MSIS 3223 Final Exam (Ch. 11, 13, 14)
False - -In predictive modeling, verification refers to how well a model represents reality
(T/F).
-True - -Requirements involve the specifications of minimum levels of performance (T/F).
-False - -To find the guaranteed optimal integer solution, Integer Tolerance must be set to
1 (T/F).
-125,000 - -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 - -Problem statements such as production must be sufficient to meet
promised customer orders would be categorized as a ________ constraint.
-Unit Variable Cost * Quantity Produced - -Variable Cost =
-Fixed Cost + Variable Cost * Quantity Produced - -Total Cost =
-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 this.
-= Revenue - Variable Cost - Fixed Cost - -The spreadsheet model for Profit is =
-One way data tables - -Multiple outputs may be evaluated using _____. For example, profit
and revenue.
-Two way data tables - -_____ can evaluate only one output variable. To evaluate multiple
output variables, you must construct a multiple of these.
-Predictive - -_____ models focus on understanding the future.
-Practical business - -_____ models focus on predicting financial performance, customer
retention, and product sales.
-Sales - -_____ levels are often used to plan inventory levels.
-Time periods - -Predictive models usually involve multiple _____.
, -Uncertainty element - -Predictive models incorporate the _____.
-Optimization models - -_____ have been used extensively in operations and supply chains,
finance, marketing, and other disciplines.
-Optimization - -The process of selecting values of decision variables that minimize or
maximize some quantity of interest.
-Objective function - -_____ is the quantity that is to be minimized or maximized.
-Prescriptive Analytics - -Optimization is the most important tool in _____.
-Constraints - -_____ are limitations, requirements, or other restrictions that are imposed
on any solution, either from practical or technological considerations or by management
policy.
-Simple bounds - -Constraints generally fall into one of the following categories:
_____ constrain the value of a single variable.
-Scarce resoruces - -Constraints generally fall into one of the following categories:
Limitations usually involve the allocation of _____.
-minimum - -Constraints generally fall into one of the following categories:
Requirements involve the specification of _____ levels of performance.
-Proportional relationships - -Constraints generally fall into one of the following
categories:
_____ are often found in problems involving mixtures or blends of materials or strategies.
-Balance constraints - -Constraints generally fall into one of the following categories:
_____ essentially state that input = output and ensure that the flow of material or money is
accounted for at locations or between time periods.
-Solver - -_____ is 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.
-Integer Tolerance - -_____ is the parameter that specifies when the Solver algorithm will
terminate an optimization process with integer constraints.
-zero - -The value of Integer Tolerance should be _____ in order to find the guaranteed
optimal integer solution.
-Linear optimization - -Many types of financial investment problems are modeled and
solved using _____.
False - -In predictive modeling, verification refers to how well a model represents reality
(T/F).
-True - -Requirements involve the specifications of minimum levels of performance (T/F).
-False - -To find the guaranteed optimal integer solution, Integer Tolerance must be set to
1 (T/F).
-125,000 - -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 - -Problem statements such as production must be sufficient to meet
promised customer orders would be categorized as a ________ constraint.
-Unit Variable Cost * Quantity Produced - -Variable Cost =
-Fixed Cost + Variable Cost * Quantity Produced - -Total Cost =
-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 this.
-= Revenue - Variable Cost - Fixed Cost - -The spreadsheet model for Profit is =
-One way data tables - -Multiple outputs may be evaluated using _____. For example, profit
and revenue.
-Two way data tables - -_____ can evaluate only one output variable. To evaluate multiple
output variables, you must construct a multiple of these.
-Predictive - -_____ models focus on understanding the future.
-Practical business - -_____ models focus on predicting financial performance, customer
retention, and product sales.
-Sales - -_____ levels are often used to plan inventory levels.
-Time periods - -Predictive models usually involve multiple _____.
, -Uncertainty element - -Predictive models incorporate the _____.
-Optimization models - -_____ have been used extensively in operations and supply chains,
finance, marketing, and other disciplines.
-Optimization - -The process of selecting values of decision variables that minimize or
maximize some quantity of interest.
-Objective function - -_____ is the quantity that is to be minimized or maximized.
-Prescriptive Analytics - -Optimization is the most important tool in _____.
-Constraints - -_____ are limitations, requirements, or other restrictions that are imposed
on any solution, either from practical or technological considerations or by management
policy.
-Simple bounds - -Constraints generally fall into one of the following categories:
_____ constrain the value of a single variable.
-Scarce resoruces - -Constraints generally fall into one of the following categories:
Limitations usually involve the allocation of _____.
-minimum - -Constraints generally fall into one of the following categories:
Requirements involve the specification of _____ levels of performance.
-Proportional relationships - -Constraints generally fall into one of the following
categories:
_____ are often found in problems involving mixtures or blends of materials or strategies.
-Balance constraints - -Constraints generally fall into one of the following categories:
_____ essentially state that input = output and ensure that the flow of material or money is
accounted for at locations or between time periods.
-Solver - -_____ is 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.
-Integer Tolerance - -_____ is the parameter that specifies when the Solver algorithm will
terminate an optimization process with integer constraints.
-zero - -The value of Integer Tolerance should be _____ in order to find the guaranteed
optimal integer solution.
-Linear optimization - -Many types of financial investment problems are modeled and
solved using _____.
