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MSIS 3223 (FINAL) QUESTIONS AND ANSWERS 100% ACCURATE

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MSIS 3223 (FINAL) QUESTIONS AND ANSWERS 100% ACCURATEMSIS 3223 (FINAL) QUESTIONS AND ANSWERS 100% ACCURATEMSIS 3223 (FINAL) QUESTIONS AND ANSWERS 100% ACCURATEMSIS 3223 (FINAL) QUESTIONS AND ANSWERS 100% ACCURATE What is the Variable Cost Formula? - ANSWER-Unit Variable Cost x Quantity Produced ...

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  • October 29, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MSIS 3223
  • MSIS 3223
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MSIS 3223 (FINAL) QUESTIONS AND
ANSWERS 100% ACCURATE
What is the Variable Cost Formula? - ANSWER-Unit Variable Cost x Quantity Produced

T/F: Quantity produced is a decision option typically based on demand. - ANSWER-
TRUE

Multiple outputs may be evaluated using what? - ANSWER-One-Way data tables

Two-Way data tables can evaluate ONLY what? - ANSWER-One output variable

T/F: Predictive models focus on understanding the future. - ANSWER-TRUE

What are Sales Levels often used for? - ANSWER-To plan inventory levels.

What do Predictive Models incorporate? - ANSWER-They Incorporate the uncertainty
element

What are Decision Variables? - ANSWER-Variables you're trying to define

What is Objective Function? - ANSWER-The quantity that is to be minimized or
maximized.

What is the most important tool in Prescriptive Analytics? - ANSWER-Optimization

What are Constraints? - ANSWER-Limitations, requirements, or other restrictions that
are imposed on any solution, either from practical or technological considerations or by
management policy.

What is Integer Tolerance? - ANSWER-The parameter that specifies when the Solver
algorithm will terminate an optimization process with integer constraints

What should the Value of Integer Tolerance be? - ANSWER-ZERO

A poorly scaled model is one that computes values of the objective, constraints, or
intermediate results that differ by several orders of magnitude. As a result, Solver may
detect or suffer from...? - ANSWER-Numerical Instability

What are Simple Bounds? - ANSWER-Constrain the value of a single variable

What are Limitations? - ANSWER-Usually involve the allocation of scarce resources

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