Question 1

​Describe some common feature of multiperiod financial planning models.

Accepted Answer

Some common features of multiperiod fina

Question 2

Super City Discount Department Store is open 24 hours a day. The number of cashiers need in each four hour period of a day is listed below.   ​
If cashiers work for eight consecutive hours, how many should be scheduled to begin working in each period in order to minimize the number of cashiers needed?

Accepted Answer

Let
TNP = the number of cashiers who beg

Question 3

​Blending problems arise whenever a manager must decide how to

Accepted Answer

A)  ​mix several different asset types in one investment strategy. 
B)  ​mix two or more resources to produce one or more products. 
C)  ​combine the results of two or more research studies into one. 
D)  ​allocate workers with different skill levels to various work shifts. 
A)  ​mix several different asset types in one investment strategy. 
B)  ​mix two or more resources to produce one or more products. 
C)  ​combine the results of two or more research studies into one. 
D)  ​allocate workers with different skill levels to various work shifts.

Question 4

Production constraints frequently take the form:
beginning inventory + sales − production = ending inventory

Accepted Answer

A) True 
 B)False

Question 5

Island Water Sports is a business that provides rental equipment and instruction for a variety of water sports in a resort town. On one particular morning, a decision must be made of how many Wildlife Raft Trips and how many Group Sailing Lessons should be scheduled. Each Wildlife Raft Trip requires one captain and one crew person, and can accommodate six passengers. The revenue per raft trip is $120. Ten rafts are available, and at least 30 people are on the list for reservations this morning. Each Group Sailing Lesson requires one captain and two crew people for instruction. Two boats are needed for each group. Four students form each group. There are 12 sailboats available, and at least 20 people are on the list for sailing instruction this morning. The revenue per group sailing lesson is $160. The company has 12 captains and 18 crew available this morning. The company would like to maximize the number of customers served while generating at least $1800 in revenue and honoring all reservations.

Accepted Answer

Let
R = the number of Wildlife Raft Trip

Question 6

Let Pij = the production of product i in period j. To specify that production of product 1 in period 3 and in period 4 differs by no more than 100 units,

Accepted Answer

A)  P13 − P14 ≤ 100; P14 − P13 ≤ 100 
B)  P13 − P14 ≤ 100; P13 − P14 ≥ 100 
C)  P13 − P14 ≤ 100; P14 − P13 ≥ 100 
D)  P13 − P14 ≥ 100; P14 − P13 ≥ 100 
A)  P13 − P14 ≤ 100; P14 − P13 ≤ 100 
B)  P13 − P14 ≤ 100; P13 − P14 ≥ 100 
C)  P13 − P14 ≤ 100; P14 − P13 ≥ 100 
D)  P13 − P14 ≥ 100; P14 − P13 ≥ 100

Question 7

An ad campaign for a new snack chip will be conducted in a limited geographical area and can use TV time, radio time, and newspaper ads. Information about each medium is shown below.   If the number of TV ads cannot exceed the number of radio ads by more than 4, and if the advertising budget is $10000, develop the model that will maximize the number reached and achieve an exposure quality if at least 1000.

Accepted Answer

Let T = the number of TV ads
Let R = the

Question 8

Media selection problems usually determine

Accepted Answer

A)  how many times to use each media source. 
B)  the coverage provided by each media source. 
C)  the cost of each advertising exposure. 
D)  the relative value of each medium. 
A)  how many times to use each media source. 
B)  the coverage provided by each media source. 
C)  the cost of each advertising exposure. 
D)  the relative value of each medium.

Question 9

To properly interpret dual prices, one must know how costs were allocated in the objective function.

Accepted Answer

A) True 
 B)False

Question 10

The primary limitation of linear programming's applicability is the requirement that all decision variables be nonnegative.

Accepted Answer

A) True 
 B)False

Question 11

Revenue management methodology was originally developed for the banking industry.

