Cheat sheet OMIS 355
In a decision-making problem, anchoring effects occur when
a seemingly trivial factor serves as a starting point for estimations
In the following expression, which is (are) the dependent variable(s)? PROFIT = REVENUE – EXPENSES. Profit
The categories of modeling techniques presented in this book include all of the following except: preventive models.
Which of the following categories of modeling techniques includes optimization techniques? Prescriptive models
What is the goal in optimization? Find the decision variable values that result in the best objective function and satisfy all constraints.
The following linear programming problem has been written to plan the production of two products. The company wants to maximize its profits. X1 = number of product 1 produced in each batch X2 = number of product 2 produced in each batch MAX: 150 X1 + 250 X2 Subject to: 2 X1 + 5 X2 ≤ 200 − resource 1 3 X1 + 7 X2 ≤ 175 − resource 2 X1, X2 ≥ 0. How many units of resource 1 are consumed by each unit of product 1 produced? 2
A company uses 4 pounds of resource 1 to make each unit of X1 and 3 pounds of resource 1 to make each unit of X2. There are only 150 pounds of resource 1 available. Which of the following constraints reflects the relationship between X1, X2 and resource 1? 4 X1 + 3 X2 ≤ 150
If constraints are added to an LP model the feasible solution space will generally decrease
The sensitivity analysis provides information about which of the following: a. the impact of a change to an objective function coefficient. b. the impact of a change in a resource level. c. the impact of adding simple upper or lower bounds on a decision variable.
The allowable increase for a changing cell (decision variable) is the amount by which the objective function coefficient can increase without changing the optimal solution.
Which of the following statements is false concerning either of the Allowable Increase and Allowable Decrease columns in the Sensitivity
In the following expression, which is (are) the dependent variable(s)? PROFIT = REVENUE – EXPENSES. Profit
The categories of modeling techniques presented in this book include all of the following except: preventive models.
Which of the following categories of modeling techniques includes optimization techniques? Prescriptive models
What is the goal in optimization? Find the decision variable values that result in the best objective function and satisfy all constraints.
The following linear programming problem has been written to plan the production of two products. The company wants to maximize its profits. X1 = number of product 1 produced in each batch X2 = number of product 2 produced in each batch MAX: 150 X1 + 250 X2 Subject to: 2 X1 + 5 X2 ≤ 200 − resource 1 3 X1 + 7 X2 ≤ 175 − resource 2 X1, X2 ≥ 0. How many units of resource 1 are consumed by each unit of product 1 produced? 2
A company uses 4 pounds of resource 1 to make each unit of X1 and 3 pounds of resource 1 to make each unit of X2. There are only 150 pounds of resource 1 available. Which of the following constraints reflects the relationship between X1, X2 and resource 1? 4 X1 + 3 X2 ≤ 150
If constraints are added to an LP model the feasible solution space will generally decrease
The sensitivity analysis provides information about which of the following: a. the impact of a change to an objective function coefficient. b. the impact of a change in a resource level. c. the impact of adding simple upper or lower bounds on a decision variable.
The allowable increase for a changing cell (decision variable) is the amount by which the objective function coefficient can increase without changing the optimal solution.
Which of the following statements is false concerning either of the Allowable Increase and Allowable Decrease columns in the Sensitivity