MSIS 3223 Final Exam - Online Nord Okstate CORRECT 100%
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Course
MSIS 3223 m - Online Nord Okstate
Institution
MSIS 3223 M - Online Nord Okstate
Variable Cost - ANSWERUnit Variable Cost * Quantity Produced
Total Cost - ANSWERFixed Cost + (Variable Cost * Quantity Produced
Quantity produced is based on... - ANSWERprediction of demand
Profit = - ANSWERRevenue - Variable Costs - Fixed Costs
One-Way Data Tables - ANSWERCan be used t...
One-Way Data Tables - ANSWERCan be used to evaluate multiple outputs (i.e. profit and revenue)
Two-Way Data Tables - ANSWERCan be used to evaluate ONLY ONE output variable. To evaluate
multiple, you will need to make multiple of these data tables.
Predictive models - ANSWER-focus on understanding the future
-involve multiple time periods
-incorporate uncertainty element
Sales levels - ANSWERoften used to plan inventory levels (predictive decision models)
Optimization Models - ANSWERhave 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... - ANSWERselecting values of decision variables that minimize or
maximize some quantity of interest.
, Objective function - ANSWERthe quantity you are trying to maximize or minimize (in optimization)
Limitations Constraint - ANSWERinvolve the allocation of scarce resources
(limited resources)
Requirements Constraint - ANSWERInvolve the specification of minimum levels of performance
(Minimum Requirements)
Proportional Relationships Constraint - ANSWERoften found in problems involving mixtures or blends
of materials or strategies
(proportion of a mixture)
Optimization - ANSWERthe most important tool in PRESCRIPTIVE analytics ("optimize your
prescription" - Casey)
Constraints - ANSWERrestrictions placed on potential solutions to a problem
Simple Bounds Constraint - ANSWERconstrain the value of a single variable
(simple=single)
Balance Constraints - ANSWERensure that the flow of material or money is accounted for at locations
or between time periods
(input=output)
Integer Tolerance - ANSWERparameter that specifies when the Solver algorithm will terminate an
optimization process with integer constraints
Value of Integer tolerance... - ANSWERshould be zero in order to find the "guaranteed optimal
integer solution"
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