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MSIS 3223 Final Exam (Ch. 11, 13, 14) – 2024 Exam Questions and Answers
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MSIS 3223 Final Exam (Ch. 11, 13, 14) – 2024 Exam Questions and Answers
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MSIS 3223 Final Exam (Ch. 11, 13,14) – 2024 Exam Questions and
Answers
requirements - -Problem statements such as production must be sufficient to
meet promised customer orders would be categorized as a ________
constraint.
- Unit Variable Cost * Quantity Produced - -Variable Cost =
- Fixed Cost + Variable Cost * Quantity Produced - -Total Cost =
- Demand - -_____ has an influence on profit by predicting how many units
of a product will be sold. Quantity produced is a decision option typically
based on this.
- = Revenue - Variable Cost - Fixed Cost - -The spreadsheet model for Profit
is =
- One way data tables - -Multiple outputs may be evaluated using _____. For
example, profit and revenue.
- Two way data tables - -_____ can evaluate only one output variable. To
evaluate multiple output variables, you must construct a multiple of these.
- Predictive - -_____ models focus on understanding the future.
- Practical business - -_____ models focus on predicting financial
performance, customer retention, and product sales.
- Sales - -_____ levels are often used to plan inventory levels.
- Time periods - -Predictive models usually involve multiple _____.
- Uncertainty element - -Predictive models incorporate the _____.
- Optimization models - -_____ have been used extensively in operations and
supply chains, finance, marketing, and other disciplines.
- Optimization - -The process of selecting values of decision variables that
minimize or maximize some quantity of interest.
, - Objective function - -_____ is the quantity that is to be minimized or
maximized.
- Prescriptive Analytics - -Optimization is the most important tool in _____.
- Constraints - -_____ are limitations, requirements, or other restrictions that
are imposed on any solution, either from practical or technological
considerations or by management policy.
- Simple bounds - -Constraints generally fall into one of the following
categories:
_____ constrain the value of a single variable.
- Scarce resoruces - -Constraints generally fall into one of the following
categories:
Limitations usually involve the allocation of _____.
- minimum - -Constraints generally fall into one of the following categories:
Requirements involve the specification of _____ levels of performance.
- Proportional relationships - -Constraints generally fall into one of the
following categories:
_____ are often found in problems involving mixtures or blends of materials or
strategies.
- Balance constraints - -Constraints generally fall into one of the following
categories:
_____ essentially state that input = output and ensure that the flow of
material or money is accounted for at locations or between time periods.
- Solver - -_____ is 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.
- Integer Tolerance - -_____ is the parameter that specifies when the Solver
algorithm will terminate an optimization process with integer constraints.
- zero - -The value of Integer Tolerance should be _____ in order to find the
guaranteed optimal integer solution.
- Linear optimization - -Many types of financial investment problems are
modeled and solved using _____.
- Numerical instability - -A poorly scaled 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 "_____."
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