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MSIS 3223 Final Exam Oklahoma State Exam|62 Q’s and A’s
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MSIS 3223 Final Exam Oklahoma State Exam|62 Q’s and A’s
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MSIS 3223 Final Exam OklahomaState Exam|62 Q’s and A’s
Total Cost - -=Fixed Cost + Variable Cost * Quantity Produced
- Influence Diagram - -A visual representation of a descriptive model that
shows how the elements of the model influence, or relate to, others.
- Revenue - -= Price * Quantity Sold
- Gross Profit - -= Sales - Cost of Goods Sold
- Operating Expenses - -= Admin Expenses + Selling Expenses +
Depreciation Expenses
- Net Operating Income - -= Gross Profit - Operating Expenses
- Earnings Before Taxes - -= Net Operating Income - Interest Expense
- Net Income - -= Earnings Before Taxes - Taxes
- Spreadsheet Engineering - -The process of building spreadsheet models
- Verification - -The process of ensuring that a model is accurate and free
from logical errors.
- Data Validation - -An Excel tool that allows you to define acceptable input
values in a spreadsheet and provides and error alert if an invalid entry is
made
-Data > Data Tools
-Select the cell range, click Data Validation
-Specify the criteria that Excel will use to flag invalid data.
- Single-Period Purchase Decisions - -One-Time purchase decisions often
must be made in the face of uncertain demand.
- Predictive Models - -Theses kind of models focus on understanding the
future.
- Cash Budgeting - -The process of projecting and summarizing a company's
cash inflows and outflows expected during a planning horizon, usually 6 to
12 months.
, - Project Management - -Concerned with scheduling the activities of a
project involving interrelated activities.
- Critical Path - -The longest path through the network defines the minimum
project completion time is called the...
- Optimization Models - -Predictive models are often called ____________ .
-Specifies a set of decision variables, numerical quantities that represent the
decision options from which to choose.
-Specifies an objective function and constraints.
- What-If Analysis - -Spreadsheet models that allow you to easily evaluate
what-if questions by changing input values and recalculating model outputs.
- Data Tables - -_______ _________ summarize the impact of one or two inputs
on a specified output.
- One-Way Data Table - -Evaluates an output variable over a range of
values for a single input variable.
- Two-Way Data Tables - -Evaluate an output variable over a range of
values for two different input variables.
- Scenario Manager - -Allows the creation of scenarios. Sets of values that
are saved and can be substituted in worksheets.
- Optimization - -The process of selecting values of decision variables that
minimize or maximize some quantity of interest.
- What are the 2 basic properties of Linear Optimization Models? - -1. The
objective function and all constraints are linear functions of the decision
variables.
2. All variables are continuous.
- Integer Linear Optimization Model - -Some of or all the variables are
restricted to being whole numbers.
- A special type of integer problem is one in which variables can be only 0 or
1.
-More difficult to solve, but have important applications in scheduling and
supply chains.
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