MSIS 3223 Final Exam with Accurate
Solutions
Variable Cost - ANSWER-= Unit Variable Cost * Quantity Produced
Total Cost - ANSWER-= Fixed Cost + Variable Cost * Quantity Produced
also written as =F+VQ
Logic suggests that - ANSWER-variable cost is the unit variable cost times the quantity
of item produced.
_________ has an influence on profit by predicting how many units of a product will be
sold. - ANSWER-Demand
____________ produced is a decision option typically based on demand. - ANSWER-
Quantity
The spreadsheet model for profit is revenue minus variable cost minus fixed cost: -
ANSWER-Profit = Revenue - Variable Cost - Fixed Cost
_______________ allow you to easily evaluate what-if questions by changing input
values and recalculating model outputs. - ANSWER-Spreadsheet Models
___________ are limitations, requirements, or other restrictions that are imposed on
any solution, either from practical or technological considerations or by management
policy. - ANSWER-Constraints
If a model has ____________ the objective is maximized (or minimized) by more than
one combination of decision variables, all of which have the same objective function
value. - ANSWER-Alternative optimal solutions
When a model has a unique optimal solution, it means: - ANSWER-that there is only
one solution that will result in the maximum (or minimum) objective.
_____________ exist when any of the allowable increase or allowable decrease values
for changing cells are zero. - ANSWER-Alternative optimal solutions
A solution is ______________ if the value of the objective can be increased or
decreased without bound (that is to infinity for a maximization problem or negative
, infinity for a minimization problem) without violating any of the constraints. - ANSWER-
unbounded
An__________________ is one for which no feasible solution exists—that is, when
there is no solution that satisfies all constraints simultaneously. - ANSWER-infeasible
problem
spreadsheet engineering - ANSWER-Building spreadsheet models
Verification - ANSWER-he process of ensuring that a model is accurate and free from
logical errors.
One useful Excel tool is the _______________________ which allows you to define
acceptable input values in a spreadsheet and provides an error alert if an invalid entry is
made - ANSWER-data validation feature,
_____________________ is the process of projecting and summarizing a company's
cash inflows and outflows expected during a planning horizon, usually 6 to 12 months. -
ANSWER-Cash budgeting
The __________ also shows the monthly cash balances and any short-term borrowing
used to cover cash shortfalls. - ANSWER-cash budget
The ________________ provides basic information about the solution, including the
values of the original and optimal objective function and decision variables. - ANSWER-
Solver Answer Report
A _________ is a set of values for the decision variables that satisfy all of the
constraints. Linear programs generally have an infinite number of feasible solutions. -
ANSWER-feasible solution
The feasible region is - ANSWER-the set of points that satisfy all constraints
simultaneously
When a problem is infeasible, Solver will report - ANSWER-"Solver could not find a
feasible solution.
A ____________ is one for which the left-hand side is equal to the right-hand side of the
constraint at the optimal solution. - ANSWER-binding constraint
In an __________________________ some or all of the variables are restricted to
being whole numbers. - ANSWER-integer linear optimization model
Decision variables that are forced to be integers are called ________________. -
ANSWER-general integer variables.
Solutions
Variable Cost - ANSWER-= Unit Variable Cost * Quantity Produced
Total Cost - ANSWER-= Fixed Cost + Variable Cost * Quantity Produced
also written as =F+VQ
Logic suggests that - ANSWER-variable cost is the unit variable cost times the quantity
of item produced.
_________ has an influence on profit by predicting how many units of a product will be
sold. - ANSWER-Demand
____________ produced is a decision option typically based on demand. - ANSWER-
Quantity
The spreadsheet model for profit is revenue minus variable cost minus fixed cost: -
ANSWER-Profit = Revenue - Variable Cost - Fixed Cost
_______________ allow you to easily evaluate what-if questions by changing input
values and recalculating model outputs. - ANSWER-Spreadsheet Models
___________ are limitations, requirements, or other restrictions that are imposed on
any solution, either from practical or technological considerations or by management
policy. - ANSWER-Constraints
If a model has ____________ the objective is maximized (or minimized) by more than
one combination of decision variables, all of which have the same objective function
value. - ANSWER-Alternative optimal solutions
When a model has a unique optimal solution, it means: - ANSWER-that there is only
one solution that will result in the maximum (or minimum) objective.
_____________ exist when any of the allowable increase or allowable decrease values
for changing cells are zero. - ANSWER-Alternative optimal solutions
A solution is ______________ if the value of the objective can be increased or
decreased without bound (that is to infinity for a maximization problem or negative
, infinity for a minimization problem) without violating any of the constraints. - ANSWER-
unbounded
An__________________ is one for which no feasible solution exists—that is, when
there is no solution that satisfies all constraints simultaneously. - ANSWER-infeasible
problem
spreadsheet engineering - ANSWER-Building spreadsheet models
Verification - ANSWER-he process of ensuring that a model is accurate and free from
logical errors.
One useful Excel tool is the _______________________ which allows you to define
acceptable input values in a spreadsheet and provides an error alert if an invalid entry is
made - ANSWER-data validation feature,
_____________________ is the process of projecting and summarizing a company's
cash inflows and outflows expected during a planning horizon, usually 6 to 12 months. -
ANSWER-Cash budgeting
The __________ also shows the monthly cash balances and any short-term borrowing
used to cover cash shortfalls. - ANSWER-cash budget
The ________________ provides basic information about the solution, including the
values of the original and optimal objective function and decision variables. - ANSWER-
Solver Answer Report
A _________ is a set of values for the decision variables that satisfy all of the
constraints. Linear programs generally have an infinite number of feasible solutions. -
ANSWER-feasible solution
The feasible region is - ANSWER-the set of points that satisfy all constraints
simultaneously
When a problem is infeasible, Solver will report - ANSWER-"Solver could not find a
feasible solution.
A ____________ is one for which the left-hand side is equal to the right-hand side of the
constraint at the optimal solution. - ANSWER-binding constraint
In an __________________________ some or all of the variables are restricted to
being whole numbers. - ANSWER-integer linear optimization model
Decision variables that are forced to be integers are called ________________. -
ANSWER-general integer variables.
