BUSOBA 2321 FINAL EXAM WITH
OBJECTIVELY CORRECT
QUESTIONS AND ANSWERS
An unbounded solution means that - ANSWERS-As one or more
variables increases the objective function value becomes more
optimal
What cell would you set as "Set Objective Cell" in Solver? -
ANSWERS-Minimize/Maximize- LHS Cell
T/F: Adding more constraints can lead to a more optimal answer -
ANSWERS-False
For BUSOBA 2321, always run Solver as: - ANSWERS-Simplex LP
A constraint that has no slack or surplus is referred to as a -
ANSWERS-Binding Constraint
What cells would be set as changing variable cells in Solver -
ANSWERS-Solution: ALL Decision Variables
An infeasible solution means that - ANSWERS-
,Corner points represent - ANSWERS-A point in which a set of
constraints intersect
The Quantity "(RHS Value) - (Final Value)" of a constraint will give
you - ANSWERS-Slack or surplus
The region of a graph that contains the allowable values for the
decision variables, as determined by the set of constraints is called the
- ANSWERS-Feasible Region
Which of the following is not part of assignment models -
ANSWERS-Warehouses
T/F: Simulation problems provide a likely solution based on a range
of outcomes and associated probabilities - ANSWERS-True
Which of the following is not an advantage of simulation? -
ANSWERS-(None of the Above)
T/F: A data table can assist with simulation problems due to their
ability to easy replicate the simulation many times - ANSWERS-True
When LHS Zero < RHS - ANSWERS-No slack
When LHS Zero > RHS - ANSWERS-No surplus
,Variable Cells section provides sensitivity on the - ANSWERS-
Objective Function Coefficients (OFCs)
Changes in the OFCs have no impact on - ANSWERS-The Feasible
Region
When is the Shadow Price always Zero? - ANSWERS-For a non-
binding constraint
The 100% Rule - ANSWERS--Changes must be in the same type of
input data. OFC values OR RHS values, not both at the same time
-Allowable changes and shadow prices valid for more than one input
provided
5 Assumptions of an LP Model - ANSWERS-Certainty
Proportionality
Additivity
Divisibility
Non-Negativity
Certainty - ANSWERS-Numbers in the objective and constraints are
known with certainty and do not change during the period studied
Proportionality - ANSWERS-Each term in the objective and
constraints changes in proportion with a change in variable value
, Additivity - ANSWERS-The total revenue, cost and resource usage
from all activities equals the sum from the individual activities
Divisibility - ANSWERS-The solutions (i.e., the values of the
decision variables) need not be in whole numbers
Sensitivity Analysis - ANSWERS-Allows us to determine how
"sensitive" the optimal solution is to changes in data values
Multiple Optimal solutions occur when - ANSWERS-Two adjacent
points create indifference. The slope of the iso-line (objective function
line) = the slope of a constraint
Extreme Points - ANSWERS-The corner points connected to the
optimal solution by line segments
Iso-Objective Points - ANSWERS-Points that produce the same
objective function value
Shadow Price - ANSWERS-Indicates the amount by which the
objective function value (solution) changes given a unit increase in
the RHS value of the constraint, assuming all coefficient remain
constant
-Marginal Value of a Resource
OBJECTIVELY CORRECT
QUESTIONS AND ANSWERS
An unbounded solution means that - ANSWERS-As one or more
variables increases the objective function value becomes more
optimal
What cell would you set as "Set Objective Cell" in Solver? -
ANSWERS-Minimize/Maximize- LHS Cell
T/F: Adding more constraints can lead to a more optimal answer -
ANSWERS-False
For BUSOBA 2321, always run Solver as: - ANSWERS-Simplex LP
A constraint that has no slack or surplus is referred to as a -
ANSWERS-Binding Constraint
What cells would be set as changing variable cells in Solver -
ANSWERS-Solution: ALL Decision Variables
An infeasible solution means that - ANSWERS-
,Corner points represent - ANSWERS-A point in which a set of
constraints intersect
The Quantity "(RHS Value) - (Final Value)" of a constraint will give
you - ANSWERS-Slack or surplus
The region of a graph that contains the allowable values for the
decision variables, as determined by the set of constraints is called the
- ANSWERS-Feasible Region
Which of the following is not part of assignment models -
ANSWERS-Warehouses
T/F: Simulation problems provide a likely solution based on a range
of outcomes and associated probabilities - ANSWERS-True
Which of the following is not an advantage of simulation? -
ANSWERS-(None of the Above)
T/F: A data table can assist with simulation problems due to their
ability to easy replicate the simulation many times - ANSWERS-True
When LHS Zero < RHS - ANSWERS-No slack
When LHS Zero > RHS - ANSWERS-No surplus
,Variable Cells section provides sensitivity on the - ANSWERS-
Objective Function Coefficients (OFCs)
Changes in the OFCs have no impact on - ANSWERS-The Feasible
Region
When is the Shadow Price always Zero? - ANSWERS-For a non-
binding constraint
The 100% Rule - ANSWERS--Changes must be in the same type of
input data. OFC values OR RHS values, not both at the same time
-Allowable changes and shadow prices valid for more than one input
provided
5 Assumptions of an LP Model - ANSWERS-Certainty
Proportionality
Additivity
Divisibility
Non-Negativity
Certainty - ANSWERS-Numbers in the objective and constraints are
known with certainty and do not change during the period studied
Proportionality - ANSWERS-Each term in the objective and
constraints changes in proportion with a change in variable value
, Additivity - ANSWERS-The total revenue, cost and resource usage
from all activities equals the sum from the individual activities
Divisibility - ANSWERS-The solutions (i.e., the values of the
decision variables) need not be in whole numbers
Sensitivity Analysis - ANSWERS-Allows us to determine how
"sensitive" the optimal solution is to changes in data values
Multiple Optimal solutions occur when - ANSWERS-Two adjacent
points create indifference. The slope of the iso-line (objective function
line) = the slope of a constraint
Extreme Points - ANSWERS-The corner points connected to the
optimal solution by line segments
Iso-Objective Points - ANSWERS-Points that produce the same
objective function value
Shadow Price - ANSWERS-Indicates the amount by which the
objective function value (solution) changes given a unit increase in
the RHS value of the constraint, assuming all coefficient remain
constant
-Marginal Value of a Resource
