Question 1

The equally likely decision criterion is also known as

Accepted Answer

A)  Bayes'. 
B)  Laplace. 
C)  minimax. 
D)  Hurwicz. 
A)  Bayes'. 
B)  Laplace. 
C)  minimax. 
D)  Hurwicz. B

Question 2

Which of the following is used to come up with a solution to the assignment problem?

Accepted Answer

A)  MODI method 
B)  northwest corner method 
C)  stepping-stone method 
D)  Hungarian method 
A)  MODI method 
B)  northwest corner method 
C)  stepping-stone method 
D)  Hungarian method D

Question 3

A good decision always implies that we

Accepted Answer

A)  will obtain the best final results 
B)  have used appropriate quantitative analysis. 
C)  have followed a logical process. 
D)  have based the decision on all available appropriate information. 
A)  will obtain the best final results 
B)  have used appropriate quantitative analysis. 
C)  have followed a logical process. 
D)  have based the decision on all available appropriate information. C

Question 4

In applying Vogel's approximation method to a profit maximization problem, row and column penalties are determined by:

Accepted Answer

A)  finding the largest unit cost in each row or column. 
B)  finding the smallest unit cost in each row or column. 
C)  finding the difference between the two lowest unit costs in each row and column. 
D)  finding the difference between the two highest unit costs in each row and column. 
A)  finding the largest unit cost in each row or column. 
B)  finding the smallest unit cost in each row or column. 
C)  finding the difference between the two lowest unit costs in each row and column. 
D)  finding the difference between the two highest unit costs in each row and column.

Question 5

Opportunity loss refers to

Accepted Answer

A)  the expected value of a bad decision. 
B)  the expected loss from a bad decision. 
C)  the difference between the actual payoff and the optimal payoff. 
D)  the regret from not having made a decision. 
A)  the expected value of a bad decision. 
B)  the expected loss from a bad decision. 
C)  the difference between the actual payoff and the optimal payoff. 
D)  the regret from not having made a decision.

Question 6

Which of the following might be viewed as an "optimistic" decision criterion?

Accepted Answer

A)  Hurwicz criterion 
B)  Maximin 
C)  Maximax 
D)  Minimax 
A)  Hurwicz criterion 
B)  Maximin 
C)  Maximax 
D)  Minimax

Question 7

A point that satisfies all of a problem's constraints simultaneously is a(n)

Accepted Answer

A)  maximum profit point. 
B)  corner point. 
C)  intersection of the profit line and a constraint. 
D)  None of the above 
A)  maximum profit point. 
B)  corner point. 
C)  intersection of the profit line and a constraint. 
D)  None of the above

Question 8

LP theory states that the optimal solution to any problem will lie at

Accepted Answer

A)  the origin. 
B)  a corner point of the feasible region. 
C)  the highest point of the feasible region. 
D)  the lowest point in the feasible region. 
A)  the origin. 
B)  a corner point of the feasible region. 
C)  the highest point of the feasible region. 
D)  the lowest point in the feasible region.

Question 9

The northwest corner rule requires that we start allocating units to shipping routes in the:

Accepted Answer

A)  middle cell. 
B)  Lower right corner of the table. 
C)  Upper right corner of the table. 
D)  Upper left-hand corner of the table. 
A)  middle cell. 
B)  Lower right corner of the table. 
C)  Upper right corner of the table. 
D)  Upper left-hand corner of the table.

Question 10

In labor planning formulation, how would you write the constraint that there are only 10 fulltime tellers (labeled as T) available?

Accepted Answer

A)  T + 10 > 0 
B)  T > 10 
C)  T ?10 
D)  All of the above are correct ways. 
A)  T + 10 > 0 
B)  T > 10 
C)  T ?10 
D)  All of the above are correct ways.

Question 11

The graph that plots the utility value versus monetary value is called:

Accepted Answer

A)  utility curve. 
B)  decision tree graph. 
C)  Laplace curve. 
D)  benefit curve. 
A)  utility curve. 
B)  decision tree graph. 
C)  Laplace curve. 
D)  benefit curve.

Question 12

The first step in formulating an LP problem is

Accepted Answer

A)  Graph the problem. 
B)  Understand the managerial problem being faced. 
C)  Identify the objective and the constraints. 
D)  Define the decision variables. 
A)  Graph the problem. 
B)  Understand the managerial problem being faced. 
C)  Identify the objective and the constraints. 
D)  Define the decision variables.

