORGAN OKSTATE)
Constraints in an Optimization Model - Correct Answers -•Constraints are limitations,
requirements, or other restrictions that are imposed on any solution, either from
practical or technological considerations or by management policy.
variable cost - Correct Answers -unit variable cost*quntity produced
total cost - Correct Answers -fixed cost+variable cost*quantity produced
demand - Correct Answers -demand has an influence on profit by predicting how many
units of a product will be sold. quantity produced is a decision option typically based on
demand
spreadsheet model for profit - Correct Answers -revenue-variable cost-fixed cost
What-if analysis - Correct Answers -allows you to use
data tables
scenario manager
goal seek
what does cash budget show - Correct Answers -monthly cash balances and any short
term borrowing used to cover cash shortfalls
feasible solution - Correct Answers -a set of values for the decision variables that satisfy
all the constraints
binding constraint - Correct Answers -one for which the left hand side is equal to the
right hand side of the constraint at the optimal solution
integar linear optimization model - Correct Answers -some or all of the variables are
restricted to being whole numbers
data tables - Correct Answers -•Multiple outputs may be evaluated using one way data
tables. For example, profit and revenue.
•Two-way data tables can evaluate only one output variable. To evaluate multiple output
variables, you must construct multiple two-way tables.
(JASON MORGAN OKSTATE)
Constraints in an Optimization Model - Correct Answers -•Constraints are limitations,
requirements, or other restrictions that are imposed on any solution, either from
practical or technological considerations or by management policy.
variable cost - Correct Answers -unit variable cost*quntity produced
total cost - Correct Answers -fixed cost+variable cost*quantity produced
demand - Correct Answers -demand has an influence on profit by predicting how many
units of a product will be sold. quantity produced is a decision option typically based on
demand
spreadsheet model for profit - Correct Answers -revenue-variable cost-fixed cost
What-if analysis - Correct Answers -allows you to use
data tables
scenario manager
goal seek
what does cash budget show - Correct Answers -monthly cash balances and any short
term borrowing used to cover cash shortfalls
feasible solution - Correct Answers -a set of values for the decision variables that satisfy
all the constraints
binding constraint - Correct Answers -one for which the left hand side is equal to the
right hand side of the constraint at the optimal solution
integar linear optimization model - Correct Answers -some or all of the variables are
restricted to being whole numbers
data tables - Correct Answers -•Multiple outputs may be evaluated using one way data
tables. For example, profit and revenue.
•Two-way data tables can evaluate only one output variable. To evaluate multiple output
variables, you must construct multiple two-way tables.
