MSIS 3223 Final Exam Oklahoma State |Questions
and Answers
Total Cost - -=Fixed Cost + Variable Cost * Quantity Produced
-Influence Diagram - -A visual representation of a descriptive model that shows how the
elements of the model influence, or relate to, others.
-Revenue - -= Price * Quantity Sold
-Gross Profit - -= Sales - Cost of Goods Sold
-Operating Expenses - -= Admin Expenses + Selling Expenses + Depreciation Expenses
-Net Operating Income - -= Gross Profit - Operating Expenses
-Earnings Before Taxes - -= Net Operating Income - Interest Expense
-Net Income - -= Earnings Before Taxes - Taxes
-Spreadsheet Engineering - -The process of building spreadsheet models
-Verification - -The process of ensuring that a model is accurate and free from logical
errors.
-Data Validation - -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 - -One-Time purchase decisions often must be made in
the face of uncertain demand.
-Predictive Models - -Theses kind of models focus on understanding the future.
-Cash Budgeting - -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 - -Concerned with scheduling the activities of a project involving
interrelated activities.
, -Critical Path - -The longest path through the network defines the minimum project
completion time is called the...
-Optimization Models - -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 - -Spreadsheet models that allow you to easily evaluate what-if
questions by changing input values and recalculating model outputs.
-Data Tables - -_______ _________ summarize the impact of one or two inputs on a specified
output.
-One-Way Data Table - -Evaluates an output variable over a range of values for a single
input variable.
-Two-Way Data Tables - -Evaluate an output variable over a range of values for two
different input variables.
-Scenario Manager - -Allows the creation of scenarios. Sets of values that are saved and
can be substituted in worksheets.
-Optimization - -The process of selecting values of decision variables that minimize or
maximize some quantity of interest.
-What are the 2 basic properties of Linear Optimization Models? - -1. The objective
function and all constraints are linear functions of the decision variables.
2. All variables are continuous.
-Integer Linear Optimization Model - -Some of or all the variables are restricted to being
whole numbers.
- A special type of integer problem is one in which variables can be only 0 or 1.
-More difficult to solve, but have important applications in scheduling and supply chains.
-Nonlinear Optimization Model - -Whenever either the objective function or a constraint is
not linear.
-Examples of Linear Optimization Models - --Product Mix
-Process Selection
-Blending
and Answers
Total Cost - -=Fixed Cost + Variable Cost * Quantity Produced
-Influence Diagram - -A visual representation of a descriptive model that shows how the
elements of the model influence, or relate to, others.
-Revenue - -= Price * Quantity Sold
-Gross Profit - -= Sales - Cost of Goods Sold
-Operating Expenses - -= Admin Expenses + Selling Expenses + Depreciation Expenses
-Net Operating Income - -= Gross Profit - Operating Expenses
-Earnings Before Taxes - -= Net Operating Income - Interest Expense
-Net Income - -= Earnings Before Taxes - Taxes
-Spreadsheet Engineering - -The process of building spreadsheet models
-Verification - -The process of ensuring that a model is accurate and free from logical
errors.
-Data Validation - -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 - -One-Time purchase decisions often must be made in
the face of uncertain demand.
-Predictive Models - -Theses kind of models focus on understanding the future.
-Cash Budgeting - -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 - -Concerned with scheduling the activities of a project involving
interrelated activities.
, -Critical Path - -The longest path through the network defines the minimum project
completion time is called the...
-Optimization Models - -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 - -Spreadsheet models that allow you to easily evaluate what-if
questions by changing input values and recalculating model outputs.
-Data Tables - -_______ _________ summarize the impact of one or two inputs on a specified
output.
-One-Way Data Table - -Evaluates an output variable over a range of values for a single
input variable.
-Two-Way Data Tables - -Evaluate an output variable over a range of values for two
different input variables.
-Scenario Manager - -Allows the creation of scenarios. Sets of values that are saved and
can be substituted in worksheets.
-Optimization - -The process of selecting values of decision variables that minimize or
maximize some quantity of interest.
-What are the 2 basic properties of Linear Optimization Models? - -1. The objective
function and all constraints are linear functions of the decision variables.
2. All variables are continuous.
-Integer Linear Optimization Model - -Some of or all the variables are restricted to being
whole numbers.
- A special type of integer problem is one in which variables can be only 0 or 1.
-More difficult to solve, but have important applications in scheduling and supply chains.
-Nonlinear Optimization Model - -Whenever either the objective function or a constraint is
not linear.
-Examples of Linear Optimization Models - --Product Mix
-Process Selection
-Blending
