MSIS 3223 Final Exam Review OKST
(Nord)
Variable cost = ? - -Unit Variable Cost * Quantity Produced
-Total Cost = - -Fixed Cost + Variable Cost* Quantity Produced
Also written as C=F+VQ
-Logic suggests that variable cost is the unit variable cost times the quantity of item
produced. Thus a ____________ would be - -descriptive model
-_______has an influence on profit by predicting how many units of a product will be
sold.______________produced is a decision option typically based on demand. - -1) Demand
2) Quantity
-The spreadsheet model for _____ is revenue minus variable cost minus fixed cost. - -
1)Profit
Profit= Revenue-Variable cost-fixed cost
-Multiple outputs may be evaluated using _______________. For example, profit and revenue. -
-one way data tables
-_____________can evaluate only one output variable. To evaluate multiple output variables,
you must construct ___________________. - -1)Two-way tables
2)multiple two-way tables
-___________focus on understanding the future. - -Predictive Models
-______________focus on predicting financial performance, customer retention, and product
sales. - -Practical business models
-____________are often used to plan inventory sales. - -Sales levels
-___________usually involve multiple time periods. - -Predictive models
-______________incorporate the uncertainty element. - -Predictive models
-_______________ have benn used extensively in operations and supply chains, finance,
marketing, and other disciplines. - -Optimization Models
-__________is the process of selecting values of decision variables that minimize or maximize
some quantity of interest. - -Optimization
-________is the quantity that is to be minimized or maximized. - -Objective Function
(Nord)
Variable cost = ? - -Unit Variable Cost * Quantity Produced
-Total Cost = - -Fixed Cost + Variable Cost* Quantity Produced
Also written as C=F+VQ
-Logic suggests that variable cost is the unit variable cost times the quantity of item
produced. Thus a ____________ would be - -descriptive model
-_______has an influence on profit by predicting how many units of a product will be
sold.______________produced is a decision option typically based on demand. - -1) Demand
2) Quantity
-The spreadsheet model for _____ is revenue minus variable cost minus fixed cost. - -
1)Profit
Profit= Revenue-Variable cost-fixed cost
-Multiple outputs may be evaluated using _______________. For example, profit and revenue. -
-one way data tables
-_____________can evaluate only one output variable. To evaluate multiple output variables,
you must construct ___________________. - -1)Two-way tables
2)multiple two-way tables
-___________focus on understanding the future. - -Predictive Models
-______________focus on predicting financial performance, customer retention, and product
sales. - -Practical business models
-____________are often used to plan inventory sales. - -Sales levels
-___________usually involve multiple time periods. - -Predictive models
-______________incorporate the uncertainty element. - -Predictive models
-_______________ have benn used extensively in operations and supply chains, finance,
marketing, and other disciplines. - -Optimization Models
-__________is the process of selecting values of decision variables that minimize or maximize
some quantity of interest. - -Optimization
-________is the quantity that is to be minimized or maximized. - -Objective Function
