Msis 3223 okstate - Study guides, Class notes & Summaries

Variable cost = - ANSWERSUnit Variable Cost * Quantity Produced (Descriptive Model) Total Cost = - ANSWERSFixed 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. - ANSWERSTrue __________ has an influence on profit by predicting how many units of a product will be sold. - ANSWERSDemand ______________produced is a decision option typically base...

Variable Cost of Production -ANSWER- logic suggests that variable cost is the unit variable cost times the quantity of item produced. Variable cost = -ANSWER- unit variable cost * quantity produced Total Cost = -ANSWER- fixed cost + variable cost + Quantity Produced Demand -ANSWER- has an influence on profit by predicting how many units of a product will be sold Profit = -ANSWER- Revenue- variable cost- fixed cost example of multiple outputs being evaluated using one way data tabl...

Stopwatch Time Study - ANSWERdevelopment of a time standard based on the observation of one worker taken over a number of cycles, then applied to all others doing the same task Random - ANSWERNatural variation in the output of a process due to minor issues Non-random - ANSWERcauses can be identified (assignable variation) Attribute - ANSWERdata that are discrete ex. yes/no, high/low. Something that can be true or false

MSIS 3223 FINAL OKSTATE QUESTIONS WITH COMPLETE ANSWERS

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...

A feasible solution is a - ANSWERset of values for the decision variables that satisfy all of the constraints. A poorly scaled model is one that computes values of ______, ______, ______ that differ by several orders of magnitude - ANSWERobjective, constraints, or intermediate results Alternate optimal solutions exist when - ANSWERany of the allowable increase or allowable decrease values for changing cells are zero. alternative optimal solutions - ANSWERobjective is maximized (or minim...

Constraints in an Optimization Model - ANSWER•Constraints are limitations, requirements, or other restrictions that are imposed on any solution, either from practical or technological considerations or by management policy. variable cost - ANSWERunit variable cost*quntity produced total cost - ANSWERfixed cost+variable cost*quantity produced demand - ANSWERdemand has an influence on profit by predicting how many units of a product will be sold. quantity produced is a decision option t...

What is the probability that a respondent is male and prefers arts? - ANSWER2/15 which of the following is the weighted average of the squared deviations from the expected value? - ANSWERvariance which of the following is a continuous random variable? - ANSWERnumber of students in class which of the following is true about probability density functions? - ANSWERit calculates the probability of a random variable lying within a certain interval

Variable Cost - ANSWER-Unit Variable Cost * Quantity Produced Total Cost - ANSWER-Fixed Cost + (Variable Cost * Quantity Produced Quantity produced is based on... - ANSWER-prediction of demand Profit = - ANSWER-Revenue - Variable Costs - Fixed Costs One-Way Data Tables - ANSWER-Can be used to evaluate multiple outputs (i.e. profit and revenue) Two-Way Data Tables - ANSWER-Can be used to evaluate ONLY ONE output variable. To evaluate multiple, you will need to make multiple of thes...

Classical Definition of Probability - ANSWERSIf the process that generates the outcome is known, probabilities can be deduced from theoretical arguments. Relative Frequency Definition of Probability - ANSWERSBased on empirical data. The probability that an outcome will occur is simply the relative frequency associated with that outcome. Subjective Definition of Probability - ANSWERSBased on judgment and experience. (Sports predictions) Random Variable - ANSWERSa numerical description of...