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MSIS 3223 Final Exam Review OKST (Nord) with Complete Solutions
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MSIS 3223 Final Exam Review OKST (Nord) with Complete SolutionsMSIS 3223 Final Exam Review OKST (Nord) with Complete SolutionsMSIS 3223 Final Exam Review OKST (Nord) with Complete SolutionsMSIS 3223 Final Exam Review OKST (Nord) with Complete Solutions Variable cost = ? - ANSWER-Unit Variable Cost...

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  • October 29, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • msis 3223 final exam review okst nord with compl
  • msis 3223 final exam review okst stuvia
  • variable cost answer unit variable cost qu

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MSIS 3223 Final Exam Review OKST
(Nord) with Complete Solutions

Variable cost = ? - ANSWER-Unit Variable Cost * Quantity Produced

Total Cost = - ANSWER-Fixed Cost + Variable Cost* Quantity Produced
Also written as C=F+VQ

Logic suggests that variable cost is the unit variable cost times the quantity of item
produced. Thus a ____________ would be - ANSWER-descriptive model

_______has an influence on profit by predicting how many units of a product will be
sold.______________produced is a decision option typically based on demand. -
ANSWER-1) Demand
2) Quantity

The spreadsheet model for _____ is revenue minus variable cost minus fixed cost. -
ANSWER-1)Profit
Profit= Revenue-Variable cost-fixed cost

Multiple outputs may be evaluated using _______________. For example, profit and
revenue. - ANSWER-one way data tables

_____________can evaluate only one output variable. To evaluate multiple output
variables, you must construct ___________________. - ANSWER-1)Two-way tables
2)multiple two-way tables

___________focus on understanding the future. - ANSWER-Predictive Models

______________focus on predicting financial performance, customer retention, and
product sales. - ANSWER-Practical business models

____________are often used to plan inventory sales. - ANSWER-Sales levels

___________usually involve multiple time periods. - ANSWER-Predictive models

______________incorporate the uncertainty element. - ANSWER-Predictive models

_______________ have benn 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. - ANSWER-Optimization

________is the quantity that is to be minimized or maximized. - ANSWER-Objective
Function

Optimization is the most important tool in _____________. - ANSWER-Prescriptive
Analytics

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

an add-in package with Excel that was developed by Frontline Systems Inc. and can be
used to solve many different types of optimization problems. - ANSWER-Solver

____________is the parameter that specifies when the Solver algorithm will terminate
an optimization process with integer constraints. - ANSWER-Integer Tolerance

The value of Integer Tolerance should be _______ in order to find the guaranteed
optimal integer solution. - ANSWER-Zero

Many types of financial investment problems are modeled and solved using ______. -
ANSWER-linear optimization

A _________ 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-1) Poorly Scaled
2)Numerical Instability

Poor scaling can cause Solver engines to return _______________. - ANSWER-
Different error messages

In the Solver options, you can check the box ______________ and ________will
rescale the values of the objective and constraint functions internally to minimize the
effects of poor scaling. - ANSWER-1)Use Automatic Scaling
2)Solver

The best way to avoid scaling problems is to choose the ___________ implicitly used in
your model. - ANSWER-units

An optimization model has the following elements. (Hint 3) - ANSWER-1)Decision
Variables
2)An objective to maximize or minimize
3)Constraints

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