MSIS 3223 Final Exam - Online Nord Okstate with Correct Solutions
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Module
MSIS 3223
Institution
MSIS 3223
MSIS 3223 Final Exam - Online Nord Okstate with Correct SolutionsMSIS 3223 Final Exam - Online Nord Okstate with Correct SolutionsMSIS 3223 Final Exam - Online Nord Okstate with Correct SolutionsMSIS 3223 Final Exam - Online Nord Okstate with Correct Solutions
Variable Cost - ANSWER-Unit Variable ...
One-Way Data Tables - ANSWER-Can be used to evaluate multiple outputs (i.e. profit
and revenue)
Two-Way Data Tables - ANSWER-Can be used to evaluate ONLY ONE output variable.
To evaluate multiple, you will need to make multiple of these data tables.
Predictive models - ANSWER--focus on understanding the future
-involve multiple time periods
-incorporate uncertainty element
Sales levels - ANSWER-often used to plan inventory levels (predictive decision models)
Optimization Models - ANSWER-have been used extensively in operations and supply
chains, finance, marketing, and other disciplines
Has 3 elements:
1. decision variables
2. objective to maximize or minimize
3. constraints
Limitations Constraint - ANSWER-involve the allocation of scarce resources
(limited resources)
Requirements Constraint - ANSWER-Involve the specification of minimum levels of
performance
(Minimum Requirements)
Proportional Relationships Constraint - ANSWER-often found in problems involving
mixtures or blends of materials or strategies
(proportion of a mixture)
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