Exam (elaborations)
MSIS 3223 NORD FINAL
- Course
- Institution
MSIS 3223 NORD FINAL
[Show more]
Content preview
MSIS 3223 NORD FINALVariable Cost= Answer - Unit Variable Cost * Quantity Produced
Total Cost= Answer - Fixed Cost + Variable Cost * Quantity Produced
Demand Answer - Influences how many units will be sold, quantity produced is based on Demand
Profit= Answer - total revenue - variable cost - fixed cost
One-way data table Answer - An Excel Data Table that summarizes a single input's impact on the output of interest.
Two-way data table Answer - An Excel Data Table that summarizes two inputs' impact on the output of interest
Net income = Answer - Revenues - Expenses
Gross profit = Answer - Sales - COGS
Net Operating Income= Answer - Total revenue - COGS - other expenses
Predictive models Answer - focus on understanding the future, usually involve multiple time periods, incorporate the uncertainty element
Practical business models Answer - focus on predicting financial performance,
customer retention, and product sales.
sales levels Answer - used to plan inventory levels
optimization models Answer - have been used extensively in operations and
supply chains, finance, marketing, and other disciplines
Optimization Answer - the process of selecting values of decision variables
that minimize or maximize some quantity of interest
Most important tool in prescriptive analytics? Answer - Optimization
Optimization function Answer - quantity to be minimized or maximized
Constraints Answer - are limitations, requirements, or other restrictions that are
imposed on any solution, either from practical
or
technological
considerations or by management
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EvaTee. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73091 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now