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MSIS 3223 Final Exam Review OKST (Nord) Questions & Answers 100%
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Variable cost = ? - ANSWERUnit Variable Cost * Quantity Produced Total Cost = - ANSWERFixed 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 - ANSWERdes...

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  • November 2, 2024
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MSIS 3223 Final Exam Review OKST
(Nord) Questions & Answers 100%
Variable cost = ? - ANSWERUnit Variable Cost * Quantity Produced



Total Cost = - ANSWERFixed 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 - ANSWERdescriptive 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. - ANSWER1) Demand

2) Quantity



The spreadsheet model for _____ is revenue minus variable cost minus fixed cost. - ANSWER1)Profit

Profit= Revenue-Variable cost-fixed cost



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



_____________can evaluate only one output variable. To evaluate multiple output variables, you
must construct ___________________. - ANSWER1)Two-way tables

2)multiple two-way tables



___________focus on understanding the future. - ANSWERPredictive Models



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



____________are often used to plan inventory sales. - ANSWERSales levels

, ___________usually involve multiple time periods. - ANSWERPredictive models



______________incorporate the uncertainty element. - ANSWERPredictive models



_______________ have benn used extensively in operations and supply chains, finance, marketing,
and other disciplines. - ANSWEROptimization Models



__________is the process of selecting values of decision variables that minimize or maximize some
quantity of interest. - ANSWEROptimization



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



Optimization is the most important tool in _____________. - ANSWERPrescriptive Analytics



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



Many types of financial investment problems are modeled and solved using ______. - ANSWERlinear
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
"_______________." - ANSWER1) Poorly Scaled

2)Numerical Instability



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. - ANSWERSolver



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



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

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