Exam (elaborations)
Capsim Simulation Review Final Exam
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Capsim Simulation Review Final Exam
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Capsim Simulation Review Final ExamAccessibility - ANSWER-the % of people who could get the product if they wanted it
Awareness - ANSWER-the % of people who could know about your product that do
know about it
Buyer's Market - ANSWER-The best time for consumers to buy; characterized by large
supply, small demand, and low prices.
Contribution Margin - ANSWER-Price - Raw Materials - Labor
Ending inventory equation - ANSWER-Beginning Inventory + Production - Sales =
Ending Inventory
EPS equation - ANSWER-Net Income / # of Shares Outstanding
Explain "everything you know" about the promo budget - ANSWER-A promo budget
corresponds to "awareness" and is spent on commercials, coupons, etc.; must
continually be funded or customers will forget about the product
Explain "everything you know" about the sales budget - ANSWER-Corresponds with
"accessibility"; spent on wages of sales people, warehouses, trucks, customer service
Formula for plant and equipment - ANSWER-Plant & Equipment = 1st shift capacity *
($6 + ($4 * automation))
-$6: Floor space constant
-$4: Machine constant
How can a person use the Production Report to determine the number of units
produced? - ANSWER-capacity * plant utilization = production
Ideal production capacity - ANSWER-equal to demand
If a company has limited production capacity and produces the maximum amount they
can, what other input can be changed to benefit from this situation? - ANSWER-
Increase the price; if you can't produce enough, raise the price to increase profit per unit
but decrease demand
Seller's Market - ANSWER-The best time for producers to sell; characterized by large
demand, small supply, and high prices
To invent a new product, which simulation inputs must be provided? - ANSWER-Name,
Size, Performance, MTBF
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