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MSIS 3223 Final Exam Review OKST (Nord)
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MSIS 3223 Final Exam Review OKST (Nord)
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MSIS 3223 Final Exam ReviewOKST (Nord)
Variable cost = ? - -Unit Variable Cost * Quantity Produced
- Total Cost = - -Fixed Cost + Variable Cost* Quantity Produced
Also written as C=F+VQ
- Logic suggests that variable cost is the unit variable cost times the
quantity of item produced. Thus a ____________ would be - -descriptive model
- _______has an influence on profit by predicting how many units of a product
will be sold.______________produced is a decision option typically based on
demand. - -1) Demand
2) Quantity
- The spreadsheet model for _____ is revenue minus variable cost minus
fixed cost. - -1)Profit
Profit= Revenue-Variable cost-fixed cost
- Multiple outputs may be evaluated using _______________. For example,
profit and revenue. - -one way data tables
- _____________can evaluate only one output variable. To evaluate multiple
output variables, you must construct ___________________. - -1)Two-way
tables
2)multiple two-way tables
- ___________focus on understanding the future. - -Predictive Models
- ______________focus on predicting financial performance, customer
retention, and product sales. - -Practical business models
- ____________are often used to plan inventory sales. - -Sales levels
- ___________usually involve multiple time periods. - -Predictive models
- ______________incorporate the uncertainty element. - -Predictive models
- _______________ have benn used extensively in operations and supply
chains, finance, marketing, and other disciplines. - -Optimization Models
, - __________is the process of selecting values of decision variables that
minimize or maximize some quantity of interest. - -Optimization
- ________is the quantity that is to be minimized or maximized. - -Objective
Function
- Optimization is the most important tool in _____________. - -Prescriptive
Analytics
- _____________ are limitations, requirements, or other restrictions that are
imposed on any solution, either from practical or technological
considerations or by management policy. - -Constraints
- an add-in package with Excel that was developed by Frontline Systems Inc.
and can be used to solve many different types of optimization problems. - -
Solver
- ____________is the parameter that specifies when the Solver algorithm will
terminate an optimization process with integer constraints. - -Integer
Tolerance
- The value of Integer Tolerance should be _______ in order to find the
guaranteed optimal integer solution. - -Zero
- Many types of financial investment problems are modeled and solved using
______. - -linear optimization
- A _________ 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 "_______________." -
-1) Poorly Scaled
2)Numerical Instability
- Poor scaling can cause Solver engines to return _______________. - -
Different error messages
- In the Solver options, you can check the box ______________ and ________will
rescale the values of the objective and constraint functions internally to
minimize the effects of poor scaling. - -1)Use Automatic Scaling
2)Solver
- The best way to avoid scaling problems is to choose the ___________
implicitly used in your model. - -units
- An optimization model has the following elements. (Hint 3) - -1)Decision
Variables
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