MSIS 3223 ACTUAL EXAM SCRIPT QUESTIONS AND
ANSWERS SURE A+
✔✔What are the 2 basic properties of Linear Optimization Models? - ✔✔1. The
objective function and all constraints are linear functions of the decision variables.
2. All variables are continuous.
✔✔Integer Linear Optimization Model - ✔✔Some of or all the variables are restricted to
being whole numbers.
- A special type of integer problem is one in which variables can be only 0 or 1.
-More difficult to solve, but have important applications in scheduling and supply chains.
✔✔Nonlinear Optimization Model - ✔✔Whenever either the objective function or a
constraint is not linear.
✔✔Examples of Linear Optimization Models - ✔✔-Product Mix
-Process Selection
-Blending
-Portfolio Selection
-Transportation
-Multiperiod Production Report
✔✔Decision Variables - ✔✔The unknown values that the model seeks to determine.
✔✔Objective Function - ✔✔The quantity we seek to minimize or maximize.
✔✔Constraints - ✔✔Limitations, requirements, or all other restrictions that are imposed
on any solution, either from practical or technological considerations or by management
policy.
✔✔How are Decision Variables Represented? - ✔✔Descriptive names, abbreviations,
or subscripted letters. (X1, X2, etc.)
✔✔What does <= mean? - ✔✔Cannot Exceed
✔✔What does >= mean? - ✔✔At Least
✔✔What does = mean? - ✔✔Must contain exactly.
✔✔How are constraints expressed? - ✔✔As algebraic inequalities or equations, with all
variables on the left side and constant terms on the right.
, ✔✔Constraint Function - ✔✔The left-hand side of a constraint.
✔✔Simple Bounds - ✔✔Constrain the value of a single variable.
✔✔Limitations - ✔✔Involve the allocation of scarce resources.
✔✔Requirements - ✔✔Specification of minimum levels of performance.
✔✔Proportional Relationships - ✔✔Often found in problems involving mixtures or
blends of materials or strategies.
✔✔Balance Constraints - ✔✔Input = Output
✔✔What excel functions should be avoided in linear optimization? - ✔✔-ABS
-IF
-MIN and MAX
-INT
-ROUND
-COUNT
✔✔Feasible Solution - ✔✔Any solution that satisfies all of the constraints.
✔✔Optimal Solution - ✔✔The best of all feasible solutions.
✔✔How do you determine optimal solutions using excel? - ✔✔Data>Analysis>Solver
✔✔Binding Constraint - ✔✔Is on for which the Cell Value is equal to the right-hand side
of the value constraint.
✔✔Slack - ✔✔Refers to the difference between the left- and right-hand sides of the
constraints for the optimal solution.
✔✔Corner Points - ✔✔The points at which the constraint lines intersect along the
feasible region are called _________ ________.
✔✔Unique Optimal Solution - ✔✔There is exactly one solution that will result in the
maximum (or minimum) objective.
✔✔Alternative (Multiple) Optimal Solutions - ✔✔The objective is maximized (or
minimized) by more than one combination of decision variables, all of which have the
same objective function value.
ANSWERS SURE A+
✔✔What are the 2 basic properties of Linear Optimization Models? - ✔✔1. The
objective function and all constraints are linear functions of the decision variables.
2. All variables are continuous.
✔✔Integer Linear Optimization Model - ✔✔Some of or all the variables are restricted to
being whole numbers.
- A special type of integer problem is one in which variables can be only 0 or 1.
-More difficult to solve, but have important applications in scheduling and supply chains.
✔✔Nonlinear Optimization Model - ✔✔Whenever either the objective function or a
constraint is not linear.
✔✔Examples of Linear Optimization Models - ✔✔-Product Mix
-Process Selection
-Blending
-Portfolio Selection
-Transportation
-Multiperiod Production Report
✔✔Decision Variables - ✔✔The unknown values that the model seeks to determine.
✔✔Objective Function - ✔✔The quantity we seek to minimize or maximize.
✔✔Constraints - ✔✔Limitations, requirements, or all other restrictions that are imposed
on any solution, either from practical or technological considerations or by management
policy.
✔✔How are Decision Variables Represented? - ✔✔Descriptive names, abbreviations,
or subscripted letters. (X1, X2, etc.)
✔✔What does <= mean? - ✔✔Cannot Exceed
✔✔What does >= mean? - ✔✔At Least
✔✔What does = mean? - ✔✔Must contain exactly.
✔✔How are constraints expressed? - ✔✔As algebraic inequalities or equations, with all
variables on the left side and constant terms on the right.
, ✔✔Constraint Function - ✔✔The left-hand side of a constraint.
✔✔Simple Bounds - ✔✔Constrain the value of a single variable.
✔✔Limitations - ✔✔Involve the allocation of scarce resources.
✔✔Requirements - ✔✔Specification of minimum levels of performance.
✔✔Proportional Relationships - ✔✔Often found in problems involving mixtures or
blends of materials or strategies.
✔✔Balance Constraints - ✔✔Input = Output
✔✔What excel functions should be avoided in linear optimization? - ✔✔-ABS
-IF
-MIN and MAX
-INT
-ROUND
-COUNT
✔✔Feasible Solution - ✔✔Any solution that satisfies all of the constraints.
✔✔Optimal Solution - ✔✔The best of all feasible solutions.
✔✔How do you determine optimal solutions using excel? - ✔✔Data>Analysis>Solver
✔✔Binding Constraint - ✔✔Is on for which the Cell Value is equal to the right-hand side
of the value constraint.
✔✔Slack - ✔✔Refers to the difference between the left- and right-hand sides of the
constraints for the optimal solution.
✔✔Corner Points - ✔✔The points at which the constraint lines intersect along the
feasible region are called _________ ________.
✔✔Unique Optimal Solution - ✔✔There is exactly one solution that will result in the
maximum (or minimum) objective.
✔✔Alternative (Multiple) Optimal Solutions - ✔✔The objective is maximized (or
minimized) by more than one combination of decision variables, all of which have the
same objective function value.
