Operations Management Final

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A binomial probability distribution indicates the probability of r successes in n trials

True

A management science technique usually applies to a specific model type.

True

A model is a mathematical representation of a problem situation including variables, parameters, and equations

True

A succession of events that does not affect other events is independent

True

Business analytics brings together the disciples of information systems, management science, statistics, and mathematical modeling.

True

The divisibility assumption is violated by integer programming.

True

If f(x)= 2x, whats the equation for generating x, given the random number?

x = square root of r

Which of the following special cases does not require reformulation of the problem in order to obtain a solution?

Alternate optimality

In a binomial distribution, for each of n trials, the event:

Always has the same probability of occurring

The field of management science:

Concentrates on the use of quantitative methods to assist managers in decision making

If the price increases, but fixed and variable costs do not change, the break even point:

Decreases

An optimal solution to a nonlinear programming problem will always occur at the boundary of the feasible solution space formed by the constraint

False

Decision variables cannot be multiplied by each other in the objective function of a nonlinear program

False

Excel can only be used to simulate systems that can be represented by continuous random variables

False

If a nonlinear program has been correctly formulated, procedures guarantee a solution

False

If variable costs increase, but price and fixed costs are held constant, the break even point will decrease

False

In Bayesian analysis, additional information is used to alter the conditional probability of the occurrence of an event

False

In a mixed integer model, the solution values of the decision variables are 0 or 1.

False

In excel, the VLOOKUP function is used to determine values for continuous random variables

False

In general, an increase in price increases the break even point if all costs are held constant

False

Management science modeling techniques provide results that are known with certainty.

False

Probabilistic techniques assume that no uncertainty exists in model parameters

False

Proportionality means the slope of a constraint is proportional to the slope of the objective function

False

Sensitivity ranges can be computed only for the right hand sides of constraints

False

Simulation results will always equal analytical results if 30 trials of the simulation have been conducted

False

Starting conditions have no impact on the validity of a simulation model

False

Surplus variables are only associated with minimization problems

False

The optimal solution for a graphical linear programming problem is the corner point that is the farthest from the origin

False

The sensitivity range for a constraint quantity value is the range over which the optimal values of the decision variables do not change

False

The slope of a curve at its highest point equals 1

False

There is exactly one optimal solution point to a linear program

False

___________ is not part of a Monte Carlo simulation

Finding an optimal solution

________ are generally independent of the volume of units produced and sold

Fixed costs

__________ involves determining the functional relationship between variables, parameters, and equations

Model construction

The steps of the management science process are

Observation, problem definition, model construction, model solution, and implementation

Multiple optimal solutions can occur when the objective function is _______ a constraint line

Parallel to

The purpose of break even analysis is to determine the number of units of a product to sell that will:

Result in zero profit

The ______ and variance are derived from a subset of the population data and are used to make inferences about the population

Sample mean

The term _________ refers to testing how a problem solution reacts to changes in or more of the model parameters

Sensitivity analysis

If the feasible region for a linear programming problem is unbounded, then the solution to the corresponding linear programming problem is _______ unbounded

Sometimes

Variable cost does not include:

Staff and management salaries

A shadow price reflects which of the following in a maximization problem?

The marginal gain in the objective that would be realized by adding one unit of a resource

A conditional probability is the probability that an event occurs given that another event has already occurred

True

A linear programming constraint is a linear relationship representing a restriction on decision making

True

A long period of real time can be represented by a short period of simulated time

True

A management science solution can be either a recommended decision or information that helps a manager make a decision.

True

If we are solving a 0-1 integer programming problem, the constraint x1 + x2 <= 1 is a mutually exclusive constraint.

True

If we are solving a 0-1 integer programming problem, the constraint x1 <= x2 is a conditional constraint.

True

If we change the constraint quantity to a value outside the sensitivity range for that constraint quantity, the shadow price will change

True

In a total integer model, all decision variables have integer solution values.

True

In an unconstrained, nonlinear programming problem, we have a single nonlinear objective function and no constraints

True

In computer mathematical simulation, a system is replicated with a mathematical model that is analyzed with the computer

True

Linear programming is a model consisting of linear relationships representing a firm's decisions given an objective and resource constraints

True

Management science modeling techniques focus on model construction and problem solution

True

Manual simulation is limited because of the amount of real time required to simulate even one trial

True

Objective probabilities that can be stated prior to the occurrence of an event are classical or a priori

True

Parameters are known, constant values that are usually coefficients of variables in equations

True

Random numbers are equally likely to occur

True

Random numbers generated by a mathematical process instead of a physical process are pseudorandom numbers

True

Sensitivity analysis determines how a change in a parameter affects the optimal solution

True

The Lagrange multiplier is analogous to the dual variables in a linear programming problem

True

The Lagrange multiplier reflects the approximate change in the objective function resulting from a unit change in the quantity (right hand side) value of the constraint

True

The break even point is the volume that equates total revenue with total cost

True

The events in an experiment are mutually exclusive if only one can occur at a time

True

The feasible solution area contains infinite solutions to the linear program

True

The marginal value of any scarce resource is the dollar amount one should be willing to pay for one additional unit of that scarce resource

True

The sensitivity range for a constraint quantity value is the range over which the shadow price is valid

True

The term "sensitivity analysis" refers to testing how a problem solution reacts to changes in one or more of the model parameter

True

The terms in the objective function or constraints are additive

True

The three types of integer programming models are total, 0-1, and mixed.

True

Validation of a simulation model occurs when the true steady state average results have been reached

True

Variable costs depend on the number of times produced

True

Pseudorandom numbers exhibit a ________ in order to be considered truly random

Uniform distribution

What's the constraint: choose no fewer than 3 of the 5 possible projects

x1 + x2 + x3 + x4 + x4 >= 3

What's the constraint: if project 1 is chosen, project 5 must not be chosen

x1 + x2 <= 1

What's the constraint: If project 3 is chosen, project 4 must be chosen

x3 - x3 <= 0


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