Question 1

A depth approach to optimization models assumes:

Accepted Answer

A)  A direct connection of the optimization packages with operational databases. 
B)  Complex statistical, machine learning, and optimization analysis. 
C)  Both a and b 
D)  None of the above 
A)  A direct connection of the optimization packages with operational databases. 
B)  Complex statistical, machine learning, and optimization analysis. 
C)  Both a and b 
D)  None of the above

Question 2

A pivot table is a data summarization tool in Microsoft Excel and other business intelligence software.

Accepted Answer

A) True 
 B)False

Question 3

Suppose that the right-hand-side value of a given binding constraint is increased by one unit and within the lower and upper limit. Instead of rerunning the solution, the decision maker can simply check the shadow price and know the exact change of the objective function.

Accepted Answer

A) True 
 B)False

Question 4

If the right-hand-side value of a binding constraint is increased by one unit, then the objective function will change in an amount equal to the value of the reduced cost.

Accepted Answer

A) True 
 B)False

Question 5

A magnetic system attracts all sources of data, including all of the following except:

Accepted Answer

A)  Good data. 
B)  Outliers. 
C)  Unstructured data. 
D)  All of the above must be included in a magnetic system. 
A)  Good data. 
B)  Outliers. 
C)  Unstructured data. 
D)  All of the above must be included in a magnetic system.

Question 6

Which of the following is a business situation in which linear programming models can be used?

Accepted Answer

A)  Determining a crop rotation policy in agriculture 
B)  Determining an optimal subsidy management for farmers 
C)  Optimizing water networks 
D)  All of the above 
A)  Determining a crop rotation policy in agriculture 
B)  Determining an optimal subsidy management for farmers 
C)  Optimizing water networks 
D)  All of the above

Question 7

If the right-hand-side value of a binding constraint is increased by one unit, then the objective function will change in an amount equal to the shadow price.

Accepted Answer

A) True 
 B)False

Question 8

The implementation of LP models in the era of Big Data requires that data scientists consider a trade-off between less-than-optimal but practical solutions and optimal-but-complex and often delayed solutions.

Accepted Answer

A) True 
 B)False

Question 9

The reduced cost for a decision variable is the shadow price of the constraint for that variable.

Accepted Answer

A) True 
 B)False

Question 10

Suppose that the right-hand-side value of a given binding constraint is increased by one unit and within the lower and upper limit. Instead of rerunning the solution, the decision maker can simply check the shadow price to know the exact change of the objective function.

Accepted Answer

A) True 
 B)False

Question 11

Technological coefficients represent the usage of a given resource per each unit of the decision variable.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is a benefit provided by sensitivity analysis?

Accepted Answer

A)  Sensitivity analysis can be used to gain additional insights into the model solution. 
B)  Sensitivity analysis allows the decision maker to identify the range of contribution coefficients that will not alter the solution. 
C)  Sensitivity analysis allows the decision maker to identify the range of right-hand-side values that will not alter the solution. 
D)  All of the above 
A)  Sensitivity analysis can be used to gain additional insights into the model solution. 
B)  Sensitivity analysis allows the decision maker to identify the range of contribution coefficients that will not alter the solution. 
C)  Sensitivity analysis allows the decision maker to identify the range of right-hand-side values that will not alter the solution. 
D)  All of the above

Question 13

Pivot tables can be used by the decision maker to:

Accepted Answer

A)  Find optimal solutions to linear programming models. 
B)  Calculate the optimal values for the decision variables. 
C)  Calculate the average values of operational data. 
D)  All of the above 
A)  Find optimal solutions to linear programming models. 
B)  Calculate the optimal values for the decision variables. 
C)  Calculate the average values of operational data. 
D)  All of the above

Question 14

When incorporating a large amount of input data, formulating the objective function is an additional step in the process of formulating a linear programming model.

Accepted Answer

A) True 
 B)False

Question 15

In a linear programming model, the decision maker always seeks to maximize the objective function.

Accepted Answer

A) True 
 B)False

Question 16

Process-driven models require the implementation of the MAD approach. MAD stands for:

Accepted Answer

A)  Multiplicity, approximation, and deviation 
B)  Mean absolute deviation 
C)  Magnetism, agility, and depth 
D)  Maximization, abstraction, and deviation 
A)  Multiplicity, approximation, and deviation 
B)  Mean absolute deviation 
C)  Magnetism, agility, and depth 
D)  Maximization, abstraction, and deviation

Question 17

Which of the following is a challenge for the application of large linear programming (LP) models in the real world?

Accepted Answer

A)  Computational difficulty 
B)  Lack of software packages for LP models 
C)  Lack of input data for LP models 
D)  All of the above 
A)  Computational difficulty 
B)  Lack of software packages for LP models 
C)  Lack of input data for LP models 
D)  All of the above

Question 18

The general formulation of linear programming models always includes which of the following?

