An Optimization Analysis Finds the Optimum Value for a Target

question 370

Multiple Choice

An optimization analysis finds the optimum value for a target variable by repeatedly changing other variables, subject to specified constraints. What can a manager determine by changing revenue and cost variables in an optimization analysis?

• A)Calculate the highest potential profits
• B)Calculate employee benefit payments
• C)Use this as an extension for a digital dashboard
• D)Create production schedules

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Definitions:

Basis-of-the-Bargain Requirement

A legal principle emphasizing that a statement must have been a part of the reason a party was induced into a contract for it to be considered as warrantable.

Catalog

A systematic list of items, which may include books, products, or collections, usually with descriptive details.

Caveat Emptor

A Latin phrase meaning "let the buyer beware," indicating that the buyer assumes the risk about the quality of the goods being purchased.

Implied Warranty of Fitness

A legal doctrine that suggests that when a seller knows the specific purpose for which an item is purchased, the item is guaranteed to be fit for that particular purpose.