Variable Cost - ANSWERS= Unit Variable Cost * Quantity Produced
Total Cost - ANSWERS= Fixed Cost + Variable Cost * Quantity Produced
also written as =F+VQ
Logic suggests that - ANSWERSvariable cost is the unit variable cost times the quantity of item produced.
_________ has an influence o...
Variable Cost - ANSWERS= Unit Variable Cost * Quantity Produced
Total Cost - ANSWERS= Fixed Cost + Variable Cost * Quantity Produced
also written as =F+VQ
Logic suggests that - ANSWERSvariable 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. -
ANSWERSDemand
____________ produced is a decision option typically based on demand. - ANSWERSQuantity
The spreadsheet model for profit is revenue minus variable cost minus fixed cost: - ANSWERSProfit =
Revenue - Variable Cost - Fixed Cost
_______________ allow you to easily evaluate what-if questions by changing input values and
recalculating model outputs. - ANSWERSSpreadsheet Models
What systematic approaches to what-if analysis that are available in Excel make the process easier and
more useful? - ANSWERSData tables
Scenario Manager
Goal Seek
____________can evaluate only one output variable. To evaluate multiple output variables, you must
construct multiple_______ - ANSWERSTwo-way data tables; two-way tables
__________ models focus on understanding the future. - ANSWERSPredictive
, _____________________ models focus on predicting financial performance, customer retention, and
product sales. - ANSWERSPractical business
_________ are often used to plan inventory levels. - ANSWERSSales levels
______________ usually involve multiple time periods and incorporate the uncertainty element. -
ANSWERSPredictive models
_________________________ have been used extensively in operations and supply chains, finance,
marketing, and other disciplines. - ANSWERSOptimization 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. -
ANSWERSOptimization
__________ is the quantity that is to be minimized or maximized. - ANSWERSObjective function
___________ are limitations, requirements, or other restrictions that are imposed on any solution,
either from practical or technological considerations or by management policy. - ANSWERSConstraints
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. - ANSWERSAlternative optimal
solutions
When a model has a unique optimal solution, it means: - ANSWERSthat 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. - ANSWERSAlternative optimal solutions
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