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MSIS 3223 FINAL EXAM REVIEW (JASON MORGAN OKSTATE) QUESTIONS AND ANSWERS

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MSIS 3223 FINAL EXAM REVIEW (JASON MORGAN OKSTATE) QUESTIONS AND ANSWERS Constraints in an Optimization Model •Constraints are limitations, requirements, or other restrictions that are imposed on any solution, either from practical or technological considerations or by management policy. variable cost unit variable cost*quntity produced total cost fixed cost+variable cost*quantity produced demand 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 demand spreadsheet model for profit revenue-variable cost-fixed cost What-if analysis allows you to use data tables

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MSIS 3223 FINAL EXAM REVIEW (JASON MORGAN
OKSTATE) QUESTIONS AND ANSWERS



Constraints in an Optimization Model


•Constraints are limitations, requirements, or other restrictions that are imposed on any
solution, either from practical or technological considerations or by management policy.


variable cost


unit variable cost*quntity produced


total cost


fixed cost+variable cost*quantity produced


demand


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 demand


spreadsheet model for profit


revenue-variable cost-fixed cost


What-if analysis


allows you to use
data tables

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MSIS 3223
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MSIS 3223

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