Msis 3223 stuvia 2024 - Study guides, Class notes & Summaries

Variable cost = - ANSWERUnit Variable Cost * Quantity Produced (Descriptive Model) Total Cost = - ANSWERFixed Cost + Variable Cost * Quantity Produced Also written as FC + VC * QP = TC (Descriptive Model) Logic suggests that variable cost is the unit variable cost times the quantity of item produced. - ANSWERTrue __________ has an influence on profit by predicting how many units of a product will be sold. - ANSWERDemand ______________produced is a decision option typically based on...

Variable Cost - ANSWERUnit Variable Cost * Quantity Produced Total Cost - ANSWERFixed Cost + Variable Cost * Quantity Produced (Also written as C=F+VQ) p. 380 Logic suggests that variable cost is... - ANSWERthe unit variable cost times the quantity of item produced. Demand has an influence on... - ANSWERprofit - by predicting how many units of a product will be sold -Quantity produced is a decision option typically based on demand. Quantity Produced - ANSWERa decision option...

True - ANSWERCorrelation measures the strength and direction of a relationship between variables True - ANSWERThe Delphi approach involves the use of a series of questionnaires to achieve a consensus forecast True - ANSWERIn order to update a moving average forecast, the value of each data point in the average must be known False - ANSWERForecasts based on time-series (historical) data are referred to as associative forecasts True - ANSWERThe best forecast is not necessarily the most...

Probability - ANSWERThe likelihood that an outcome occurs Experiment - ANSWERThe process that results in an outcome Outcome - ANSWERResult of an experiment that can be observed Sample space - ANSWERThe collection of all possible outcomes of an experiment Complement of an event - ANSWERAll possible outcomes that are not in the event Union of events - ANSWERIf the notation (A and B) represents the intersection of events A and B, the collection of all outcomes that belong to either A...

Probabilities are expressed as values between - ANSWER0 and 1 classical definition of probability - ANSWERIf the process that generates the outcome is known, probabilities can be deduced from theoretical arguments relative frequency definition - ANSWERBased on empirical data. The probability that an outcome will occur is simply the relative frequency associated with that outcome. subjective definition - ANSWERs based on judgment and experience as sports experts might predict at the star...

Under design of work systems, all jobs need to be designed to add ___ and enable the company to achieve its objectives - ANSWERValue (T/F) The work system provides the structure for the productivity of the organization - ANSWER 3 main topics regarding work systems: - ANSWER1. Job design 2. Work measurement 3. Worker compensation What is job design all about? - ANSWERspecifying the contents and methods of jobs Goal of job design: - ANSWERto create a work system that is productiv...

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) Q...

Conditional probability is the probability of occurrence of one event 'A' given that another event 'B' is known to be true or already occurred. - ANSWERTrue Which of the following is true of normal distributions? - ANSWERThe mean, median, and mode are all equal. Probability is the likelihood that an outcome occurs. - ANSWERTrue The union of two events contains all outcomes that belong to either of the two events. - ANSWERTrue Conditional probability is the probability of ...

Total Cost - ANSWER=Fixed Cost + Variable Cost * Quantity Produced Influence Diagram - ANSWERA visual representation of a descriptive model that shows how the elements of the model influence, or relate to, others. Revenue - ANSWER= Price * Quantity Sold Gross Profit - ANSWER= Sales - Cost of Goods Sold Operating Expenses - ANSWER= Admin Expenses + Selling Expenses + Depreciation Expenses Net Operating Income - ANSWER= Gross Profit - Operating Expenses Cash Budgeting - ANSWERThe...

classical definition of probability - ANSWERIf the process that generates the outcome is known, probabilities can be deduced from theoretical arguments, this is the ______ Relative Frequency - ANSWERbased on empirical data. The probability that an outcome will occur is simply the relative frequency associated with that outcome. subjective definition of probability - ANSWERbased on judgment and experience as sports experts might predict at the start of the football season—what is the prob...