MSIS 3223 FINAL EXAM OKLAHOMA
STATE QUESTIONS AND ANSWERS
Total Cost - Correct Answers -=Fixed Cost + Variable Cost * Quantity Produced
Influence Diagram - Correct Answers -A visual representation of a descriptive model
that shows how the elements of the model influence, or relate to, others.
Revenue - Correct Answers -= Price * Quantity Sold
Gross Profit - Correct Answers -= Sales - Cost of Goods Sold
Operating Expenses - Correct Answers -= Admin Expenses + Selling Expenses +
Depreciation Expenses
Net Operating Income - Correct Answers -= Gross Profit - Operating Expenses
Earnings Before Taxes - Correct Answers -= Net Operating Income - Interest Expense
Net Income - Correct Answers -= Earnings Before Taxes - Taxes
Spreadsheet Engineering - Correct Answers -The process of building spreadsheet
models
Verification - Correct Answers -The process of ensuring that a model is accurate and
free from logical errors.
Data Validation - Correct Answers -An Excel tool that allows you to define acceptable
input values in a spreadsheet and provides and error alert if an invalid entry is made
-Data > Data Tools
-Select the cell range, click Data Validation
-Specify the criteria that Excel will use to flag invalid data.
Single-Period Purchase Decisions - Correct Answers -One-Time purchase decisions
often must be made in the face of uncertain demand.
Predictive Models - Correct Answers -Theses kind of models focus on understanding
the future.
, Cash Budgeting - Correct Answers -The process of projecting and summarizing a
company's cash inflows and outflows expected during a planning horizon, usually 6 to
12 months.
Project Management - Correct Answers -Concerned with scheduling the activities of a
project involving interrelated activities.
Critical Path - Correct Answers -The longest path through the network defines the
minimum project completion time is called the...
Optimization Models - Correct Answers -Predictive models are often called
____________ .
-Specifies a set of decision variables, numerical quantities that represent the decision
options from which to choose.
-Specifies an objective function and constraints.
What-If Analysis - Correct Answers -Spreadsheet models that allow you to easily
evaluate what-if questions by changing input values and recalculating model outputs.
Data Tables - Correct Answers -_______ _________ summarize the impact of one or
two inputs on a specified output.
One-Way Data Table - Correct Answers -Evaluates an output variable over a range of
values for a single input variable.
How do you determine optimal solutions using excel? - Correct Answers -
Data>Analysis>Solver
Binding Constraint - Correct Answers -Is on for which the Cell Value is equal to the
right-hand side of the value constraint.
Slack - Correct Answers -Refers to the difference between the left- and right-hand sides
of the constraints for the optimal solution.
Corner Points - Correct Answers -The points at which the constraint lines intersect
along the feasible region are called _________ ________.
Two-Way Data Tables - Correct Answers -Evaluate an output variable over a range of
values for two different input variables.
Scenario Manager - Correct Answers -Allows the creation of scenarios. Sets of values
that are saved and can be substituted in worksheets.
STATE QUESTIONS AND ANSWERS
Total Cost - Correct Answers -=Fixed Cost + Variable Cost * Quantity Produced
Influence Diagram - Correct Answers -A visual representation of a descriptive model
that shows how the elements of the model influence, or relate to, others.
Revenue - Correct Answers -= Price * Quantity Sold
Gross Profit - Correct Answers -= Sales - Cost of Goods Sold
Operating Expenses - Correct Answers -= Admin Expenses + Selling Expenses +
Depreciation Expenses
Net Operating Income - Correct Answers -= Gross Profit - Operating Expenses
Earnings Before Taxes - Correct Answers -= Net Operating Income - Interest Expense
Net Income - Correct Answers -= Earnings Before Taxes - Taxes
Spreadsheet Engineering - Correct Answers -The process of building spreadsheet
models
Verification - Correct Answers -The process of ensuring that a model is accurate and
free from logical errors.
Data Validation - Correct Answers -An Excel tool that allows you to define acceptable
input values in a spreadsheet and provides and error alert if an invalid entry is made
-Data > Data Tools
-Select the cell range, click Data Validation
-Specify the criteria that Excel will use to flag invalid data.
Single-Period Purchase Decisions - Correct Answers -One-Time purchase decisions
often must be made in the face of uncertain demand.
Predictive Models - Correct Answers -Theses kind of models focus on understanding
the future.
, Cash Budgeting - Correct Answers -The process of projecting and summarizing a
company's cash inflows and outflows expected during a planning horizon, usually 6 to
12 months.
Project Management - Correct Answers -Concerned with scheduling the activities of a
project involving interrelated activities.
Critical Path - Correct Answers -The longest path through the network defines the
minimum project completion time is called the...
Optimization Models - Correct Answers -Predictive models are often called
____________ .
-Specifies a set of decision variables, numerical quantities that represent the decision
options from which to choose.
-Specifies an objective function and constraints.
What-If Analysis - Correct Answers -Spreadsheet models that allow you to easily
evaluate what-if questions by changing input values and recalculating model outputs.
Data Tables - Correct Answers -_______ _________ summarize the impact of one or
two inputs on a specified output.
One-Way Data Table - Correct Answers -Evaluates an output variable over a range of
values for a single input variable.
How do you determine optimal solutions using excel? - Correct Answers -
Data>Analysis>Solver
Binding Constraint - Correct Answers -Is on for which the Cell Value is equal to the
right-hand side of the value constraint.
Slack - Correct Answers -Refers to the difference between the left- and right-hand sides
of the constraints for the optimal solution.
Corner Points - Correct Answers -The points at which the constraint lines intersect
along the feasible region are called _________ ________.
Two-Way Data Tables - Correct Answers -Evaluate an output variable over a range of
values for two different input variables.
Scenario Manager - Correct Answers -Allows the creation of scenarios. Sets of values
that are saved and can be substituted in worksheets.
