Constrained optimization - Study guides, Class notes & Summaries

breakeven analysis: correct answers the sales volume at which revenue covers costs descriptive model: correct answers -model the behavior of a system -calculate measures given a set of inputs or to perform sensitivity analysis -EX: simulation models prescriptive model: correct answers -replicates behavior of system and identifies input values that will help decision maker achieve an objective -often built as extensions/enhancements to descriptive model -EX: prescribe a solution; optimi...

Goods-producing industries - ANSWER-agriculture ,mining, manufacturing, and construction; each of them creates some kind of tangible object Service industries - ANSWER-Those businesses that primarily sell their customers intangible goods. Revenue optimization strategies and tactics can be used any time a service business is characterized by: - ANSWER-•Constrained Supply •High Fixed Costs •Variable Demand •Versioning Opportunities •Perishable Inventory •Ability to Manage Di...

C176 Project Management Study Set 1, Questions and answers, Graded A+. VERIFIED. Who is ultimately responsible for the project's outcome? The project manager Steps in validating a project(2) 1- Validate the business case 2- Then I.D. and analyze stakeholders. Name the traits to define a project. 1- temporary in nature 2- delivers a unique: 2.1 product 2.2 service 2.3 or result. Who is responsible for developing the project plan? The project manager What project management func...

A Guide to Project Management Body of Knowledge (PMBOK Guide) The project management standard developed by the Project Management Institute. Benefit measurement methods A type of decision model that compares the benefits obtained from a variety of new project requests by evaluating them using the same criteria and comparing the results. Co-located When team members work together at the same physical location Constrained optimization models Decision models that use comple...

WGU C722 Project Management Latest Update with Verified Solutions A Guide to Project Management Body of Knowledge (PMBOK Guide) The project management standard developed by the Project Management Institute. Benefit measurement methods A type of decision model that compares the benefits obtained from a variety of new project requests by evaluating them using the same criteria and comparing the results. Co-located When team members work together at the same physical location Constrained optimi...

Other names for business decision modeling - correct answer -management science -operations research -quantitative analysis -operations management constrained mathematical model - correct answer costs of an objective and one or more constraints classification by the model purpose - correct answer -optimization models -prediction models classification by the degree of certainty of the data in the model - correct answer -deterministic models -probabilistic models BDM Scien...

A Guide to the Project Management Body of Knowledge (PMBOK Guide) Correct Answer: The project management standard developed by the Project Management Institute. Benefit measurement methods Correct Answer: A type of decision model that compares the benefits obtained from a variety of new project requests by evaluating them using the same criteria and comparing the results. Constrained optimization models Correct Answer: Decision models that use complex principles of statistics and other ...

Business Intelligence, Analytics, Data Science, and AI, 5th Edition by Ramesh Sharda, Dursun Delen, Efraim Turban Chapter 8 Prescriptive Analytics: Optimization and Simulation 1) Modeling can be viewed as a science in its entirety. Answer: FALSE Diff: 2 Page Ref: 471 2) In the opening vignette, the solution helped to determine how many vendors to award contracts to, as well as the size of each of the contracts. Answer: FALSE Diff: 2 Page Ref: 473 3) If linear programming ...

1. In Linear Programming models, what do you want to do with the objective? correct answers c) maximize or minimize In Linear Programming models, over what quantities do you have control? correct answers decision variables 3. A mathematical model in which one is trying to maximize or minimize some quantity while satisfying a set of constraints is a(n): correct answers c) constrained optimization problem 4. Human intelligence is not needed in which of the following steps of solving optim...

Critical Path Method -Originated from Du Pont's -Singe task times -AON network construction -repetitive jobs PERT -Orginated from US Navy -Multiple task time -AOA network construction -non repetitive jobs Brainpower Read More schedule performance index .79 SPI < 1 behind schedule SPI = 1 on schedule SPI > 1 ahead of schedule CPI financial efficiency ratio. CPI < 1 lack of utilizing resources CPI = utilizing CPI > 1 a head Project crashi...