MSIS 3223 Final Exam Oklahoma State Questions and Answers 100% Correct
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Course
MSIS 3223
Institution
MSIS 3223
MSIS 3223 Final Exam Oklahoma State Questions and Answers 100% CorrectMSIS 3223 Final Exam Oklahoma State Questions and Answers 100% CorrectMSIS 3223 Final Exam Oklahoma State Questions and Answers 100% Correct
Total Cost - ANSWER-=Fixed Cost + Variable Cost * Quantity Produced
Influence Diagra...
Net Operating Income - ANSWER-= Gross Profit - Operating Expenses
Earnings Before Taxes - ANSWER-= Net Operating Income - Interest Expense
Net Income - ANSWER-= Earnings Before Taxes - Taxes
Spreadsheet Engineering - ANSWER-The process of building spreadsheet models
Verification - ANSWER-The process of ensuring that a model is accurate and free from
logical errors.
Two-Way Data Tables - ANSWER-Evaluate an output variable over a range of values
for two different input variables.
Scenario Manager - ANSWER-Allows the creation of scenarios. Sets of values that are
saved and can be substituted in worksheets.
Optimization - ANSWER-The process of selecting values of decision variables that
minimize or maximize some quantity of interest.
Data Validation - ANSWER-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 - ANSWER-One-Time purchase decisions often must
be made in the face of uncertain demand.
Predictive Models - ANSWER-Theses kind of models focus on understanding the future.
Cash Budgeting - ANSWER-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 - ANSWER-Concerned with scheduling the activities of a project
involving interrelated activities.
Critical Path - ANSWER-The longest path through the network defines the minimum
project completion time is called the...
One-Way Data Table - ANSWER-Evaluates an output variable over a range of values
for a single input variable.
What are the 2 basic properties of Linear Optimization Models? - ANSWER-1. The
objective function and all constraints are linear functions of the decision variables.
2. All variables are continuous.
Integer Linear Optimization Model - ANSWER-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 - ANSWER-Whenever either the objective function or a
constraint is not linear.
Examples of Linear Optimization Models - ANSWER--Product Mix
-Process Selection
-Blending
-Portfolio Selection
-Transportation
-Multiperiod Production Report
Decision Variables - ANSWER-The unknown values that the model seeks to determine.
Objective Function - ANSWER-The quantity we seek to minimize or maximize.
Optimization Models - ANSWER-Predictive models are often called ____________ .
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