MSIS 3223 FINAL EXAM (CH. 11, 13, 14) QUESTIONS
AND ANSWERS
/. False - Answer-✅In predictive modeling, verification refers to how well a model
represents reality (T/F).
/.True - Answer-✅Requirements involve the specifications of minimum levels of
performance (T/F).
/.False - Answer-✅To find the guaranteed optimal integer solution, Integer Tolerance
must be set to 1 (T/F).
/.125,000 - Answer-✅Use the following information to answer the question(s) below.
Cerebro Manufacturing produces four types of structural support fittings-plugs, rails,
rivets, and clips-which are machined on two CNC machining centers. The machining
centers have a capacity of 250,000 minutes per year. The gross margin per unit and
machining requirements are shown in the spreadsheet below.
Using the spreadsheet data above, what is the maximum possible production of rails
based on the machine capacity?
/.requirements - Answer-✅Problem statements such as production must be sufficient to
meet promised customer orders would be categorized as a ________ constraint.
/.Unit Variable Cost * Quantity Produced - Answer-✅Variable Cost =
/.Fixed Cost + Variable Cost * Quantity Produced - Answer-✅Total Cost =
/.Demand - Answer-✅_____ 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 this.
/.= Revenue - Variable Cost - Fixed Cost - Answer-✅The spreadsheet model for Profit
is =
/.One way data tables - Answer-✅Multiple outputs may be evaluated using _____. For
example, profit and revenue.
/.Two way data tables - Answer-✅_____ can evaluate only one output variable. To
evaluate multiple output variables, you must construct a multiple of these.
/.Predictive - Answer-✅_____ models focus on understanding the future.
, /.Practical business - Answer-✅_____ models focus on predicting financial
performance, customer retention, and product sales.
/.Sales - Answer-✅_____ levels are often used to plan inventory levels.
/.Time periods - Answer-✅Predictive models usually involve multiple _____.
/.Uncertainty element - Answer-✅Predictive models incorporate the _____.
/.Optimization models - Answer-✅_____ have been used extensively in operations and
supply chains, finance, marketing, and other disciplines.
/.Optimization - Answer-✅The process of selecting values of decision variables that
minimize or maximize some quantity of interest.
/.Objective function - Answer-✅_____ is the quantity that is to be minimized or
maximized.
/.Prescriptive Analytics - Answer-✅Optimization is the most important tool in _____.
/.Constraints - Answer-✅_____ are limitations, requirements, or other restrictions that
are imposed on any solution, either from practical or technological considerations or by
management policy.
/.Simple bounds - Answer-✅Constraints generally fall into one of the following
categories:
_____ constrain the value of a single variable.
/.Scarce resoruces - Answer-✅Constraints generally fall into one of the following
categories:
Limitations usually involve the allocation of _____.
/.minimum - Answer-✅Constraints generally fall into one of the following categories:
Requirements involve the specification of _____ levels of performance.
/.Proportional relationships - Answer-✅Constraints generally fall into one of the
following categories:
_____ are often found in problems involving mixtures or blends of materials or
strategies.
/.Balance constraints - Answer-✅Constraints generally fall into one of the following
categories:
AND ANSWERS
/. False - Answer-✅In predictive modeling, verification refers to how well a model
represents reality (T/F).
/.True - Answer-✅Requirements involve the specifications of minimum levels of
performance (T/F).
/.False - Answer-✅To find the guaranteed optimal integer solution, Integer Tolerance
must be set to 1 (T/F).
/.125,000 - Answer-✅Use the following information to answer the question(s) below.
Cerebro Manufacturing produces four types of structural support fittings-plugs, rails,
rivets, and clips-which are machined on two CNC machining centers. The machining
centers have a capacity of 250,000 minutes per year. The gross margin per unit and
machining requirements are shown in the spreadsheet below.
Using the spreadsheet data above, what is the maximum possible production of rails
based on the machine capacity?
/.requirements - Answer-✅Problem statements such as production must be sufficient to
meet promised customer orders would be categorized as a ________ constraint.
/.Unit Variable Cost * Quantity Produced - Answer-✅Variable Cost =
/.Fixed Cost + Variable Cost * Quantity Produced - Answer-✅Total Cost =
/.Demand - Answer-✅_____ 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 this.
/.= Revenue - Variable Cost - Fixed Cost - Answer-✅The spreadsheet model for Profit
is =
/.One way data tables - Answer-✅Multiple outputs may be evaluated using _____. For
example, profit and revenue.
/.Two way data tables - Answer-✅_____ can evaluate only one output variable. To
evaluate multiple output variables, you must construct a multiple of these.
/.Predictive - Answer-✅_____ models focus on understanding the future.
, /.Practical business - Answer-✅_____ models focus on predicting financial
performance, customer retention, and product sales.
/.Sales - Answer-✅_____ levels are often used to plan inventory levels.
/.Time periods - Answer-✅Predictive models usually involve multiple _____.
/.Uncertainty element - Answer-✅Predictive models incorporate the _____.
/.Optimization models - Answer-✅_____ have been used extensively in operations and
supply chains, finance, marketing, and other disciplines.
/.Optimization - Answer-✅The process of selecting values of decision variables that
minimize or maximize some quantity of interest.
/.Objective function - Answer-✅_____ is the quantity that is to be minimized or
maximized.
/.Prescriptive Analytics - Answer-✅Optimization is the most important tool in _____.
/.Constraints - Answer-✅_____ are limitations, requirements, or other restrictions that
are imposed on any solution, either from practical or technological considerations or by
management policy.
/.Simple bounds - Answer-✅Constraints generally fall into one of the following
categories:
_____ constrain the value of a single variable.
/.Scarce resoruces - Answer-✅Constraints generally fall into one of the following
categories:
Limitations usually involve the allocation of _____.
/.minimum - Answer-✅Constraints generally fall into one of the following categories:
Requirements involve the specification of _____ levels of performance.
/.Proportional relationships - Answer-✅Constraints generally fall into one of the
following categories:
_____ are often found in problems involving mixtures or blends of materials or
strategies.
/.Balance constraints - Answer-✅Constraints generally fall into one of the following
categories:
