BUS QUIZ
The notion that every problem is also an opportunity is reflected in the term
probortunity
In the model Y = f(X1 , X2 ), X1 is called a(n)
independent variable
The nonnegativity constraint ensures that:
the values of the decision variables are positive.
When the objective function can increase without ever contacting a constraint, the LP model is said to be:
unbounded.
A road map is an example of a
visual model
A company uses 4 pounds of resource 1 to make each unit of X1 and 3 pounds of resource 1 to make each unit of X2. There are only 150 pounds of resource 1 available. Which of the following constraints reflects the relationship between X1, X2 and resource 1?
4 X1 + 3 X2 ≤ 150
Which function is equivalent to =SUMPRODUCT(A1:A3,B1:B3)?
=A1*B1+A2*B2+A3*B3
Which type of spreadsheet cell represents the left hand sides (LHS) formulas in an LP model?
Constraint cell
Which of the following elements of a spreadsheet model can be empty cells?
Decision variables
What are the three common elements of an optimization problem?
Decisions, constraints, and an objective.
In which of the following categories of modeling techniques do the independent variables have unknown or uncertain values or coefficients?
Descriptive models
In a decision-making framework, bad luck refers to a situation when which of the following occur?
Good decision quality and bad outcome quality
Why is the graphical method of solving LP problems studied?
It helps develop an understanding of the linear programming strategy.
Which of the following statements is true of using models in problem solving and decision analysis?
It is something virtually everyone has done before
Which of the following fields of business analytics finds the optimal method of using resources to achieve the objectives of a business?
Mathematical programming
Level curves are used when solving LP models using the graphical method. To what part of the model do level curves relate?
Objective function
What is the significance of an absolute cell reference in Excel?
The cell reference will not change if the formula containing the reference is copied to another location
In which step of the problem-solving process is the main focus to generate and evaluate alternatives?
Use model to analyze problem
A situation when decision quality is good and the resulting outcome quality is bad is referred to as:
bad luck
A situation when decision quality is bad and the resulting outcome quality is good is referred to as:
dumb luck
The second step in formulating a linear programming problem is to
identify the decision variables.
Business analytics focuses on:
identifying and leveraging business opportunities.
The main point brought forward in the Chapter 1 "The World of Business Analytics" case reading is that
information system analysts trained in management science can help turn ordinary information systems into money-saving decision-support systems.
If an LP problem has an optimal solution with a finite objective function value, this solution will always occur at a point in the feasible region where two or more of the boundary lines of the constraints:
intersect
A mathematical model is considered to be valid when:
it accurately represents the relevant characteristics of the object or decision
Linear programming problems have:
linear objective functions and linear constraints
A set of values for the decision variables that satisfy all the constraints and yields the best objective function value is a(n)
optimal solution.
In modeling a problem, it is usually best to start by:
organizing the data for the model on the spreadsheet.
A redundant constraint
plays no role in determining the feasible region of the problem.
Solving LP problems in Excel requires:
step-by-step formulation.
A linear formulation means that:
the objective function and all constraints must be linear.
If the correct problem is not identified, the best that can be hoped for is
the right answer to the wrong question
The nonnegativity constraint ensures that
the values of the decision variables are positive
