Emory ISOM 351 Walton Final Exam
four elements of optimization - ANSWER-1. prescriptive analytics are designed to help
2. allocate the right resources to the right task in the right place at the right time
3. to maximize profit or minimize cost
4. subject to the scarce resource reality
four elements of linear programming - ANSWER-1. mathematical optimization approach
2. decision variables = choices to make
3. objective function = maximize or minimize
4. constraints = resource limitations and business rules
sensitivity analysis - ANSWER-- type of what-if analysis
- post-hoc analysis
- how much can any one model parameter change before it changes my optimal
solution
shadow price - ANSWER-how much the objective function will increase for each
additional unit increase in the constraint's RHS
benefits - ANSWER-belong to the customer and reflect the problem you are trying to
solve
bottleneck - ANSWER-process step that limits output, rate limiting step
utilization rate - ANSWER-actual output divided by design capacity
idle time - ANSWER-time when work is not being processed
Gantt charts - ANSWER-- used to visualize process characteristics
- show activities, resources, duration, sequence
- helpful to locate the bottleneck, determine over/underutilized resources, suggest areas
for improvement
what is the relationship between cycle time and capacity - ANSWER-- Cycle time is the
bottleneck's time to perform its activity
four elements of optimization - ANSWER-1. prescriptive analytics are designed to help
2. allocate the right resources to the right task in the right place at the right time
3. to maximize profit or minimize cost
4. subject to the scarce resource reality
four elements of linear programming - ANSWER-1. mathematical optimization approach
2. decision variables = choices to make
3. objective function = maximize or minimize
4. constraints = resource limitations and business rules
sensitivity analysis - ANSWER-- type of what-if analysis
- post-hoc analysis
- how much can any one model parameter change before it changes my optimal
solution
shadow price - ANSWER-how much the objective function will increase for each
additional unit increase in the constraint's RHS
benefits - ANSWER-belong to the customer and reflect the problem you are trying to
solve
bottleneck - ANSWER-process step that limits output, rate limiting step
utilization rate - ANSWER-actual output divided by design capacity
idle time - ANSWER-time when work is not being processed
Gantt charts - ANSWER-- used to visualize process characteristics
- show activities, resources, duration, sequence
- helpful to locate the bottleneck, determine over/underutilized resources, suggest areas
for improvement
what is the relationship between cycle time and capacity - ANSWER-- Cycle time is the
bottleneck's time to perform its activity
