Question 1

​Revenue management methodology enables an airline to maximize the number of full-fare seats it sells on each flight.

Accepted Answer

A) True 
 B)False

Question 2

Shown below is the solution to the linear program for finding Player A's optimal mixed strategy in a two-person, zero-sum game.   
a.What is Player A's optimal mixed strategy?
b.What is Player B's optimal mixed strategy?
c.What is Player A's expected gain?
d.What is Player B's expected loss?

Accepted Answer

a.Player A's optimal mixed strategy:
Use

Question 3

​List several types of organizations with multiple operating units where data envelopment analysis might be applied
and give examples of possible inputs and outputs for each organization.

Accepted Answer

Data envelopment analysis (DEA) can be a

Question 4

Consider a two-person, zero-sum game where the payoffs listed below are the winnings for Company X. Identify the pure strategy solution. What is the value of the game?

Accepted Answer

Optimal pure strategies: Compa

Question 5

​Revenue management methodology enables an airline to

Accepted Answer

A)  ​maximize the number of full-fare seats it sells on each flight. 
B)  ​minimize the number of discount-fare seats it sells on each flight. 
C)  ​increase the average number of passengers per flight. 
D)  ​decrease the number of overbooked flights. 
A)  ​maximize the number of full-fare seats it sells on each flight. 
B)  ​minimize the number of discount-fare seats it sells on each flight. 
C)  ​increase the average number of passengers per flight. 
D)  ​decrease the number of overbooked flights.

Question 6

Consider the following two-person, zero-sum game. Payoffs are the winnings for Company X. Formulate the linear program that determines the optimal mixed strategy for Company X.
​

Accepted Answer

Max
GAINA
s.t.
4PA1 + 2PA2 + 6PA3 − GAIN

Question 7

The analysis of a two-person, zero-sum game begins with checking to see whether a pure strategy exists.

Accepted Answer

A) True 
 B)False

Question 8

The output shows the solution to a DEA model where facilities in Seaview (S), Farmington (F), Lewiston (L), and San Domingo (D) are compared. The inputs, in order, are number of machines, size of work force, and goodness of location. The outputs, in order, are production, quality rating, and on-time completion percentage. The model examines the efficiency of Lewiston.
MIN
0S+0F+0L+0D+1E
S.T.
1) 1S+1F+1L+1D=1
2) 5S+22F+36L+15D−36E1860
6) 95S+92F+83L+94D+0E>83
7) 83S+85F+90L+91D+0E>90
OPTIMAL SOLUTION
Objective Function Value = 0.510     
a.Is the Lewiston plant efficient? Why or why not? If not, which plants should it emulate in order to improve?
b.How much more production does the composite facility provide than the Lewiston site?
c.What is the quality rating for the composite facility?

Accepted Answer

a.No. The composite plant requ

Question 9

​Explain the differences between the LP formulations for a conservative portfolio and moderate-risk portfolio.

Accepted Answer

The LP (linear programming) formulations

Question 10

Revenue management methodology was originally developed for

Accepted Answer

A)  a cruise line. 
B)  an airline. 
C)  a car rental company. 
D)  a hotel chain. 
A)  a cruise line. 
B)  an airline. 
C)  a car rental company. 
D)  a hotel chain.

Question 11

Consider a two-person, zero-sum game where the payoffs listed below are the winnings for Player A. Identify the pure strategy solution. What is the value of the game?
​   ​

Accepted Answer

Optimal pure strategies: Playe

Question 12

The Eastern Washington County School Corporation is interested in comparing educational performance at four elementary schools and has hired you to prepare a DEA model to do so. After detailed conversations with the corporation administrative staff and the building principals, you have isolated the following input and output measurements:   Data is collected for each school on each measure   Develop the DEA model that would evaluate the efficiency of Ralston Elementary School.

Accepted Answer

​
Let
A = the weight applied to inputs a

Question 13

To develop a portfolio that provides the best return possible with a minimum risk, the linear programming model will have an objective function which

Accepted Answer

A)  minimizes the maximum risk. 
B)  minimizes total risk. 
C)  maximizes return and minimizes risk. 
D)  maximizes the minimum return. 
A)  minimizes the maximum risk. 
B)  minimizes total risk. 
C)  maximizes return and minimizes risk. 
D)  maximizes the minimum return.

Question 14

Revenue management methodology can be applied in the case of nonperishable assets.

Accepted Answer

A) True 
 B)False

Question 15

The goal of portfolio models is to create a portfolio that provides the best balance between risk and return.

Accepted Answer

A) True 
 B)False

Question 16

​Write a summary of the DEA approach and explain how you would interpret the solution.

Accepted Answer

The DEA (Data Envelopment Analysis) appr

Question 17

If a pure strategy solution exists for a two-person, zero-sum game, it is the optimal solution to the game.

Accepted Answer

A) True 
 B)False

Question 18

Portfolio manager Max Gaines needs to develop an investment portfolio for his clients who are willing to accept a moderate amount of risk. His task is to determine the proportion of the portfolio to invest in each of the five mutual funds listed below so that the portfolio provides an annual return of no less than 3%. Formulate the appropriate linear program.
​​

Accepted Answer

The answer of Portfolio manager Max Gaines needs to develop...

Question 19

Revenue management methodology was originally developed for the banking industry.

Accepted Answer

A) True 
 B)False

Question 20

In portfolio models, risk is minimized by diversification.

