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MSIS 3223 Final Okstate Exam Questions and Answers 100% Correct

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MSIS 3223 Final Okstate Exam Questions and Answers 100% Correct MSIS 3223 Final Okstate Exam Questions and Answers 100% Correct MSIS 3223 Final Okstate Exam Questions and Answers 100% Correct Variable Cost of Production - ANSWER-logic suggests that variable cost is the unit variable cost tim...

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  • October 29, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MSIS 3223
  • MSIS 3223
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MSIS 3223 Final Okstate Exam
Questions and Answers 100% Correct
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

Optimization is the most important tool in _______ _______ - ANSWER-prescriptive
analytics

Constraints are _______, ________, _________ that are imposed on any solution,
either from practical or technological considerations or by management policy. -
ANSWER-limitations, requirements, or other restrictions

Constraint categories: Simple Bonds - ANSWER-constrain the value of a single variable

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 tables - ANSWER-
profit and revenue

two-way data tables can evaluate how many output variables? - ANSWER-one

how to evaluate multiple output variables? - ANSWER-construct multiple two-way tables

net income = - ANSWER-sales- cost of goods sold - admin expenses - selling expenses
- depreciation expenses - interest expenses - taxes

predictive models focus on understanding the ________ - ANSWER-future

practical business models focus on predicting _______,__________,_________ -
ANSWER-financial performance, customer retention, and product sales.

sales levels are often used to plan _________ _________ - ANSWER-inventory levels

predictive models usually involve multiple ______ _________ - ANSWER-time period

, Predictive models incorporate the __________ __________ - ANSWER-uncertainty
element

Solving a linear optimization model can result in four possible outcomes: - ANSWER-a
unique optimal solution, alternative (multiple) optimal solutions, an unbounded solution,
infeasibility

unique optimal solutions - ANSWER-there is only one solution that will result in the
maximum (or minimum) objective

alternative optimal solutions - ANSWER-objective is maximized (or minimized) by more
than one combination of decision variables, all of which have the same objective
function value

Solving a linear optimization model can result in four possible outcomes: - ANSWER-a
unique optimal solution, alternative (multiple) optimal solutions, an unbounded solution,
infeasibility

unique optimal solutions - ANSWER-there is only one solution that will result in the
maximum (or minimum) objective

alternative optimal solutions - ANSWER-objective is maximized (or minimized) by more
than one combination of decision variables, all of which have the same objective
function value

optimization models have been used extensively in ________, ______, ______,
_______, ______, _______ - ANSWER-operations and supply chains, finance,
marketing, and other disciplines

Optimization is the process of selecting values of _______ _______ _______ _______
_______ _______ _______ _______ - ANSWER-decision variables that minimize or
maximize some quantity of interest

Objective function is the quantity that is to be _______ _______ - ANSWER-minimized
or maximized

Constraint categories: Limitations - ANSWER-usually involve the allocation of scarce
resources

Constraint categories: Requirements - ANSWER-involve the specification of minimum
levels of performance

Constraint categories: Balance constraints - ANSWER-essentially state that input =
output and ensure that the flow of material or money is accounted for at locations or
between time periods

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