Exam 13: Introduction to Optimization Modeling

The prototype linear programming problem is to select an optimal mix of products to produce to maximize profit.This type of problem is referred to as the _____ problem.

When formulating a linear programming spreadsheet model,there is one target (objective)cell that contains the value of the objective function.

Shadow prices are associated with nonbinding constraints,and show the change in the optimal objective function value when the right side of the constraint equation changes by one unit.

Proportionality,additivity,and divisibility are three important properties that LP models possess that distinguish them from general mathematical programming models.

Suppose a constraint has this equation: Then the slope of the constraint line is -2.

One of the tasks that you can perform with linear programming and a spreadsheet model is developing a user interface to make it easier for someone who is not an expert in using linear programming.The output can be a report that explains the optimal policy in non-technical terms.The type of system being described is called a(n)

Nonbinding constraints will always have slack,which is the difference between the two sides of the inequality in the constraint equation.

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

Infeasibility refers to the situation in which there are no feasible solutions to the LP model.

The additivity property of LP models implies that the sum of the contributions from the various activities to a particular constraint equals the total contribution to that constraint.