Accepted Answer

A) True 
 B)False

Revenue management methodology enables an airline to maximize the number of full-fare seats it sells on each flight.

Shown below is the solution to the linear program for finding Player A's optimal mixed strategy in a two-person, zero-sum game. a.What is Player A's optimal mixed strategy? b.What is Player B's optimal mixed strategy? c.What is Player A's expected gain? d.What is Player B's expected loss?

List several types of organizations with multiple operating units where data envelopment analysis might be applied and give examples of possible inputs and outputs for each organization.

Consider a two-person, zero-sum game where the payoffs listed below are the winnings for Company X. Identify the pure strategy solution. What is the value of the game?

Revenue management methodology enables an airline to

Consider the following two-person, zero-sum game. Payoffs are the winnings for Company X. Formulate the linear program that determines the optimal mixed strategy for Company X.

The analysis of a two-person, zero-sum game begins with checking to see whether a pure strategy exists.

Explain the differences between the LP formulations for a conservative portfolio and moderate-risk portfolio.

Revenue management methodology was originally developed for

Consider a two-person, zero-sum game where the payoffs listed below are the winnings for Player A. Identify the pure strategy solution. What is the value of the game?

To develop a portfolio that provides the best return possible with a minimum risk, the linear programming model will have an objective function which

Revenue management methodology can be applied in the case of nonperishable assets.

The goal of portfolio models is to create a portfolio that provides the best balance between risk and return.

Write a summary of the DEA approach and explain how you would interpret the solution.

If a pure strategy solution exists for a two-person, zero-sum game, it is the optimal solution to the game.

Revenue management methodology was originally developed for the banking industry.

In portfolio models, risk is minimized by diversification.

Introduction

An Introduction to Linear Programming

Linear Programming: Sensitivity Analysis and Interpretation of Solution

Linear Programming Applications in Marketing, Finance, and Operations Management

Distribution and Network Models

Integer Linear Programming

Nonlinear Optimization Models

Project Scheduling: Pertcpm

Inventory Models

Waiting Line Models

Simulation

Decision Analysis

Multicriteria Decisions

Time Series Analysis and Forecasting

Markov Processes

Linear Programming: Simplex Method

Simplex-Based Sensitivity Analysis and Duality

Solution Procedures for Transportation and Assignment Problems

Minimal Spanning Tree

Dynamic Programming

Filters

Exam 5: Advanced Linear Programming Applications

​Revenue management methodology enables an airline to maximize the number of full-fare seats it sells on each flight.

Shown below is the solution to the linear program for finding Player A's optimal mixed strategy in a two-person, zero-sum game. a.What is Player A's optimal mixed strategy? b.What is Player B's optimal mixed strategy? c.What is Player A's expected gain? d.What is Player B's expected loss?

​List several types of organizations with multiple operating units where data envelopment analysis might be applied and give examples of possible inputs and outputs for each organization.

Consider a two-person, zero-sum game where the payoffs listed below are the winnings for Company X. Identify the pure strategy solution. What is the value of the game?

​Revenue management methodology enables an airline to

Consider the following two-person, zero-sum game. Payoffs are the winnings for Company X. Formulate the linear program that determines the optimal mixed strategy for Company X. ​

The analysis of a two-person, zero-sum game begins with checking to see whether a pure strategy exists.

​Explain the differences between the LP formulations for a conservative portfolio and moderate-risk portfolio.

Revenue management methodology was originally developed for

Consider a two-person, zero-sum game where the payoffs listed below are the winnings for Player A. Identify the pure strategy solution. What is the value of the game? ​ ​

To develop a portfolio that provides the best return possible with a minimum risk, the linear programming model will have an objective function which

Revenue management methodology can be applied in the case of nonperishable assets.

The goal of portfolio models is to create a portfolio that provides the best balance between risk and return.

​Write a summary of the DEA approach and explain how you would interpret the solution.

If a pure strategy solution exists for a two-person, zero-sum game, it is the optimal solution to the game.

Revenue management methodology was originally developed for the banking industry.

In portfolio models, risk is minimized by diversification.

Introduction

An Introduction to Linear Programming

Linear Programming: Sensitivity Analysis and Interpretation of Solution

Linear Programming Applications in Marketing, Finance, and Operations Management

Distribution and Network Models

Integer Linear Programming

Nonlinear Optimization Models

Project Scheduling: Pertcpm

Inventory Models

Waiting Line Models

Simulation

Decision Analysis

Multicriteria Decisions

Time Series Analysis and Forecasting

Markov Processes

Linear Programming: Simplex Method

Simplex-Based Sensitivity Analysis and Duality

Solution Procedures for Transportation and Assignment Problems

Minimal Spanning Tree

Dynamic Programming

Filters

Revenue management methodology enables an airline to maximize the number of full-fare seats it sells on each flight.

List several types of organizations with multiple operating units where data envelopment analysis might be applied and give examples of possible inputs and outputs for each organization.

Revenue management methodology enables an airline to

Consider the following two-person, zero-sum game. Payoffs are the winnings for Company X. Formulate the linear program that determines the optimal mixed strategy for Company X.

Explain the differences between the LP formulations for a conservative portfolio and moderate-risk portfolio.

Consider a two-person, zero-sum game where the payoffs listed below are the winnings for Player A. Identify the pure strategy solution. What is the value of the game?

Write a summary of the DEA approach and explain how you would interpret the solution.