Accepted Answer

A)  An optimization objective function 
B)  A set of system constraints 
C)  A set of non-negativity constraints 
D)  All of the above 
A)  An optimization objective function 
B)  A set of system constraints 
C)  A set of non-negativity constraints 
D)  All of the above

Question 19

During sensitivity analysis, the shadow price indicates the minimum value of contribution coefficients that will not alter the value of the objective function.

Accepted Answer

A) True 
 B)False

Question 20

Linear programming model constraints are mostly less than or equal to constraints.

Accepted Answer

A) True 
 B)False

A depth approach to optimization models assumes:

A pivot table is a data summarization tool in Microsoft Excel and other business intelligence software.

Suppose that the right-hand-side value of a given binding constraint is increased by one unit and within the lower and upper limit. Instead of rerunning the solution, the decision maker can simply check the shadow price and know the exact change of the objective function.

If the right-hand-side value of a binding constraint is increased by one unit, then the objective function will change in an amount equal to the value of the reduced cost.

A magnetic system attracts all sources of data, including all of the following except:

Which of the following is a business situation in which linear programming models can be used?

If the right-hand-side value of a binding constraint is increased by one unit, then the objective function will change in an amount equal to the shadow price.

The implementation of LP models in the era of Big Data requires that data scientists consider a trade-off between less-than-optimal but practical solutions and optimal-but-complex and often delayed solutions.

The reduced cost for a decision variable is the shadow price of the constraint for that variable.

Suppose that the right-hand-side value of a given binding constraint is increased by one unit and within the lower and upper limit. Instead of rerunning the solution, the decision maker can simply check the shadow price to know the exact change of the objective function.

Technological coefficients represent the usage of a given resource per each unit of the decision variable.

Which of the following is a benefit provided by sensitivity analysis?

Pivot tables can be used by the decision maker to:

When incorporating a large amount of input data, formulating the objective function is an additional step in the process of formulating a linear programming model.

In a linear programming model, the decision maker always seeks to maximize the objective function.

Process-driven models require the implementation of the MAD approach. MAD stands for:

Which of the following is a challenge for the application of large linear programming (LP) models in the real world?

The general formulation of linear programming models always includes which of the following?

During sensitivity analysis, the shadow price indicates the minimum value of contribution coefficients that will not alter the value of the objective function.

Linear programming model constraints are mostly less than or equal to constraints.

Business Analytics With Management Science

Introduction to Linear Programming

Business Analytics With Nonlinear Programming

Business Analytics With Goal Programming

Business Analytics With Integer Programming

Business Analytics With Shipment Models

Marketing Analytics With Linear Programming

Marketing Analytics With Multiple Goals

Business Analytics With Simulation

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Exam 3: Business Analytics With Linear Programming

A depth approach to optimization models assumes:

A pivot table is a data summarization tool in Microsoft Excel and other business intelligence software.

Suppose that the right-hand-side value of a given binding constraint is increased by one unit and within the lower and upper limit. Instead of rerunning the solution, the decision maker can simply check the shadow price and know the exact change of the objective function.

If the right-hand-side value of a binding constraint is increased by one unit, then the objective function will change in an amount equal to the value of the reduced cost.

A magnetic system attracts all sources of data, including all of the following except:

Which of the following is a business situation in which linear programming models can be used?

If the right-hand-side value of a binding constraint is increased by one unit, then the objective function will change in an amount equal to the shadow price.

The implementation of LP models in the era of Big Data requires that data scientists consider a trade-off between less-than-optimal but practical solutions and optimal-but-complex and often delayed solutions.

The reduced cost for a decision variable is the shadow price of the constraint for that variable.

Suppose that the right-hand-side value of a given binding constraint is increased by one unit and within the lower and upper limit. Instead of rerunning the solution, the decision maker can simply check the shadow price to know the exact change of the objective function.

Technological coefficients represent the usage of a given resource per each unit of the decision variable.

Which of the following is a benefit provided by sensitivity analysis?

Pivot tables can be used by the decision maker to:

When incorporating a large amount of input data, formulating the objective function is an additional step in the process of formulating a linear programming model.

In a linear programming model, the decision maker always seeks to maximize the objective function.

Process-driven models require the implementation of the MAD approach. MAD stands for:

Which of the following is a challenge for the application of large linear programming (LP) models in the real world?

The general formulation of linear programming models always includes which of the following?

During sensitivity analysis, the shadow price indicates the minimum value of contribution coefficients that will not alter the value of the objective function.

Linear programming model constraints are mostly less than or equal to constraints.

Business Analytics With Management Science

Introduction to Linear Programming

Business Analytics With Nonlinear Programming

Business Analytics With Goal Programming

Business Analytics With Integer Programming

Business Analytics With Shipment Models

Marketing Analytics With Linear Programming

Marketing Analytics With Multiple Goals

Business Analytics With Simulation

Filters