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MSIS 3223 FINAL EXAM QUESTIONS AND ANSWERS
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MSIS 3223 FINAL EXAM QUESTIONS AND ANSWERS
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MSIS 3223 FINAL EXAM QUESTIONS AND ANSWERSWhat is the Variable Cost Formula? - Answers- Unit Variable Cost x Quantity Produced
T/F: Quantity produced is a decision option typically based on demand. - Answers-
TRUE
Multiple outputs may be evaluated using what? - Answers- One-Way data tables
Two-Way data tables can evaluate ONLY what? - Answers- One output variable
T/F: Predictive models focus on understanding the future. - Answers- TRUE
What are Simple Bounds? - Answers- Constrain the value of a single variable
What are Limitations? - Answers- Usually involve the allocation of scarce resources
What are Requirements? - Answers- Involve the specification of minimum levels of
performance
What are Proportional Relationships? - Answers- Often found in problems involving
mixtures or blends of materials or strategies
What are Balance Constraints? - Answers- Essentially state that Input = Output and
ensure that the flow of material or money is accounted for at locations or between time
periods.
What is Integer Tolerance? - Answers- The parameter that specifies when the Solver
algorithm will terminate an optimization process with integer constraints
What should the Value of Integer Tolerance be? - Answers- 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...? - Answers- Numerical Instability
The Process of developing good, useful, and correct spreadsheet models is known as
spreadsheet engineering. - Answers- True
In predictive modeling, validity refers to how well a model represents reality. - Answers-
True
Two-way data tables can evaluate only one output variable. - Answers- True
Models can capture every detail of a real problem. - Answers- False
, Verification is the process of ensuring that a model is accurate and free from logical
errors - Answers- True
Excel Formula Auditing tools (in the Formulas tab) help you validate the formulas and
check for errors. - Answers- True
One useful Excel tool is the data error feature, which allows you to define acceptable
input values in a spreadsheet and provides an error alert if an invalid entry is made. -
Answers- False
A wide variety of practical problems in business analytics can be modeled using
spreadsheets. - Answers- True
There are currently no models to evaluate that net revenue under different scenarios
and overbooking policies. - Answers- False
The cash budget shows the daily cash balances and long-term forecasting decisions. -
Answers- False
Which of the following is a visual representation of a descriptive model that shows how
the elements of the model influence, or relate to, others? - Answers- Influence diagram
Adding more realism to a model reduces its complexity. - Answers- False
A constraint function is a function of the decision variables in the problem - Answers-
True
Any solution that satisfies all constraints of a problem is called a feasible solution. -
Answers- True
A binding constraint is one for which the Cell Value is greater than the right-hand side of
the value of the constraint. - Answers- False
Infeasible problems can occur when the demand requirement is higher than the
available capacity. - Answers- True
There are three types of organization models: linear, integer, and nonlinear. - Answers-
True
Decision variables in an optimization model are known values. - Answers- False
Constraints are limitations, requirements, or other restrictions that are imposed on any
solution, either from practical of technological considerations or by management policy.
- Answers- True
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