MSIS 3223

MSIS 3223 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE customer surveys question consumers on future plans direct-contact composites joint estimates obtained from salespeople or customer service executive opinion finance, marketing, and manufacturing managers join to prepare forecast delphi technique series of questionnaires answered anonymously by knowledgeable people; successive questionnaires are based on information obtained from previous surveys outside opinion consultant...

MSIS 3223 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE Stopwatch Time Study development 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 Work Sampling technique for estimating the proportion of time that the worker or machine spends on various activities and the idol time. Random Natural variation in the output of a process due to minor issues Non-random causes can be identified (assignable va...

MSIS 3223 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE Which of the following would 10 raised to the power of 2 x 5 raised to the power of 3/100 -73 be represented in excel? a. 10(2) * 5(3) / 100 ^ 73 b. 10^2 * 5^3/100 -73 c. 102 ^ 53/100 -73 d. 10(2) ^ 5(3) / 100 -73 B. 10^2 * 5^3/100-73 Which of the following is a difference between relative addressing and absolute addressing when using cell formulas in Excel? a. A relative address uses just rows and column label in the ce...

MSIS 3223 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE Which of the following is true of normal distributions? The Mean, median and mode are all equal Probability is the likelihood that an outcome occurs.T/F True The union of two events contains all outcomes that belong to either of the two events. T/F True Conditional probability is the probability of occurrence of one event 'A' given that another event 'B' is known to be true or has already occurred. T/F True A pr...

MSIS 3223 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE A tool that is not used for quality is: Redesign Which isn't a cost of quality? Extended Service Contracts Lost productiont ime, scrap, and rework are examples of: internal failure costs Warrently service, processing of complaints, and costs of litigation are examples of: external failure costs Costs of inspectors, testing, test equipment, and labrs are examples of: Appraisal costs Quality planning and administra...

MSIS 3223 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE C = F + VQ descriptive model of variable cost demand influences profit by predicting how many units of a product will be sold quantity produced a decision option typically based on demand profit revenue - cost calculate net income total revenues - total expenses calculate gross profit sales - cost of goods sold calculate operating expenses sum of operating expenses calculate net operating income revenue - operating e...

MSIS 3223 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE What is business analytics? Pricing setting prices for consumer and industrial goods, government contracts, and maintenance contracts customer segmentation identifying and targeting key customer groups in retail, insurance, and credit card industries Merchandising determining brands to buy, quantities, and allocations Location finding the best location for bank branches and ATMs, or where to service industrial equipment Su...

MSIS 3223 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE Present Value Used to measure the worth of a stream of cash flows, taking into account the time value of money. Descriptive analytics the use of data to understand past and current business performance and make decisions. Descriptive analytics application used to categorize, characterize, consolidate, and classify data to convert them into useful info for the purpose of understanding and analyzing business performance. Answers...

MSIS 3223 CHAPTER 2 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE problem formulating process of translating the verbal statement of a problem into a mathematical statement; an art that can only be mastered with practice and experience; also known as modeling non-negativity constraints general feature of all linear programming problems and may be written in the abbreviated form S, D >= 0 linear functions mathematical functions in which each variable appears in a separate term ...

MSIS 3223 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE Variable Cost of Production •Logic suggests that variable cost is the unit variable cost times the quantity of item produced. Thus, a descriptive model would be: •Variable Cost = Unit Variable Cost * Quantity Produced •Total Cost = Fixed Cost + Variable Cost * Quantity Produced •Also written as C=F+VQ Demand •Demand has an influence on profit by predicting how many units of a product will be sold. Quantity pro...