Variable Cost of Production - ANSWERSlogic suggests that variable cost is the unit variable cost times the quantity of item produced.
Variable cost = - ANSWERSunit variable cost * quantity produced
Total Cost = - ANSWERSfixed cost + variable cost + Quantity Produced
Demand - ANSWERShas an ...
example of multiple outputs being evaluated using one way data tables - ANSWERSprofit and revenue
two-way data tables can evaluate how many output variables? - ANSWERSone
how to evaluate multiple output variables? - ANSWERSconstruct multiple two-way tables
net income = - ANSWERSsales- cost of goods sold - admin expenses - selling expenses - depreciation
expenses - interest expenses - taxes
predictive models focus on understanding the ________ - ANSWERSfuture
practical business models focus on predicting _______,__________,_________ - ANSWERSfinancial
performance, customer retention, and product sales.
sales levels are often used to plan _________ _________ - ANSWERSinventory levels
, predictive models usually involve multiple ______ _________ - ANSWERStime period
Predictive models incorporate the __________ __________ - ANSWERSuncertainty element
optimization models have been used extensively in ________, ______, ______, _______, ______,
_______ - ANSWERSoperations and supply chains, finance, marketing, and other disciplines
Optimization is the process of selecting values of _______ _______ _______ _______ _______ _______
_______ _______ - ANSWERSdecision variables that minimize or maximize some quantity of interest
Objective function is the quantity that is to be _______ _______ - ANSWERSminimized or maximized
Constraint categories: Requirements - ANSWERSinvolve the specification of minimum levels of
performance
Constraint categories: Balance constraints - ANSWERSessentially state that input = output and ensure
that the flow of material or money is accounted for at locations or between time periods
Solver - ANSWERSan add-in package with Excel
Solver was developed by - ANSWERSFrontline Systems Inc.
Solver can be used to solve .... - ANSWERSmany different types of optimization problems
Integer tolerance - ANSWERSthe parameter that specifies when the Solver algorithm will terminate an
optimization process with integer constraints
The value of Integer Tolerance should be ______ in order to find - ANSWERSzero
Many types of financial investment problems are modeled and solved using _______ _______ -
ANSWERSlinear optimization
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
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 papersmaster01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
