MSIS 3223 Final Exam Questions and Answers 100% Verified
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Module
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
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