Msis 3223 stuvia 2024 - Study guides, Class notes & Summaries

requirements - ANSWERProblem statements such as production must be sufficient to meet promised customer orders would be categorized as a ________ constraint. Unit Variable Cost * Quantity Produced - ANSWERVariable Cost = Fixed Cost + Variable Cost * Quantity Produced - ANSWERTotal Cost = Demand - ANSWER_____ 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 - Fix...

Which of the following ways would 10 raised to the power of 2 × 5 raised to the power of 3/ 100 - 73 be represented in an Excel spreadsheet? - ANSWER10^2 * 5^3 / 100 - 73 Which of the following is a difference between relative addressing and absolute addressing when using cell formulas in Excel? - ANSWERA relative address uses just the row and column label in the cell reference; an absolute address uses a dollar sign before either the row or column label. To copy a formula from a singl...

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 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...

Constraints in an Optimization Model - ANSWER•Constraints are limitations, requirements, or other restrictions that are imposed on any solution, either from practical or technological considerations or by management policy. variable cost - ANSWERunit variable cost*quntity produced total cost - ANSWERfixed cost+variable cost*quantity produced demand - ANSWERdemand has an influence on profit by predicting how many units of a product will be sold. quantity produced is a decision option t...

it measures the uncertainty of a random variable. - ANSWERWhich of the following is true about variance? characterizes outcomes of a continuous random variable. - ANSWERA probability density function: time-series - ANSWERRegression models of ________ data focus on predicting the future. uses a panel of experts, whose identities are typically kept confidential from one another, to respond to a sequence of questionnaires. - ANSWERThe Delphi method used for forecasting: noted the consum...

In predictive modeling, verification refers to how well a model represents reality. - ANSWERFalse Requirements involve the specifications of minimum levels of performance. - ANSWERTrue In the context of simulation, random numbers are numbers that are uniformly distributed between 0 and 9. - ANSWERFalse A value randomly generated from a specified probability distribution is called a random variate. - ANSWERTrue As Monte Carlo simulation is essentially statistical sampling, the larger ...

What is the Variable Cost Formula? - ANSWERUnit Variable Cost x Quantity Produced T/F: Quantity produced is a decision option typically based on demand. - ANSWERTRUE Multiple outputs may be evaluated using what? - ANSWEROne-Way data tables Two-Way data tables can evaluate ONLY what? - ANSWEROne output variable What are Proportional Relationships? - ANSWEROften found in problems involving mixtures or blends of materials or strategies What are Balance Constraints? - ANSWEREssentiall...

Stopwatch Time Study - ANSWERdevelopment of a time standard based on the observation of one worker taken over a number of cycles, then applied to all others doing the same task Random - ANSWERNatural variation in the output of a process due to minor issues Non-random - ANSWERcauses can be identified (assignable variation) Attribute - ANSWERdata that are discrete ex. yes/no, high/low. Something that can be true or false

A feasible solution is a - ANSWERset of values for the decision variables that satisfy all of the constraints. A poorly scaled model is one that computes values of ______, ______, ______ that differ by several orders of magnitude - ANSWERobjective, constraints, or intermediate results Alternate optimal solutions exist when - ANSWERany of the allowable increase or allowable decrease values for changing cells are zero. alternative optimal solutions - ANSWERobjective is maximized (or minim...

Descriptive analytics helps detect hidden patterns in large quantities of data to group data unto sets to predict behavior. - ANSWERFalse. A manager at Academy wishes to know the company's revenue and profit in its previous quarter. Predictive analytics is what the manager should use for this task. - ANSWERFalse. Prescriptive analytics can help a company address the best way of shipping goods from their factories to minimize costs. - ANSWERTrue. Analyzing the problem is the first pha...