Exam 17: Spreadsheet Modeling: an Introduction

Capital Co. is considering five different projects. Define X_i as a binary (0-1)variable that equals 1 if project i is undertaken and 0 otherwise, for i = 1,2,3,4,5. Which of the following represents the constraint(s)stating that projects 2, 3, and 4 cannot all be undertaken simultaneously?

It is good practice to ____________ the units and the __________ represented by objective function.

What is the optimal solution (X, Y, Z)to the following linear program? Max 2X + 4Y + 6Z Subject to Z ? 0 X + Y + Z ? 20 X, Y, Z ? 0

Describe what steps one should use if the Solver Results box says, "The conditions for Assume Linear Model are not satisfied"?

Given a Linear Program with a minimization objective, the optimal objective function value may decrease if a ≥ constraint is added to the program.

What are the four steps to setting up an optimization problem with Excel Solver?

In the "Solver Options" box of Excel Solver, what should be checked to ensure that the Simplex Method is used to solve the model?

The algebraic formulation of an optimization problem states the decision variables, objective function, and constraints in algebraic form.

All mathematical programs should include non-negativity constraints.

Car Phones, Inc. (CP), sells two models of cell phones: Model A and Model B. Records show that 3 hours of sales time are used for each Model A cell phone that is sold and 5 hours of sales time for each Model B telephone. A total of 600 hours of sales time is available for the next 4-week period. In addition, management planning policies call for minimum sales goals of 100 units for Model A and 80 units for Model B. Furthermore, the number of phones that CP makes is limited by its critical process, the plastic injection molding machine, which can produce a maximum of 1500 phones per 4-week period. CP makes a $40 profit contribution for each Model A sold and a $50 profit contribution for each Model B sold. Formulate a Linear Program that can be used to determine the optimal production amounts CP for the next 4-week period.

The process of thinking about a problem in a structured way often leads to ________ to making a better decision.

If all constraints are not fully consumed, the final result is not an optimal solution.

How can the following Linear Program be characterized? Min X + 2Y Subject to X ? 20 Y ? 5 X, Y ? -40

Solver's Changing Cells corresponds to the ________ in the algebraic model.

A formulation is a formal, ____________ statement of a constrained optimization problem

If a firm is using a linear program to determine production amounts of its chairs and tables, which of the following constraints must be in the model?

How can the following Linear Program be characterized? Max X + Y Subject to X ? 34 X, Y ? 0

Suppose that a firm makes gears (G)and axles (A). Each gear requires 15 minutes of labor and each axle requires 30 minutes of labor. One thousand hours of labor are available. How should the labor constraint(s)be written?

Consider a mathematical program where X_i represents the amount produced of item i (i = 1,2,3,4), and you want the total amount produced over all four items to equal either 100, 120, 140, or 200. If you define q_i as binary (0-1)variables (i = 1,2,3,4)and add the constraint q₁ + q₂ + q₃ + q₄ = 1, what other constraint do you need to add to the program?

It is possible to solve a 2-variable problem with a __________________ to find an optimal solution.