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MSIS 3223 Final Exam Questions and Answers 100% Verified

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MSIS 3223 Final Exam Questions and Answers 100% VerifiedMSIS 3223 Final Exam Questions and Answers 100% VerifiedMSIS 3223 Final Exam Questions and Answers 100% VerifiedMSIS 3223 Final Exam Questions and Answers 100% Verified Variable Cost - ANSWER-= Unit Variable Cost * Quantity Produced Total ...

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  • October 29, 2024
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  • Exam (elaborations)
  • Questions & answers
  • MSIS 3223
  • MSIS 3223
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MSIS 3223 Final Exam Questions and
Answers 100% Verified
Variable Cost - ANSWER-= Unit Variable Cost * Quantity Produced

Total Cost - ANSWER-= Fixed Cost + Variable Cost * Quantity Produced
also written as =F+VQ

Logic suggests that - ANSWER-variable cost is the unit variable cost times the quantity
of item produced.

_________ has an influence on profit by predicting how many units of a product will be
sold. - ANSWER-Demand

____________ produced is a decision option typically based on demand. - ANSWER-
Quantity

The spreadsheet model for profit is revenue minus variable cost minus fixed cost: -
ANSWER-Profit = Revenue - Variable Cost - Fixed Cost

_______________ allow you to easily evaluate what-if questions by changing input
values and recalculating model outputs. - ANSWER-Spreadsheet Models

What systematic approaches to what-if analysis that are available in Excel make the
process easier and more useful? - ANSWER-Data tables
Scenario Manager
Goal Seek

____________can evaluate only one output variable. To evaluate multiple output
variables, you must construct multiple_______ - ANSWER-Two-way data tables; two-
way tables

__________ models focus on understanding the future. - ANSWER-Predictive

_____________________ models focus on predicting financial performance, customer
retention, and product sales. - ANSWER-Practical business

_________ are often used to plan inventory levels. - ANSWER-Sales levels

______________ usually involve multiple time periods and incorporate the uncertainty
element. - ANSWER-Predictive models

, _________________________ have been used extensively in operations and supply
chains, finance, marketing, and other disciplines. - ANSWER-Optimization models

__________________ is the process of selecting values of decision variables that
minimize or maximize some quantity of interest and is the most important tool in
prescriptive analytics. - ANSWER-Optimization

__________ is the quantity that is to be minimized or maximized. - ANSWER-Objective
function

___________ are limitations, requirements, or other restrictions that are imposed on
any solution, either from practical or technological considerations or by management
policy. - ANSWER-Constraints

If a model has ____________ the objective is maximized (or minimized) by more than
one combination of decision variables, all of which have the same objective function
value. - ANSWER-Alternative optimal solutions

When a model has a unique optimal solution, it means: - ANSWER-that there is only
one solution that will result in the maximum (or minimum) objective.

_____________ exist when any of the allowable increase or allowable decrease values
for changing cells are zero. - ANSWER-Alternative optimal solutions

A solution is ______________ if the value of the objective can be increased or
decreased without bound (that is to infinity for a maximization problem or negative
infinity for a minimization problem) without violating any of the constraints. - ANSWER-
unbounded

The feasible region is - ANSWER-the set of points that satisfy all constraints
simultaneously

When a problem is infeasible, Solver will report - ANSWER-"Solver could not find a
feasible solution.

A ____________ is one for which the left-hand side is equal to the right-hand side of the
constraint at the optimal solution. - ANSWER-binding constraint

In an __________________________ some or all of the variables are restricted to
being whole numbers. - ANSWER-integer linear optimization model

An__________________ is one for which no feasible solution exists—that is, when
there is no solution that satisfies all constraints simultaneously. - ANSWER-infeasible
problem

spreadsheet engineering - ANSWER-Building spreadsheet models

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