MSIS 3223 Final #3
Variable Cost= - -Unit Variable Cost * Quantity Produced
- Total Cost= - -Fixed Cost + Variable Cost * Quantity Produced
- Demand - -Influences how many units will be sold, quantity produced is
based on Demand
- Profit= - -total revenue - variable cost - fixed cost
- One-way data table - -An Excel Data Table that summarizes a single
input's impact on the output of interest.
- Two-way data table - -An Excel Data Table that summarizes two inputs'
impact on the output of interest
- Net income = - -Revenues - Expenses
- Gross profit = - -Sales - COGS
- Net Operating Income= - -Total revenue - COGS - other expenses
- Predictive models - -focus on understanding the future, usually involve
multiple time periods, incorporate the uncertainty element
- Practical business models - -focus on predicting financial performance,
customer retention, and product sales.
- sales levels - -used to plan inventory levels
- 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
- Most important tool in prescriptive analytics? - -Optimization
- Optimization function - -quantity to be minimized or maximized
- Constraints - -are limitations, requirements, or other restrictions that are
imposed on any solution, either from practical
or
Variable Cost= - -Unit Variable Cost * Quantity Produced
- Total Cost= - -Fixed Cost + Variable Cost * Quantity Produced
- Demand - -Influences how many units will be sold, quantity produced is
based on Demand
- Profit= - -total revenue - variable cost - fixed cost
- One-way data table - -An Excel Data Table that summarizes a single
input's impact on the output of interest.
- Two-way data table - -An Excel Data Table that summarizes two inputs'
impact on the output of interest
- Net income = - -Revenues - Expenses
- Gross profit = - -Sales - COGS
- Net Operating Income= - -Total revenue - COGS - other expenses
- Predictive models - -focus on understanding the future, usually involve
multiple time periods, incorporate the uncertainty element
- Practical business models - -focus on predicting financial performance,
customer retention, and product sales.
- sales levels - -used to plan inventory levels
- 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
- Most important tool in prescriptive analytics? - -Optimization
- Optimization function - -quantity to be minimized or maximized
- Constraints - -are limitations, requirements, or other restrictions that are
imposed on any solution, either from practical
or
