Business Decision Modeling
MIDTERM EXAM
代考Business Decision Modeling The constraint 5×1+ 3×2< 150 is modified to become a goal equation, and priority one is to meet the RHS target exactly.
Points
(10) 1. Business Analytics involves many different techniques, activities, and procedures. Discuss the role of models in analytics and decision making.
(8) 2. Experts have given us insights into effective modeling techniques. Explain the message underlying each of the following concepts.
(i) Occam’s razor
(ii) Hugh Miser’s “the corrupting lie”
(32) Multiple Choice Underline and make your letter choice bold.
1) Enlightened future managers should know which of the following?
A) The power and relevance of management science.
B) When management science can and cannot be applied.
C) How to apply the major techniques of management science.
D) How to interpret the results of a management science study. 代考Business Decision Modeling
E) All of the answer choices are correct.
2) A manager should know the following things about linear programming.
A) What it is.
B) When it should be used.
C) When it should not be used.
D) How to interpret the results of a study.
E) All of the answer choices are correct.
3) A shadow price reflects which of the following in a maximization problem?
A) The marginal cost of adding additional resources.
B) The marginal gain in the objective value realized by adding one unit of a resource.
C) The marginal loss in the objective value realized by adding one unit of a resource.
D) The marginal gain in the objective value realized by subtracting one unit of a resource.
E) None of the choices is correct.
4) When conducting robust optimization 代考Business Decision Modeling
The right-hand side of each ≤ constraint should be replaced with the minimum value.
The right-hand side of each ≤ constraint should be replaced with the maximum value.
The right-hand side of each ≥ constraint should be replaced with the maximum value.
I only
II only
III only
I and III only
II and III only
5) A nonlinear programming problem may have:
Activities with increasing marginal returns.
Activities with decreasing marginal returns.
Nonlinear functional constraints. 代考Business Decision Modeling
I only
II only
III only
I, II, and III
II and III only
- The best models
a.accurately reflect relevant characteristics of the real-world object or decision.
b.are mathematical models.
c.replicate all aspects of the real-world object or decision.
d.replicate the characteristics of a component in isolation from the rest of the system.
- The first step in problem solving is
a.determination of the correct analytical solution procedure.
b.definition of decision variables.
c.the identification of a difference between the actual and desired state of affairs.
d.implementation.
8.Which of the following is a valid objective function for a linear programming problem? 代考Business Decision Modeling
a.Max 5xy
b.Min 4x + 3y + SQRT(z)
c.Max 5x2 + 6y2
d.Min (x1+ x2)/x3
e.None of the above
9.A constraint with a positive slack value
a.will have a positive shadow price.
b.will have a negative shadow price.
c.will have a shadow price of zero.
d.has no restrictions for its shadow price. 代考Business Decision Modeling
10.The 100% Rule compares
a.proposed changes to allowed changes.
b.new values to original values.
c.objective function changes to right-hand side changes.
d.shadow prices to reduced costs.
11.The composite unit in DEA
a.has as output a weighted average of the outputs of the individual units.
b.has as input a weighted average of the inputs of the individual units.
c.has outputs greater than or equal to the outputs of any individual unit.
d.each of the above is true.
12.Modern revenue management systems maximize revenue potential for an organization by helping to manage
a.pricing strategies.
b.reservation policies.
c.short term supply decisions.
d.all of the alternatives above are correct.
13.Which of the following ASP solvers would be best suited to handle a nonlinear math programming model with a nondifferentiable or non-smooth objective function? 代考Business Decision Modeling
a.LSGRG solver
b.LP / quadratic solver
c.Evolutionary solver
d.Gurobi solver.
14.A decision with more than one objective
a.cannot have an optimal solution.
b.requires the decision maker to place the objectives in some order of importance.
c.depends on the probability of satisfying each objective.
d.should be decomposed into a separate model for each objective. 代考Business Decision Modeling
15.Preemptive priorities in goal programming
a.show the target values for the problem.
b.prevent sacrifice of a goal to satisfy a lower level one.
c.force the problem to be a standard linear program.
d.limit deviations to d–only.
16.The constraint 5x1+ 3x2< 150 is modified to become a goal equation, and priority one is to meet the RHS target exactly. Which of the following is appropriate?
a.Min P1d1– + P1d1+; 5x1 + 3x2 + d1– – d1+ = 150
b.Min P1d1+; 5x1+ 3x2 + d1– – d1+ = 150
c.Min P1d1+; 5x1+ 3x2+ d1+ = 150
d.Min P1d1– + P1d1+; 5x1 + 3x2 – d1+ = 150
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