FINAL EXAM COB 291 QUESTIONS
WITH CORRECT ANSWERS
George Dantzig - Correct Answers -Developed Simplex Method of Linear Programming
in 1947
Decision Analysis - Correct Answers -Identifying and evaluating the different possible
courses of action that might be chosen to address a decision problem.
Computer Model - Correct Answers -Mathematical representation of the real world using
computer software
Management Science - Correct Answers -A field of studies that uses computers,
statistics, and mathematics to solve business problems .
States of Nature - Correct Answers -- Future events that are not under the decision
makers control
Maximax Decision Rule - Correct Answers -Identify the maximum payoff for each
alternative.
Maximin - Correct Answers -Take the maximum of the minimums.
A Good Model - Correct Answers -Accurately displays the key properties of the entity it
represents.
Mathematical Programming - Correct Answers -A field of management science that
finds the optimal, or most efficient way of using limited resources to achieve the
objectives of the individual better.
Extreme Point Theorem - Correct Answers -If an optimal solution to a linear
programming exists, then at least one such optimal solution must be an extreme point
where 2 or more boundary lines intersect.
Alternative Optima - Correct Answers -- LP models that have more than one optimal
solution
- When the slope of the objective function is the same as the slope of one of the binding
constraints
Redundant Restraints - Correct Answers -A constraint that plays no role in determining
the feasible region of the problem
WITH CORRECT ANSWERS
George Dantzig - Correct Answers -Developed Simplex Method of Linear Programming
in 1947
Decision Analysis - Correct Answers -Identifying and evaluating the different possible
courses of action that might be chosen to address a decision problem.
Computer Model - Correct Answers -Mathematical representation of the real world using
computer software
Management Science - Correct Answers -A field of studies that uses computers,
statistics, and mathematics to solve business problems .
States of Nature - Correct Answers -- Future events that are not under the decision
makers control
Maximax Decision Rule - Correct Answers -Identify the maximum payoff for each
alternative.
Maximin - Correct Answers -Take the maximum of the minimums.
A Good Model - Correct Answers -Accurately displays the key properties of the entity it
represents.
Mathematical Programming - Correct Answers -A field of management science that
finds the optimal, or most efficient way of using limited resources to achieve the
objectives of the individual better.
Extreme Point Theorem - Correct Answers -If an optimal solution to a linear
programming exists, then at least one such optimal solution must be an extreme point
where 2 or more boundary lines intersect.
Alternative Optima - Correct Answers -- LP models that have more than one optimal
solution
- When the slope of the objective function is the same as the slope of one of the binding
constraints
Redundant Restraints - Correct Answers -A constraint that plays no role in determining
the feasible region of the problem
