WGU C215 Operations Management
Exam | Questions and Answers
Latest 2024
Economies of scale - Correct Answer - A condition in which the
average cost of a unit produced is reduced as the amount of
output is increased
Effective capacity - Correct Answer - the maximum output rate
that can be sustained under normal conditions
Transaction fee model - Correct Answer - a company receives a
fee for executing a transaction
That is used by the company, its suppliers, and its
Customers for day-to-day activities
,Constrained optimization problem - Correct Answer - a
mathematical model in which one is trying to
Maximize or minimize some quantity, while satisfying a
Set of constraints
Contraints - Correct Answer - limitations or requirements that
must be satisfied
Decisions variables - Correct Answer - quantities under the
control of the decision maker
Equality constraints - Correct Answer - a constraint such as 6x ₁
+ 3x ₂ = 30, used to specify that a
Requirement must be met exactly
Feasible solution - Correct Answer - a specific combination of
values of the decision
Variables such that all of the constraints are satisfied
,Formulation - Correct Answer - a formal, algebraic statement of
a constrained
Optimization problem
Greater-than-or-equal-to-contraint - Correct Answer - a
constraint such as 4x ₁ + 7x ₂ ≥ 50, often used to model a
Requirement that must be satisfied
Infeasible solution - Correct Answer - a specific combination of
values of the decision variables
Such that at least one of the constraints is violated
Less-than-or-equal-to constraint - Correct Answer - a constraint
such as 3x ₁ + 5x ₂ ≤ 22, often used to model a
Limitation on the amount of a resource that can be used
LHS value - Correct Answer - the value of the constraint
expression to the left of the ≤,
≥, or = sign
, Linear program (LP) - Correct Answer - a constrained
optimization problem in which all the
Functions involving decision variables are linear
Nonnegativity constraints - Correct Answer - constraints of the
form x ₁ ≥ 0, which are nearly universal
In linear programming problems. They are used to
Represent the fact that negative quantities of products
Cannot be made, shipped, etc
Objective - Correct Answer - the quantity to be maximized or
minimized
Optimal solution - Correct Answer - the feasible solution with the
largest (for a maximization
Problem) or smallest (for a minimization) objective value
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 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 nursehailey. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £9.17. You're not tied to anything after your purchase.
