Exam 1

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What is the goal in optimization?

Find the decision variable values that result in the best objective function and satisfy all constraints.

Chapter 1 discussed all of the following except

How to implement a problem formulation as a spreadsheet model

What does constraint cells show?

Left hand side formula constraints of models

A factor that plays a role in determining whether a good or bad outcome occurs is called

Luck

What does objective cells show

MAX/MIN

What does the Excel "=SUMPRODUCT(A1:A5,C6;C10)" function do?

Multiplies each pair of cells in two arrays matched by position and sums the products.

Which type of spreadsheet cell represents the objective function in an LP model?

Objective Cell

Which of the following categories of modeling techniques includes optimization techniques

Prescriptive models

Using Data Envelopment Analysis (DEA) for an inefficient unit, a more efficient composite unit can be found by

Solving its DEA problem and using the resulting shadow prices as compostie wieghts

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

What does variable cells show

Upper/lower bounds

In which step of the problem-solving process is the main focus to generate and evaluate alternatives?

Use model to analyze problem

22. The specification or description of the relationship between the dependent and independent variables is generallycalled

a function

In a decision making problem, anchoring effects occur when

a seemingly trivial factor serves as a staring point for estimations

The best models

accurately reflect relevant characteristics of the real-world object or decision.

An LP problem with a feasible region will have

an optimal solution at some extreme point.

A production optimization problem has 4 decision variables and a requirement that at least b1 units of material 1 are consumed. Which of the following constraints reflects this fact?

b. f(X1, X2, X3, X4) ≥ b

A purely rational decision maker should

consistently select the same alternative regardless of how the problm is framed

Suppose that the left side of the constraint cannot take a specific value, b. This can be expressed mathematically as

d. f(X1, X2, ..., Xn) ≠ b.

. A situation when decision quality is bad and the resulting outcome quality is good is referred to as

dumb luck

The goal of modeling approach to problem solving is to

help individuals make good decisions

Business analytics focuses on

identifying and leveraging business opportunities

The constraints X1≥ 0 and X2≥ 0 are referred to as

nonnegativity conditions

A facility produces 2 products and wants to maximize profit. The objective function maximized is z=350x1+300x2 the number 350 means

one unit of product 1 contributes $350 to the objective function

which of the following categories of modeling techniques includes discriminant anaylsis

predictive models

In the Analytic Solver Platform dialog box simple upper and lower bounds for decision variables are specified by

referring directly to the decision variable cells in the Constraints-Bound area.

most individuals manage their individual retirement accounts IRAs

so they minimize the amount of taxes they must pay

The third step in formulating a LP problem is

state the objective as a linear combo of the decision variable

The "Objective Sense" option in the Analytic Solver Platform task pane may be used to

tell the Solver what value it should seek for your optimization objective.

Better decision making due to using a modeling process is achieved due to

the insight gained through the process.

REtail compaines try to find

the least costly methof of transferring goods from warehouses to stores

A linear formulation means that

the objective function and all constraints must be linear

If results testing produces unsatisfactory results

the problem-solving process requires new formulation and implementation

When the objective function can increase without ever contacting a constraint LP model is said to be

unbounded

To be effective, a modeler must

understand how modeling fits into the problem-solving process

The textbook figure of a problem solving process is an example of

visual model

When do alternate optimal solutions occur in LP models

when a binding constraint is parallel to a level curve

The objective function for a LP model is 3 X1 + 2 X2. If X1 = 20 and X2 = 30, what is the value of the objective function?

120

Which function is equivalent to =SUMPRODUCT(A1:A3,B1:B3)?

=A1*B1+A2*B2+A3*B3

Which type of spreadsheet cell represents the LHS in an LP model

Constraint Cell

What describes Data Envelopment Analysis (DEA)

DEA determines how effective a company converts inputs to outputs compared to other companies.

Which of the following describes Data Envelopment Analysis (DEA)

DEA determines how effective a company converts inputs to outputs compared to other companies.

The built-in Solver in Excel is found under which tab on the ribbon?

Data


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