COB 291 FINAL EXAM QUESTIONS
AND ANSWERS ALL CORRECT
What is the effect of decreasing the value of the objective function on the level curve -
Answer- It will be pushed back towards the origin
Alternative Optima - Answer- where the optimal objective line coincides with one of the
binding constraint lines on the boundary of the feasible region
Redundant Constraint - Answer- A constraint that plays no role in determining the
feasible region of the problem
Unbounded Solution (managerial utopia) - Answer- Value of the solution may be made
infinitely large without violating any of the constraints
What is a spreadsheet model? - Answer- type of a computer model where a
spreadsheet is used to implement the model
Management Science - Answer- A field of study that uses computers, statistics, and
mathematics to solve business problems
What is management science also known as? - Answer- Operations research
Decision Science
Business Analytics
New buzz word for management science - Answer- Business Analytics
A good model accurately displays the... - Answer- key properties of the entity it
represents
Mental Model - Answer- Picture what it looks like in your mind's eye (arranging furniture)
Visual Model - Answer- drawings that illustrate how various parts of a structure fit
together when it is completed (blueprints, road maps)
Physical/Scale Models - Answer- Physical representation that actually looks like the
object it represent (areodynamics, buildings)
, Analog Model - Answer- Measures or weighs (speedometer)
Symbolic or mathematical model - Answer- Represents the real situation by a system of
symbols and mathematical relationships or expressions (what we'll be studying)
Benefits of Modeling - Answer- Economy
Timeliness
Feasibility
Good dec,Bad dec
Father of Management Science - Answer- George Dantzing
What did George Dantzing create? - Answer- Simplex Method of Linear Programming in
1947
Decision Analysis - Answer- Identifying and evaluating the different possible courses of
action that might be chosen to address a decision problem.
Computer Model - Answer- A set of mathematical relationships an logical assumptions
implemented in a computer as a representation of some real world object or
phenomenon
Most mathematical models have - Answer- Decision Variables
Objective Function
Constraints
Decision Variables - Answer- Variables over which the decision maker has control
Objective Function - Answer- measure of effectiveness
Constraints - Answer- ensure that the solution satisfies certain requirements dictated by
the nature of the problem
Problem solving - Answer- process of identifying a difference between some actual and
some desired sate of affairs and then taking action to resolve the difference
Steps in problem solving process are: - Answer- Identify Problem
Formulate and implement model
Analyze Model
Test Results (if unsatisfactory results go back to #2)
Implement Solution
Mathematical Programming - Answer- Field of management science that finds the
optimal or most efficient way of using limited resources to achieve the objectives of an
individual of a business
AND ANSWERS ALL CORRECT
What is the effect of decreasing the value of the objective function on the level curve -
Answer- It will be pushed back towards the origin
Alternative Optima - Answer- where the optimal objective line coincides with one of the
binding constraint lines on the boundary of the feasible region
Redundant Constraint - Answer- A constraint that plays no role in determining the
feasible region of the problem
Unbounded Solution (managerial utopia) - Answer- Value of the solution may be made
infinitely large without violating any of the constraints
What is a spreadsheet model? - Answer- type of a computer model where a
spreadsheet is used to implement the model
Management Science - Answer- A field of study that uses computers, statistics, and
mathematics to solve business problems
What is management science also known as? - Answer- Operations research
Decision Science
Business Analytics
New buzz word for management science - Answer- Business Analytics
A good model accurately displays the... - Answer- key properties of the entity it
represents
Mental Model - Answer- Picture what it looks like in your mind's eye (arranging furniture)
Visual Model - Answer- drawings that illustrate how various parts of a structure fit
together when it is completed (blueprints, road maps)
Physical/Scale Models - Answer- Physical representation that actually looks like the
object it represent (areodynamics, buildings)
, Analog Model - Answer- Measures or weighs (speedometer)
Symbolic or mathematical model - Answer- Represents the real situation by a system of
symbols and mathematical relationships or expressions (what we'll be studying)
Benefits of Modeling - Answer- Economy
Timeliness
Feasibility
Good dec,Bad dec
Father of Management Science - Answer- George Dantzing
What did George Dantzing create? - Answer- Simplex Method of Linear Programming in
1947
Decision Analysis - Answer- Identifying and evaluating the different possible courses of
action that might be chosen to address a decision problem.
Computer Model - Answer- A set of mathematical relationships an logical assumptions
implemented in a computer as a representation of some real world object or
phenomenon
Most mathematical models have - Answer- Decision Variables
Objective Function
Constraints
Decision Variables - Answer- Variables over which the decision maker has control
Objective Function - Answer- measure of effectiveness
Constraints - Answer- ensure that the solution satisfies certain requirements dictated by
the nature of the problem
Problem solving - Answer- process of identifying a difference between some actual and
some desired sate of affairs and then taking action to resolve the difference
Steps in problem solving process are: - Answer- Identify Problem
Formulate and implement model
Analyze Model
Test Results (if unsatisfactory results go back to #2)
Implement Solution
Mathematical Programming - Answer- Field of management science that finds the
optimal or most efficient way of using limited resources to achieve the objectives of an
individual of a business
