Exam (elaborations)
MSIS 3223 Final Exam - Online Nord Okstate.pdf
- Course
- Msis 3223
- Institution
- Oklahoma State University - Oklahoma City
MSIS 3223 Final Exam - Online Nord O
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MSIS 3223 Final Exam - Online Nord OkstateVariable Cost - correct answer Unit Variable Cost * Quantity Produced
Total Cost - correct answer Fixed Cost + (Variable Cost * Quantity Produced
Quantity produced is based on... - correct answer prediction of demand
Profit = - correct answer Revenue - Variable Costs - Fixed Costs
One-Way Data Tables - correct answer Can be used to evaluate multiple outputs
(i.e. profit and revenue)
Two-Way Data Tables - correct answer Can be used to evaluate ONLY ONE output
variable. To evaluate multiple, you will need to make multiple of these data tables.
Predictive models - correct answer -focus on understanding the future
-involve multiple time periods
-incorporate uncertainty element
Sales levels - correct answer often used to plan inventory levels (predictive
decision models)
Optimization Models - correct answer have been used extensively in operations
and supply chains, finance, marketing, and other disciplines
Has 3 elements:
1. decision variables
2. objective to maximize or minimize
3. constraints
, Optimization is the process of... - correct answer selecting values of decision
variables that minimize or maximize some quantity of interest.
Objective function - correct answer the quantity you are trying to maximize or
minimize (in optimization)
Optimization - correct answer the most important tool in PRESCRIPTIVE analytics
("optimize your prescription" - Casey)
Constraints - correct answer restrictions placed on potential solutions to a
problem
Simple Bounds Constraint - correct answer constrain the value of a single
variable
(simple=single)
Limitations Constraint - correct answer involve the allocation of scarce resources
(limited resources)
Requirements Constraint - correct answer Involve the specification of minimum
levels of performance
(Minimum Requirements)
Proportional Relationships Constraint - correct answer often found in problems
involving mixtures or blends of materials or strategies
(proportion of a mixture)
Balance Constraints - correct answer ensure that the flow of material or money is
accounted for at locations or between time periods
(input=output)
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