Accepted Answer

A) True 
 B)False

Question 12

Let A, B, and C be the amounts invested in companies A, B, and C. If no more than 50% of the total investment can be in company B, then

Accepted Answer

A)  B ≤ 5 
B)  A − .5B + C ≤ 0 
C)  .5A − B − .5C ≤ 0 
D)  −.5A + .5B − .5C ≤ 0 
A)  B ≤ 5 
B)  A − .5B + C ≤ 0 
C)  .5A − B − .5C ≤ 0 
D)  −.5A + .5B − .5C ≤ 0

Question 13

National Wing Company (NWC) is gearing up for the new B-48 contract. Currently NWC has 100 equally qualified workers. Over the next three months NWC has made the following commitments for wing production:   ​
Each worker can either be placed in production or can train new recruits. A new recruit can be trained to be an apprentice in one month. The next month, he, himself, becomes a qualified worker (after two months from the start of training). Each trainer can train two recruits. The production rate and salary per employee is estimated below.   ​
At the end of July, NWC wishes to have no recruits or apprentices but have at least 140 full-time workers. Formulate and solve a linear program for NWC to accomplish this at minimum total cost.

Accepted Answer

Solution: P₁ = 100, T₁ = 0, R₁ =

Question 14

Department 3 has 2500 hours. Transfers are allowed to departments 2 and 4, and from departments 1 and 2. If Ai measures the labor hours allocated to department i and Tij the hours transferred from department i to department j, then

Accepted Answer

A)  T13 + T23 − T32 − T34 − A3 = 2500 
B)  T31 + T32 − T23 − T43 + A3 = 2500 
C)  A3 + T13 + T23 − T32 − T34 = 2500 
D)  A3 − T13 − T23 + T32 + T34 = 2500 
A)  T13 + T23 − T32 − T34 − A3 = 2500 
B)  T31 + T32 − T23 − T43 + A3 = 2500 
C)  A3 + T13 + T23 − T32 − T34 = 2500 
D)  A3 − T13 − T23 + T32 + T34 = 2500

Question 15

The dual price for a constraint that compares funds used with funds available is .058. This means that

Accepted Answer

A)  the cost of additional funds is 5.8%. 
B)  if more funds can be obtained at a rate of 5.5%, some should be. 
C)  no more funds are needed. 
D)  the objective was to minimize. 
A)  the cost of additional funds is 5.8%. 
B)  if more funds can be obtained at a rate of 5.5%, some should be. 
C)  no more funds are needed. 
D)  the objective was to minimize.

Question 16

A company makes two products from steel; one requires 2 tons of steel and the other requires 3 tons. There are 100 tons of steel available daily. A constraint on daily production could be written as: 2x1 + 3x2 ≤ 100.

Accepted Answer

A) True 
 B)False

Question 17

​Discuss the need for the use of judgment or other subjective methods in mathematical modeling.

Accepted Answer

The use of judgment or other subjective

Question 18

?In a production scheduling LP, the demand requirement constraint for a time period takes the form

Accepted Answer

A)  ?beginning inventory + production + ending inventory > demand. 
B)  ?beginning inventory -production + ending inventory = demand. 
C)  ?beginning inventory + production - ending inventory = demand. 
D)  ?beginning inventory - production - ending inventory > demand. 
A)  ?beginning inventory + production + ending inventory > demand. 
B)  ?beginning inventory -production + ending inventory = demand. 
C)  ?beginning inventory + production - ending inventory = demand. 
D)  ?beginning inventory - production - ending inventory > demand.

Question 19

Larkin Industries manufactures several lines of decorative and functional metal items. The most recent order has been for 1200 door lock units for an apartment complex developer. The sales and production departments must work together to determine delivery schedules. Each lock unit consists of three components: the knob and face plate, the actual lock itself, and a set of two keys. Although the processes used in the manufacture of the three components vary, there are three areas where the production manager is concerned about the availability of resources. These three areas, their usage by the three components, and their availability are detailed in the table.   ​
A quick look at the amounts available confirms that Larkin does not have the resources to fill this contract. A subcontractor, who can make an unlimited number of each of the three components, quotes the prices below.   ​
Develop a linear programming model that would tell Larkin how to fill the order for 1200 lock sets at the minimum cost.

Accepted Answer

Let
PM = the number of knob and plate un

Question 20

If a real-world problem is correctly formulated, it is not possible to have alternative optimal solutions.

