MSIS 3223 Final Exam (Ch. 11, 13, 14) –
2022-2024 UPDATE(GRADED A+)
requirements - ANSWERProblem statements such as production must be sufficient to meet promised
customer orders would be categorized as a ________ constraint.
Unit Variable Cost * Quantity Produced - ANSWERVariable Cost =
Fixed Cost + Variable Cost * Quantity Produced - ANSWERTotal Cost =
Demand - ANSWER_____ 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 - ANSWERThe spreadsheet model for Profit is =
One way data tables - ANSWERMultiple outputs may be evaluated using _____. For example, profit
and revenue.
Two way data tables - ANSWER_____ can evaluate only one output variable. To evaluate multiple
output variables, you must construct a multiple of these.
Predictive - ANSWER_____ models focus on understanding the future.
Practical business - ANSWER_____ models focus on predicting financial performance, customer
retention, and product sales.
Sales - ANSWER_____ levels are often used to plan inventory levels.
Time periods - ANSWERPredictive models usually involve multiple _____.
Uncertainty element - ANSWERPredictive models incorporate the _____.
, Optimization models - ANSWER_____ have been used extensively in operations and supply chains,
finance, marketing, and other disciplines.
Optimization - ANSWERThe process of selecting values of decision variables that minimize or
maximize some quantity of interest.
Objective function - ANSWER_____ is the quantity that is to be minimized or maximized.
Prescriptive Analytics - ANSWEROptimization is the most important tool in _____.
Constraints - ANSWER_____ are limitations, requirements, or other restrictions that are imposed on
any solution, either from practical or technological considerations or by management policy.
Simple bounds - ANSWERConstraints generally fall into one of the following categories:
_____ constrain the value of a single variable.
Scarce resoruces - ANSWERConstraints generally fall into one of the following categories:
Limitations usually involve the allocation of _____.
zero - ANSWERThe value of Integer Tolerance should be _____ in order to find the guaranteed
optimal integer solution.
Linear optimization - ANSWERMany types of financial investment problems are modeled and solved
using _____.
Numerical instability - ANSWERA poorly scaled 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 "_____."
minimum - ANSWERConstraints generally fall into one of the following categories:
Requirements involve the specification of _____ levels of performance.
2022-2024 UPDATE(GRADED A+)
requirements - ANSWERProblem statements such as production must be sufficient to meet promised
customer orders would be categorized as a ________ constraint.
Unit Variable Cost * Quantity Produced - ANSWERVariable Cost =
Fixed Cost + Variable Cost * Quantity Produced - ANSWERTotal Cost =
Demand - ANSWER_____ 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 - ANSWERThe spreadsheet model for Profit is =
One way data tables - ANSWERMultiple outputs may be evaluated using _____. For example, profit
and revenue.
Two way data tables - ANSWER_____ can evaluate only one output variable. To evaluate multiple
output variables, you must construct a multiple of these.
Predictive - ANSWER_____ models focus on understanding the future.
Practical business - ANSWER_____ models focus on predicting financial performance, customer
retention, and product sales.
Sales - ANSWER_____ levels are often used to plan inventory levels.
Time periods - ANSWERPredictive models usually involve multiple _____.
Uncertainty element - ANSWERPredictive models incorporate the _____.
, Optimization models - ANSWER_____ have been used extensively in operations and supply chains,
finance, marketing, and other disciplines.
Optimization - ANSWERThe process of selecting values of decision variables that minimize or
maximize some quantity of interest.
Objective function - ANSWER_____ is the quantity that is to be minimized or maximized.
Prescriptive Analytics - ANSWEROptimization is the most important tool in _____.
Constraints - ANSWER_____ are limitations, requirements, or other restrictions that are imposed on
any solution, either from practical or technological considerations or by management policy.
Simple bounds - ANSWERConstraints generally fall into one of the following categories:
_____ constrain the value of a single variable.
Scarce resoruces - ANSWERConstraints generally fall into one of the following categories:
Limitations usually involve the allocation of _____.
zero - ANSWERThe value of Integer Tolerance should be _____ in order to find the guaranteed
optimal integer solution.
Linear optimization - ANSWERMany types of financial investment problems are modeled and solved
using _____.
Numerical instability - ANSWERA poorly scaled 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 "_____."
minimum - ANSWERConstraints generally fall into one of the following categories:
Requirements involve the specification of _____ levels of performance.