Question 13

The application of OR techniques involves ………… approach

Accepted Answer

A)  Individual 
B)  Team 
C)  Critical 
D)  None of the above 
A)  Individual 
B)  Team 
C)  Critical 
D)  None of the above

Question 14

A type of linear programming problem that is used in marketing is called the

Accepted Answer

A)  media selection problem. 
B)  Madison Avenue problem. 
C)  marketing allocation problem. 
D)  all of the above 
A)  media selection problem. 
B)  Madison Avenue problem. 
C)  marketing allocation problem. 
D)  all of the above

Question 15

In converting a less-than-or-equal constraint for use in a simplex table, we must add

Accepted Answer

A)  a surplus variable. 
B)  a slack variable. 
C)  an artificial variable. 
D)  both a surplus and a slack variable. 
A)  a surplus variable. 
B)  a slack variable. 
C)  an artificial variable. 
D)  both a surplus and a slack variable.

Question 16

In a transportation problem, when the number of occupied routes is less than the number of rows plus the number of columns -1, we say that the solution is:

Accepted Answer

A)  Unbalanced. 
B)  Degenerate. 
C)  Infeasible. 
D)  Optimal. 
A)  Unbalanced. 
B)  Degenerate. 
C)  Infeasible. 
D)  Optimal.

Question 17

All of the following are steps in the decision-making process EXCEPT:

Accepted Answer

A)  Define the problem 
B)  Compute the posterior probabilities 
C)  Identify possible outcomes 
D)  List payoffs 
A)  Define the problem 
B)  Compute the posterior probabilities 
C)  Identify possible outcomes 
D)  List payoffs

Question 18

Unboundedness is usually a sign that the LP problem

Accepted Answer

A)  has finite multiple solutions. 
B)  is degenerate. 
C)  contains too many redundant constraints. 
D)  has been formulated improperly. 
A)  has finite multiple solutions. 
B)  is degenerate. 
C)  contains too many redundant constraints. 
D)  has been formulated improperly.

The equally likely decision criterion is also known as

Which of the following is used to come up with a solution to the assignment problem?

A good decision always implies that we

In applying Vogel's approximation method to a profit maximization problem, row and column penalties are determined by:

Opportunity loss refers to

Which of the following might be viewed as an "optimistic" decision criterion?

A point that satisfies all of a problem's constraints simultaneously is a(n)

LP theory states that the optimal solution to any problem will lie at

The northwest corner rule requires that we start allocating units to shipping routes in the:

In labor planning formulation, how would you write the constraint that there are only 10 fulltime tellers (labeled as T) available?

The graph that plots the utility value versus monetary value is called:

The first step in formulating an LP problem is

The application of OR techniques involves ………… approach

A type of linear programming problem that is used in marketing is called the

In converting a less-than-or-equal constraint for use in a simplex table, we must add

In a transportation problem, when the number of occupied routes is less than the number of rows plus the number of columns -1, we say that the solution is:

All of the following are steps in the decision-making process EXCEPT:

Unboundedness is usually a sign that the LP problem

Markov Analysis, Queuing Theory, Operations Research and Mathematical Modeling

Simulation Modeling and Analysis

Linear Programming and Project Management

Linear Programming Models and Techniques

LP and Transportation Models: Assumptions, Limitations, and Solutions

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Markov Analysis and Simulation Techniques for Queuing Systems

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Exam 1: Linear Programming and Decision-Making Techniques

The equally likely decision criterion is also known as

Which of the following is used to come up with a solution to the assignment problem?

A good decision always implies that we

In applying Vogel's approximation method to a profit maximization problem, row and column penalties are determined by:

Opportunity loss refers to

Which of the following might be viewed as an "optimistic" decision criterion?

A point that satisfies all of a problem's constraints simultaneously is a(n)

LP theory states that the optimal solution to any problem will lie at

The northwest corner rule requires that we start allocating units to shipping routes in the:

In labor planning formulation, how would you write the constraint that there are only 10 fulltime tellers (labeled as T) available?

The graph that plots the utility value versus monetary value is called:

The first step in formulating an LP problem is

The application of OR techniques involves ………… approach

A type of linear programming problem that is used in marketing is called the

In converting a less-than-or-equal constraint for use in a simplex table, we must add

In a transportation problem, when the number of occupied routes is less than the number of rows plus the number of columns -1, we say that the solution is:

All of the following are steps in the decision-making process EXCEPT:

Unboundedness is usually a sign that the LP problem

Markov Analysis, Queuing Theory, Operations Research and Mathematical Modeling

Simulation Modeling and Analysis

Linear Programming and Project Management

Linear Programming Models and Techniques

LP and Transportation Models: Assumptions, Limitations, and Solutions

Queuing Systems

Markov Analysis and Simulation Techniques for Queuing Systems

Filters