Accepted Answer

A) True 
 B)False

Describe some common feature of multiperiod financial planning models.

Super City Discount Department Store is open 24 hours a day. The number of cashiers need in each four hour period of a day is listed below. If cashiers work for eight consecutive hours, how many should be scheduled to begin working in each period in order to minimize the number of cashiers needed?

Blending problems arise whenever a manager must decide how to

Production constraints frequently take the form: beginning inventory + sales − production = ending inventory

Let P_ij = the production of product i in period j. To specify that production of product 1 in period 3 and in period 4 differs by no more than 100 units,

Media selection problems usually determine

To properly interpret dual prices, one must know how costs were allocated in the objective function.

The primary limitation of linear programming's applicability is the requirement that all decision variables be nonnegative.

Revenue management methodology was originally developed for the banking industry.

Let A, B, and C be the amounts invested in companies A, B, and C. If no more than 50% of the total investment can be in company B, then

Department 3 has 2500 hours. Transfers are allowed to departments 2 and 4, and from departments 1 and 2. If A_i measures the labor hours allocated to department i and T_ij the hours transferred from department i to department j, then

The dual price for a constraint that compares funds used with funds available is .058. This means that

A company makes two products from steel; one requires 2 tons of steel and the other requires 3 tons. There are 100 tons of steel available daily. A constraint on daily production could be written as: 2x₁ + 3x₂ ≤ 100.

Discuss the need for the use of judgment or other subjective methods in mathematical modeling.

?In a production scheduling LP, the demand requirement constraint for a time period takes the form

If a real-world problem is correctly formulated, it is not possible to have alternative optimal solutions.

Introduction

An Introduction to Linear Programming

Linear Programming: Sensitivity Analysis and Interpretation of Solution

Advanced Linear Programming Applications

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 4: Linear Programming Applications in Marketing, Finance, and Operations Management

​Describe some common feature of multiperiod financial planning models.

​Blending problems arise whenever a manager must decide how to

Production constraints frequently take the form: beginning inventory + sales − production = ending inventory

Let Pij = the production of product i in period j. To specify that production of product 1 in period 3 and in period 4 differs by no more than 100 units,

Media selection problems usually determine

To properly interpret dual prices, one must know how costs were allocated in the objective function.

The primary limitation of linear programming's applicability is the requirement that all decision variables be nonnegative.

Revenue management methodology was originally developed for the banking industry.

Let A, B, and C be the amounts invested in companies A, B, and C. If no more than 50% of the total investment can be in company B, then

Department 3 has 2500 hours. Transfers are allowed to departments 2 and 4, and from departments 1 and 2. If Ai measures the labor hours allocated to department i and Tij the hours transferred from department i to department j, then

The dual price for a constraint that compares funds used with funds available is .058. This means that

A company makes two products from steel; one requires 2 tons of steel and the other requires 3 tons. There are 100 tons of steel available daily. A constraint on daily production could be written as: 2x1 + 3x2 ≤ 100.

​Discuss the need for the use of judgment or other subjective methods in mathematical modeling.

?In a production scheduling LP, the demand requirement constraint for a time period takes the form

If a real-world problem is correctly formulated, it is not possible to have alternative optimal solutions.

Introduction

An Introduction to Linear Programming

Linear Programming: Sensitivity Analysis and Interpretation of Solution

Advanced Linear Programming Applications

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

Describe some common feature of multiperiod financial planning models.

Blending problems arise whenever a manager must decide how to

Let P_ij = the production of product i in period j. To specify that production of product 1 in period 3 and in period 4 differs by no more than 100 units,

Department 3 has 2500 hours. Transfers are allowed to departments 2 and 4, and from departments 1 and 2. If A_i measures the labor hours allocated to department i and T_ij the hours transferred from department i to department j, then

A company makes two products from steel; one requires 2 tons of steel and the other requires 3 tons. There are 100 tons of steel available daily. A constraint on daily production could be written as: 2x₁ + 3x₂ ≤ 100.

Discuss the need for the use of judgment or other subjective methods in mathematical modeling.