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BIT 3434 Exam 1 Practice Questions And Answers
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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
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