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MSIS 3223 Final Exam - Online Nord Okstate/45 Answered Questions
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MSIS 3223 Final Exam - Online Nord Okstate/45 Answered Questions
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MSIS 3223 Final Exam - Online NordOkstate/45 Answered Questions
Variable Cost - -Unit Variable Cost * Quantity Produced
- Total Cost - -Fixed Cost + (Variable Cost * Quantity Produced
- Quantity produced is based on... - -prediction of demand
- Profit = - -Revenue - Variable Costs - Fixed Costs
- One-Way Data Tables - -Can be used to evaluate multiple outputs (i.e.
profit and revenue)
- Two-Way Data Tables - -Can be used to evaluate ONLY ONE output
variable. To evaluate multiple, you will need to make multiple of these data
tables.
- Predictive models - --focus on understanding the future
-involve multiple time periods
-incorporate uncertainty element
- Sales levels - -often used to plan inventory levels (predictive decision
models)
- Optimization Models - -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... - -selecting values of decision variables
that minimize or maximize some quantity of interest.
- Objective function - -the quantity you are trying to maximize or minimize
(in optimization)
- Optimization - -the most important tool in PRESCRIPTIVE analytics
("optimize your prescription" - Casey)
- Constraints - -restrictions placed on potential solutions to a problem
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