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MSIS 3223 (FINAL)/57 COMPLETE Q’S AND ANSWERS
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MSIS 3223 (FINAL)/57 COMPLETE Q’S AND ANSWERS
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MSIS 3223 (FINAL)/57 COMPLETE Q’SAND ANSWERS
What is the Variable Cost Formula? - -Unit Variable Cost x Quantity Produced
- T/F: Quantity produced is a decision option typically based on demand. - -
TRUE
- Multiple outputs may be evaluated using what? - -One-Way data tables
- Two-Way data tables can evaluate ONLY what? - -One output variable
- T/F: Predictive models focus on understanding the future. - -TRUE
- What are Sales Levels often used for? - -To plan inventory levels.
- What do Predictive Models incorporate? - -They Incorporate the
uncertainty element
- What are Decision Variables? - -Variables you're trying to define
- What is Objective Function? - -The quantity that is to be minimized or
maximized.
- What is the most important tool in Prescriptive Analytics? - -Optimization
- What are Constraints? - -Limitations, requirements, or other restrictions
that are imposed on any solution, either from practical or technological
considerations or by management policy.
- What are Simple Bounds? - -Constrain the value of a single variable
- What are Limitations? - -Usually involve the allocation of scarce resources
- What are Requirements? - -Involve the specification of minimum levels of
performance
- What are Proportional Relationships? - -Often found in problems involving
mixtures or blends of materials or strategies
- What are Balance Constraints? - -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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