MSIS 3223 Final Exam Review
OKSTATE-Graded A
__________ has an influence on profit by predicting how many units of a product will be
sold. - ANS-Demand
__________ 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. - ANS-
Solver
___________ ____________ allow you to easily evaluate what-if questions by changing
input values and recalculating model outputs - ANS-Spreadsheet Models
___________ focus on understanding the future. - ANS-Predictive Models
____________ is the parameter that specifies when the Solver algorithm will terminate
an optimization process with integer constraints. - ANS-Integer Tolerance
____________ is the process of ensuring that a model is accurate and free from logical
errors. - ANS-Verification
____________ is the process of projecting and summarizing a company's cash inflows
and outflows expected during a planning horizon, usually 6 to 12 months. - ANS-Cash
Budgeting
_____________ are limitations, requirements, or other restrictions that are imposed on
any solution, either from practical or technological considerations or by management
policy. - ANS-Constraints
_____________ is the process of selecting values of decision variables that minimize or
maximize some quantity of interest. - ANS-Optimization
______________ is the quantity that is to be minimized or maximized. - ANS-Objective
Function
______________ usually involve the allocation of scarce resources. - ANS-Limitations
_______________ are often used to plan inventory sales. - ANS-Sales levels
_______________ have benn used extensively in operations and supply chains,
finance, marketing, and other disciplines. - ANS-Optimization Models
, _______________ incorporate the uncertainty element. - ANS-Predictive models
_______________ is often used when one can reasonably estimate these three
parameters based on managerial knowledge and judgment. - ANS-Triangular
distribution
________________ are often found in problems involving mixtures or blends of
materials or strategies. - ANS-Proportional Relationships
________________ the process of generating random values for uncertain inputs in a
model, computing the output variables of interest, and repeating this process for many
trials to improve the results. - ANS-Monte Carlo Simulation
________________ usually involve multiple time periods. - ANS-Predictive models
__________________ essentially state that input = output and ensure that the flow of
material or money is accounted for at locations or between time periods. - ANS-Balance
Constraints
____________________ focus on predicting financial performance, customer retention,
and product sales. - ANS-Practical business models
______________produced is a decision option typically based on demand. - ANS-
Quantity
_____________can evaluate only one output variable. To evaluate multiple output
variables, you must construct ___________________. - ANS-Two-way tables; multiple
two-way tables
A __________ is a set of values for the decision variables that satisfy all of the
constraints. _____________ generally have an infinite number of feasible solutions. -
ANS-Feasible Solution; Linear Programs
A ________________ 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 "__________________." - ANS-Poorly Scaled; Numerical
Instability
A _________________ is one for which the left-hand side is equal to the right-hand side
of the constraint at the optimal solution. - ANS-Binding Constraint
A ____________________ is one for which all points close by are no better than the
solution. - ANS-local optimum solution
OKSTATE-Graded A
__________ has an influence on profit by predicting how many units of a product will be
sold. - ANS-Demand
__________ 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. - ANS-
Solver
___________ ____________ allow you to easily evaluate what-if questions by changing
input values and recalculating model outputs - ANS-Spreadsheet Models
___________ focus on understanding the future. - ANS-Predictive Models
____________ is the parameter that specifies when the Solver algorithm will terminate
an optimization process with integer constraints. - ANS-Integer Tolerance
____________ is the process of ensuring that a model is accurate and free from logical
errors. - ANS-Verification
____________ is the process of projecting and summarizing a company's cash inflows
and outflows expected during a planning horizon, usually 6 to 12 months. - ANS-Cash
Budgeting
_____________ are limitations, requirements, or other restrictions that are imposed on
any solution, either from practical or technological considerations or by management
policy. - ANS-Constraints
_____________ is the process of selecting values of decision variables that minimize or
maximize some quantity of interest. - ANS-Optimization
______________ is the quantity that is to be minimized or maximized. - ANS-Objective
Function
______________ usually involve the allocation of scarce resources. - ANS-Limitations
_______________ are often used to plan inventory sales. - ANS-Sales levels
_______________ have benn used extensively in operations and supply chains,
finance, marketing, and other disciplines. - ANS-Optimization Models
, _______________ incorporate the uncertainty element. - ANS-Predictive models
_______________ is often used when one can reasonably estimate these three
parameters based on managerial knowledge and judgment. - ANS-Triangular
distribution
________________ are often found in problems involving mixtures or blends of
materials or strategies. - ANS-Proportional Relationships
________________ the process of generating random values for uncertain inputs in a
model, computing the output variables of interest, and repeating this process for many
trials to improve the results. - ANS-Monte Carlo Simulation
________________ usually involve multiple time periods. - ANS-Predictive models
__________________ essentially state that input = output and ensure that the flow of
material or money is accounted for at locations or between time periods. - ANS-Balance
Constraints
____________________ focus on predicting financial performance, customer retention,
and product sales. - ANS-Practical business models
______________produced is a decision option typically based on demand. - ANS-
Quantity
_____________can evaluate only one output variable. To evaluate multiple output
variables, you must construct ___________________. - ANS-Two-way tables; multiple
two-way tables
A __________ is a set of values for the decision variables that satisfy all of the
constraints. _____________ generally have an infinite number of feasible solutions. -
ANS-Feasible Solution; Linear Programs
A ________________ 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 "__________________." - ANS-Poorly Scaled; Numerical
Instability
A _________________ is one for which the left-hand side is equal to the right-hand side
of the constraint at the optimal solution. - ANS-Binding Constraint
A ____________________ is one for which all points close by are no better than the
solution. - ANS-local optimum solution
