MSIS 3223 (FINAL) QUESTIONS AND ANSWERS 100% ACCURATE
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Course
MSIS 3223
Institution
MSIS 3223
MSIS 3223 (FINAL) QUESTIONS AND ANSWERS 100% ACCURATEMSIS 3223 (FINAL) QUESTIONS AND ANSWERS 100% ACCURATEMSIS 3223 (FINAL) QUESTIONS AND ANSWERS 100% ACCURATEMSIS 3223 (FINAL) QUESTIONS AND ANSWERS 100% ACCURATE
What is the Variable Cost Formula? - ANSWER-Unit Variable Cost x Quantity Produced
...
MSIS 3223 (FINAL) QUESTIONS AND
ANSWERS 100% ACCURATE
What is the Variable Cost Formula? - ANSWER-Unit Variable Cost x Quantity Produced
T/F: Quantity produced is a decision option typically based on demand. - ANSWER-
TRUE
Multiple outputs may be evaluated using what? - ANSWER-One-Way data tables
Two-Way data tables can evaluate ONLY what? - ANSWER-One output variable
T/F: Predictive models focus on understanding the future. - ANSWER-TRUE
What are Sales Levels often used for? - ANSWER-To plan inventory levels.
What do Predictive Models incorporate? - ANSWER-They Incorporate the uncertainty
element
What are Decision Variables? - ANSWER-Variables you're trying to define
What is Objective Function? - ANSWER-The quantity that is to be minimized or
maximized.
What is the most important tool in Prescriptive Analytics? - ANSWER-Optimization
What are Constraints? - ANSWER-Limitations, requirements, or other restrictions that
are imposed on any solution, either from practical or technological considerations or by
management policy.
What is Integer Tolerance? - ANSWER-The parameter that specifies when the Solver
algorithm will terminate an optimization process with integer constraints
What should the Value of Integer Tolerance be? - ANSWER-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...? - ANSWER-Numerical Instability
What are Simple Bounds? - ANSWER-Constrain the value of a single variable
What are Limitations? - ANSWER-Usually involve the allocation of scarce resources
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