Exam 13: Introduction to Optimization Modeling

It is often useful to perform sensitivity analysis to see how,or if,the optimal solution to a linear programming problem changes as we change one or more model inputs.

The feasible region in a graphical solution of a linear programming problem will appear as some type of polygon,with lines forming all sides.

Every linear programming problem involves optimizing a

It helps to ensure that Solver can find a solution to a linear programming problem if the model is well-scaled,that is,if all of the numbers are of roughly the same magnitude.

A shadow price indicates how much a company would pay for more of a scarce resource.

The most important solution method for linear programming problems is known as the _____ method.

It is instructive to look at a graphical solution procedure for LP models with three or more decision variables.

Linear programming is a subset of a larger class of models called _____ models.

Suppose a company sells two different products,x and y,for net profits of $5 per unit and $10 per unit,respectively.The slope of the line representing the objective function is

The divisibility property of LP models simply means that we allow only integer levels of the activities.

Suppose the allowable increase and decrease for shadow price for a constraint are $25 (increase)and $10 (decrease).If the right-hand side of that constraint were to increase by $10,the optimal value of the objective function would change.

The feasible region in all linear programming problems is bounded by

If an LP model has an unbounded solution,then we must have made a mistake - either we have made an input error or we omitted one or more constraints.

When using the graphical solution method to solve linear programming problems,the set of points that satisfy all constraints is called the _____ region.

As related to sensitivity analysis in linear programming,when the profit increases with a unit increase in labor,this change in profit is referred to as the

If a manufacturing process takes 3 hours per unit of x and 5 hours per unit of y and a maximum of 100 hours of manufacturing process time are available,then an algebraic formulation of this constraint is

Binding constraints are constraints that hold as an equality.

The optimal solution to any linear programming model is a corner point of a polygon.

Consider the following linear programming problem: Maximize: Subject to: The above linear programming problem

The set of all values of the decision variable cells that satisfy all constraints,not including the nonnegativity constraints,is called the feasible region.