MSIS 3223 Final Exam Review OKST
(Nord) Questions & Answers 100%
Variable cost = ? - ANSWERUnit Variable Cost * Quantity Produced
Total Cost = - ANSWERFixed 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 - ANSWERdescriptive 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. - ANSWER1) Demand
2) Quantity
The spreadsheet model for _____ is revenue minus variable cost minus fixed cost. - ANSWER1)Profit
Profit= Revenue-Variable cost-fixed cost
Multiple outputs may be evaluated using _______________. For example, profit and revenue. -
ANSWERone way data tables
_____________can evaluate only one output variable. To evaluate multiple output variables, you
must construct ___________________. - ANSWER1)Two-way tables
2)multiple two-way tables
___________focus on understanding the future. - ANSWERPredictive Models
______________focus on predicting financial performance, customer retention, and product sales. -
ANSWERPractical business models
____________are often used to plan inventory sales. - ANSWERSales levels
, ___________usually involve multiple time periods. - ANSWERPredictive models
______________incorporate the uncertainty element. - ANSWERPredictive models
_______________ have benn used extensively in operations and supply chains, finance, marketing,
and other disciplines. - ANSWEROptimization Models
__________is the process of selecting values of decision variables that minimize or maximize some
quantity of interest. - ANSWEROptimization
________is the quantity that is to be minimized or maximized. - ANSWERObjective Function
Optimization is the most important tool in _____________. - ANSWERPrescriptive Analytics
_____________ are limitations, requirements, or other restrictions that are imposed on any solution,
either from practical or technological considerations or by management policy. - ANSWERConstraints
Many types of financial investment problems are modeled and solved using ______. - ANSWERlinear
optimization
A _________ model is one that computes values of the objective, constraints, or intermediate results
that differ by several orders of magnitude. As a result, Solver may detect or suffer from
"_______________." - ANSWER1) Poorly Scaled
2)Numerical Instability
an add-in package with Excel that was developed by Frontline Systems Inc. and can be used to solve
many different types of optimization problems. - ANSWERSolver
____________is the parameter that specifies when the Solver algorithm will terminate an
optimization process with integer constraints. - ANSWERInteger Tolerance
The value of Integer Tolerance should be _______ in order to find the guaranteed optimal integer
solution. - ANSWERZero
(Nord) Questions & Answers 100%
Variable cost = ? - ANSWERUnit Variable Cost * Quantity Produced
Total Cost = - ANSWERFixed 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 - ANSWERdescriptive 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. - ANSWER1) Demand
2) Quantity
The spreadsheet model for _____ is revenue minus variable cost minus fixed cost. - ANSWER1)Profit
Profit= Revenue-Variable cost-fixed cost
Multiple outputs may be evaluated using _______________. For example, profit and revenue. -
ANSWERone way data tables
_____________can evaluate only one output variable. To evaluate multiple output variables, you
must construct ___________________. - ANSWER1)Two-way tables
2)multiple two-way tables
___________focus on understanding the future. - ANSWERPredictive Models
______________focus on predicting financial performance, customer retention, and product sales. -
ANSWERPractical business models
____________are often used to plan inventory sales. - ANSWERSales levels
, ___________usually involve multiple time periods. - ANSWERPredictive models
______________incorporate the uncertainty element. - ANSWERPredictive models
_______________ have benn used extensively in operations and supply chains, finance, marketing,
and other disciplines. - ANSWEROptimization Models
__________is the process of selecting values of decision variables that minimize or maximize some
quantity of interest. - ANSWEROptimization
________is the quantity that is to be minimized or maximized. - ANSWERObjective Function
Optimization is the most important tool in _____________. - ANSWERPrescriptive Analytics
_____________ are limitations, requirements, or other restrictions that are imposed on any solution,
either from practical or technological considerations or by management policy. - ANSWERConstraints
Many types of financial investment problems are modeled and solved using ______. - ANSWERlinear
optimization
A _________ model is one that computes values of the objective, constraints, or intermediate results
that differ by several orders of magnitude. As a result, Solver may detect or suffer from
"_______________." - ANSWER1) Poorly Scaled
2)Numerical Instability
an add-in package with Excel that was developed by Frontline Systems Inc. and can be used to solve
many different types of optimization problems. - ANSWERSolver
____________is the parameter that specifies when the Solver algorithm will terminate an
optimization process with integer constraints. - ANSWERInteger Tolerance
The value of Integer Tolerance should be _______ in order to find the guaranteed optimal integer
solution. - ANSWERZero
