MSIS 3223 Final Exam Review OKST
(Nord) Questions With Correct
Answers
/ Variable cost = ? - Answer-✅Unit Variable Cost * Quantity Produced
/.Total Cost = - Answer-✅Fixed Cost + Variable Cost* Quantity Produced
Also written as C=F+VQ
/.Logic suggests that variable cost is the unit variable cost times the quantity of item
produced. Thus a ____________ would be - Answer-✅descriptive model
/._______has an influence on profit by predicting how many units of a product will be
sold.______________produced is a decision option typically based on demand. -
Answer-✅1) Demand
2) Quantity
/.The spreadsheet model for _____ is revenue minus variable cost minus fixed cost. -
Answer-✅1)Profit
Profit= Revenue-Variable cost-fixed cost
/.Multiple outputs may be evaluated using _______________. For example, profit and
revenue. - Answer-✅one way data tables
/._____________can evaluate only one output variable. To evaluate multiple output
variables, you must construct ___________________. - Answer-✅1)Two-way tables
2)multiple two-way tables
/.___________focus on understanding the future. - Answer-✅Predictive Models
/.______________focus on predicting financial performance, customer retention, and
product sales. - Answer-✅Practical business models
/.____________are often used to plan inventory sales. - Answer-✅Sales levels
/.___________usually involve multiple time periods. - Answer-✅Predictive models
/.______________incorporate the uncertainty element. - Answer-✅Predictive models
, /._______________ have benn used extensively in operations and supply chains,
finance, marketing, and other disciplines. - Answer-✅Optimization Models
/.__________is the process of selecting values of decision variables that minimize or
maximize some quantity of interest. - Answer-✅Optimization
/.________is the quantity that is to be minimized or maximized. - Answer-✅Objective
Function
/.Optimization is the most important tool in _____________. - Answer-✅Prescriptive
Analytics
/._____________ are limitations, requirements, or other restrictions that are imposed on
any solution, either from practical or technological considerations or by management
policy. - Answer-✅Constraints
/.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. - Answer-✅Solver
/.____________is the parameter that specifies when the Solver algorithm will terminate
an optimization process with integer constraints. - Answer-✅Integer Tolerance
/.The value of Integer Tolerance should be _______ in order to find the guaranteed
optimal integer solution. - Answer-✅Zero
/.Many types of financial investment problems are modeled and solved using ______. -
Answer-✅linear optimization
/.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 "_______________." - Answer-✅1) Poorly Scaled
2)Numerical Instability
/.Poor scaling can cause Solver engines to return _______________. - Answer-
✅Different error messages
/.In the Solver options, you can check the box ______________ and ________will
rescale the values of the objective and constraint functions internally to minimize the
effects of poor scaling. - Answer-✅1)Use Automatic Scaling
2)Solver
/.The best way to avoid scaling problems is to choose the ___________ implicitly used
in your model. - Answer-✅units
(Nord) Questions With Correct
Answers
/ Variable cost = ? - Answer-✅Unit Variable Cost * Quantity Produced
/.Total Cost = - Answer-✅Fixed Cost + Variable Cost* Quantity Produced
Also written as C=F+VQ
/.Logic suggests that variable cost is the unit variable cost times the quantity of item
produced. Thus a ____________ would be - Answer-✅descriptive model
/._______has an influence on profit by predicting how many units of a product will be
sold.______________produced is a decision option typically based on demand. -
Answer-✅1) Demand
2) Quantity
/.The spreadsheet model for _____ is revenue minus variable cost minus fixed cost. -
Answer-✅1)Profit
Profit= Revenue-Variable cost-fixed cost
/.Multiple outputs may be evaluated using _______________. For example, profit and
revenue. - Answer-✅one way data tables
/._____________can evaluate only one output variable. To evaluate multiple output
variables, you must construct ___________________. - Answer-✅1)Two-way tables
2)multiple two-way tables
/.___________focus on understanding the future. - Answer-✅Predictive Models
/.______________focus on predicting financial performance, customer retention, and
product sales. - Answer-✅Practical business models
/.____________are often used to plan inventory sales. - Answer-✅Sales levels
/.___________usually involve multiple time periods. - Answer-✅Predictive models
/.______________incorporate the uncertainty element. - Answer-✅Predictive models
, /._______________ have benn used extensively in operations and supply chains,
finance, marketing, and other disciplines. - Answer-✅Optimization Models
/.__________is the process of selecting values of decision variables that minimize or
maximize some quantity of interest. - Answer-✅Optimization
/.________is the quantity that is to be minimized or maximized. - Answer-✅Objective
Function
/.Optimization is the most important tool in _____________. - Answer-✅Prescriptive
Analytics
/._____________ are limitations, requirements, or other restrictions that are imposed on
any solution, either from practical or technological considerations or by management
policy. - Answer-✅Constraints
/.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. - Answer-✅Solver
/.____________is the parameter that specifies when the Solver algorithm will terminate
an optimization process with integer constraints. - Answer-✅Integer Tolerance
/.The value of Integer Tolerance should be _______ in order to find the guaranteed
optimal integer solution. - Answer-✅Zero
/.Many types of financial investment problems are modeled and solved using ______. -
Answer-✅linear optimization
/.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 "_______________." - Answer-✅1) Poorly Scaled
2)Numerical Instability
/.Poor scaling can cause Solver engines to return _______________. - Answer-
✅Different error messages
/.In the Solver options, you can check the box ______________ and ________will
rescale the values of the objective and constraint functions internally to minimize the
effects of poor scaling. - Answer-✅1)Use Automatic Scaling
2)Solver
/.The best way to avoid scaling problems is to choose the ___________ implicitly used
in your model. - Answer-✅units
