Exam (elaborations)
BIT 3434 Exam 1 Practice Questions And Answers
- Course
- Institution
BIT 3434 Exam 1 Practice Questions And Answers...
[Show more]
Content preview
BIT 3434 Exam 1 Practice Questions And AnswersWhat is a scarce resource? - Answer It is an asset that creates a limitation on output
quantity
What is Optimization? - Answer it is an area in business analytics that finds the most
efficient way of using limited resources to achieve the objectives
Common types of problems discussed in Chapter 2 for which optimization can be used
include: - Answer product mix
manufacturing
financial planning
You must determine the sequencing of jobs. Assume for a number of reasons, there is
only one way to proceed. This is not an optimization problem because: - Answer
optimization requires that there must be decision alternatives
Optimization problems involve the following element(s) - Answer decisions
constraints
objective
The terms: "dog, cat, X1, X2" represent - Answer the decision variables
In the constraint f(X1, X2.Xk) ≤ b, the term "b" denotes - Answer Limited resource
availability
The objective function relationship in the problem Z = f(X1, X2.Xk) must be - Answer
either minimized or maximized
, Linear Programming (LP) addresses the modeling and solution of optimization problems
involving - Answer linear objective functions and linear constraints
The most common mistake made at the very beginning of formulating linear
programming (LP) problems is - Answer understanding the problem
The expression "a linear combination of the decision variables (X1, X2.Xk)" implies that -
All decision variables are of power 1
The expression MIN Z = c1X1 + x2X2 + CnXn is The symbol Cn represents - Answer
contribution to the objective function of 1 unit of product n
One serious limitation of the graphical approach to solve linear programming is -
Answer the number of decision variables cannot be more than 2
A feasible region of the problem is - Answer an area where all problem constraints are
satisfied
Consider a set of simultaneous constraints X1 ≥ 5 and X1 ≤ 3. The feasible region for
this problem - Answer is an empty set, because no values of X1 will simultaneously
satisfy both constraints
Solution to a feasible LP Problem will be found in - Answer the intersection of all
constraints and the objective function
The optimal solution by enumerating the corner points of the feasible region requires -
Answer determining the value of the objective function for each corner point of the
feasible region
Alternate optimal solutions to LP problems exist when - Answer there can be more than
one feasible point that maximizes-or minimizes the value of the objective function
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Easton. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81503 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now