STAT Final
What should be the value of the integer tolerance in order to find the guaranteed optimal integer solution?
0
Which of the following mathematically expresses the finishing constraint?
1 Jordanelle + 2 Deercrest < = 28
What is the total available finishing labor hours per day?
28
Which of the following is the Quantity Sold?
40,000
Which of the following mathematically expresses the objective function?
45 Jordanelle + 55 Deercrest
What is the default integer tolerance in excel solver?
5%
All constraints in optimization models can be one of the following forms except...
<>
Which of the following formulas would be used to calculate the Net Operating Income value using only the data values in the spreadsheet?
=B15-B16
Which of the following formulas would be used to calculate the Earnings before taxes value using both the data and model values in the spreadsheet?
=B17-B10
Which of the following formulas would be used to calculate the net income value using both the data and model values in the spreadsheet?
=B18-B11
Which of the following formulas would be used to calculate the Gross Profit using only the data values in the spreadsheet?
=B5-B6
Which of the following formulas would be used to calculate the net income value using only the data values in the spreadsheet?
=B5-SUM(B6:B11)
Using the above spreadsheet data, which of the following is the excel formula used to calculate profit?
=C11-C12-B5
Which of the following formulas would be used to calculate the Operating Expenses value using only the data values in the spreadsheet?
=SUM(B7:B9)
________________ constraints essentially state that input = output and ensure that the flow of material or money is accounted for at locations between time
Balance
Which of the following would be considered as an example of a proportional relationships constraint?
Ensuring that the budget allocated to marketing is thrice that of research and development
T/F: Decision variables that are forced to be integers are called general integer variables
False
T/F: In a predictive modeling, verfication refers to know how well a model represents reality.
False
T/F: Many nonlinear problems are notoriously easy to solve.
False
T/F: Requirements involve the specifications of maximum levels of performance.
False
T/F: The Solver Report provides basic information about the solution, including the values of the original and ... and decision variables.
False
T/F: The feasible region is the set of points that satisfy at least one constraint.
False
T/F: The process of developing good, useful, and correct spreadsheet models is known as system analysis.
False
T/F: When a problem is infeasible, Solver will report the following message: "Solver has found an error with the problem"
False
________ is the parameter that specifies when the Solver algorithm will terminate an optimization process with integer constraints.
Integer Tolerance
In which of the following ways does the demand influence profit?
It directly influences the fixed cost of production
Which of the following expresses decision variables?
Number of pairs of Jordanelle skis and Number of pairs of Deercrest skis
Which decision model incorporates the uncertainty element?
Predictive
Which of the following is necessary to calculate the variable cost of production for the company to develop a profit model?
Quantity of the item produced
Problem statements such as production must be sufficient to meet customer orders would be categorized as a _______________ constraint.
Requirements
Which of the following excel functions can be used in implementing linear optimization models in excel?
SUMPRODUCT
An unbounded problem is one for which _____________
The objective can be increased or decreased to infinity or negative infinity while the solution remains feasible
When a model has unique optimal solutions, it means that ____________
There is exactly one solution that will result in the maximum or minimum objective
An infeasible problem is one for which ______________
There is no solution that simultaneously satisfies all the constraints
Which of the following best defines constraints in an optimization problem?
They are the limitations, requirements, or other restrictions that are imposed on any solution
Which of the following best defines objective functions?
They are the quantities that an optimization model seeks to maximize or minimize
Which of the following best defines decision variables in an optimization model?
They are the quantities that the model seeks to maximize or minimize
T/F: A quadratic optimization model is one that has a quadratic objective and all constraints are linear.
True
T/F: An optimization model has the following elements: 1) Decision variables, 2) An objective to maximize or minimize.
True
T/F: Constraints are limitations, requirements, or other restrictions that are imposed to any solution, either from.. considerations or by management policy.
True
T/F: In an integer linear optimization model some or all of the variables are restricted to being whole numbers
True
T/F: Many optimization models require binary variables, which are variables that are restricted to being either 0 or...
True
T/F: One useful excel tool is the data validation feature, which allows you to define acceptable input values in a .. error alert if an invalid entry is made.
True
T/F: Simple bounds constraint the value of a single variable.
True
T/F: The cash budget shows the monthly cash balances and any short term borrowing to cover cash shortfalls.
True
Which of the following options is used if solver gives an error message that integrity is not satisfied?
Use automatic scaling
When will a company use a productive decision model?
When it wishes to know sales patterns to plan inventory levels
Problem statements such as the amount of material used in production cannot exceed the amount available in inventory would be categorized as a _________ constraint
limitations
If a model has alternative optimal solutions __________
the objective is maximized or minimized by more than one combination of decision variables
T/F: Two-way data tables can evaluate only one output variable
true
