MSIS 3223 Final Exam Questions and Answers 100% Verified
5 views 0 purchase
Course
MSIS 3223
Institution
MSIS 3223
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 ...
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
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 NursingTutor1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
