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MSIS 3223 Final Exam - Online Nord Okstate CORRECT 100% $12.99   Add to cart

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MSIS 3223 Final Exam - Online Nord Okstate CORRECT 100%

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  • MSIS 3223 M - Online Nord Okstate

Variable Cost - ANSWERUnit Variable Cost * Quantity Produced Total Cost - ANSWERFixed Cost + (Variable Cost * Quantity Produced Quantity produced is based on... - ANSWERprediction of demand Profit = - ANSWERRevenue - Variable Costs - Fixed Costs One-Way Data Tables - ANSWERCan be used t...

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  • MSIS 3223 m - Online Nord Okstate
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MSIS 3223 Final Exam - Online Nord
Okstate CORRECT 100%
Variable Cost - ANSWERUnit Variable Cost * Quantity Produced



Total Cost - ANSWERFixed Cost + (Variable Cost * Quantity Produced



Quantity produced is based on... - ANSWERprediction of demand



Profit = - ANSWERRevenue - Variable Costs - Fixed Costs



One-Way Data Tables - ANSWERCan be used to evaluate multiple outputs (i.e. profit and revenue)



Two-Way Data Tables - ANSWERCan 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 - ANSWERoften used to plan inventory levels (predictive decision models)



Optimization Models - ANSWERhave 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



Optimization is the process of... - ANSWERselecting values of decision variables that minimize or
maximize some quantity of interest.

, Objective function - ANSWERthe quantity you are trying to maximize or minimize (in optimization)



Limitations Constraint - ANSWERinvolve the allocation of scarce resources

(limited resources)



Requirements Constraint - ANSWERInvolve the specification of minimum levels of performance

(Minimum Requirements)



Proportional Relationships Constraint - ANSWERoften found in problems involving mixtures or blends
of materials or strategies

(proportion of a mixture)



Optimization - ANSWERthe most important tool in PRESCRIPTIVE analytics ("optimize your
prescription" - Casey)



Constraints - ANSWERrestrictions placed on potential solutions to a problem



Simple Bounds Constraint - ANSWERconstrain the value of a single variable

(simple=single)




Balance Constraints - ANSWERensure that the flow of material or money is accounted for at locations
or between time periods

(input=output)



Integer Tolerance - ANSWERparameter that specifies when the Solver algorithm will terminate an
optimization process with integer constraints



Value of Integer tolerance... - ANSWERshould be zero in order to find the "guaranteed optimal
integer solution"

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