MSIS 3223 Final Okstate Exam Questions and Answers 100% Correct
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Course
MSIS 3223
Institution
MSIS 3223
MSIS 3223 Final Okstate Exam Questions and Answers 100% Correct
MSIS 3223 Final Okstate Exam Questions and Answers 100% Correct
MSIS 3223 Final Okstate Exam Questions and Answers 100% Correct
Variable Cost of Production - ANSWER-logic suggests that variable cost is the unit variable cost tim...
MSIS 3223 Final Okstate Exam
Questions and Answers 100% Correct
Variable Cost of Production - ANSWER-logic suggests that variable cost is the unit
variable cost times the quantity of item produced.
Variable cost = - ANSWER-unit variable cost * quantity produced
Total Cost = - ANSWER-fixed cost + variable cost + Quantity Produced
Optimization is the most important tool in _______ _______ - ANSWER-prescriptive
analytics
Constraints are _______, ________, _________ that are imposed on any solution,
either from practical or technological considerations or by management policy. -
ANSWER-limitations, requirements, or other restrictions
Constraint categories: Simple Bonds - ANSWER-constrain the value of a single variable
Demand - ANSWER-has an influence on profit by predicting how many units of a
product will be sold
example of multiple outputs being evaluated using one way data tables - ANSWER-
profit and revenue
two-way data tables can evaluate how many output variables? - ANSWER-one
how to evaluate multiple output variables? - ANSWER-construct multiple two-way tables
net income = - ANSWER-sales- cost of goods sold - admin expenses - selling expenses
- depreciation expenses - interest expenses - taxes
predictive models focus on understanding the ________ - ANSWER-future
practical business models focus on predicting _______,__________,_________ -
ANSWER-financial performance, customer retention, and product sales.
sales levels are often used to plan _________ _________ - ANSWER-inventory levels
predictive models usually involve multiple ______ _________ - ANSWER-time period
, Predictive models incorporate the __________ __________ - ANSWER-uncertainty
element
Solving a linear optimization model can result in four possible outcomes: - ANSWER-a
unique optimal solution, alternative (multiple) optimal solutions, an unbounded solution,
infeasibility
unique optimal solutions - ANSWER-there is only one solution that will result in the
maximum (or minimum) objective
alternative optimal solutions - ANSWER-objective is maximized (or minimized) by more
than one combination of decision variables, all of which have the same objective
function value
Solving a linear optimization model can result in four possible outcomes: - ANSWER-a
unique optimal solution, alternative (multiple) optimal solutions, an unbounded solution,
infeasibility
unique optimal solutions - ANSWER-there is only one solution that will result in the
maximum (or minimum) objective
alternative optimal solutions - ANSWER-objective is maximized (or minimized) by more
than one combination of decision variables, all of which have the same objective
function value
optimization models have been used extensively in ________, ______, ______,
_______, ______, _______ - ANSWER-operations and supply chains, finance,
marketing, and other disciplines
Optimization is the process of selecting values of _______ _______ _______ _______
_______ _______ _______ _______ - ANSWER-decision variables that minimize or
maximize some quantity of interest
Objective function is the quantity that is to be _______ _______ - ANSWER-minimized
or maximized
Constraint categories: Limitations - ANSWER-usually involve the allocation of scarce
resources
Constraint categories: Requirements - ANSWER-involve the specification of minimum
levels of performance
Constraint categories: Balance constraints - ANSWER-essentially state that input =
output and ensure that the flow of material or money is accounted for at locations or
between time periods
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