Question 1

In the "Solver Parameters" box of Excel Solver, what is clicked to actually solve the problem?

Accepted Answer

A) "GO" 
B) "OK" 
C) "SOLVE" 
D) "CLOSE" 
E) "START" 
A) "GO" 
B) "OK" 
C) "SOLVE" 
D) "CLOSE" 
E) "START"

Question 2

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

Accepted Answer

A) bounded and feasible 
B) unbounded and feasible 
C) bounded and infeasible 
D) unbounded and infeasible 
E) this is not a Linear Program 
A) bounded and feasible 
B) unbounded and feasible 
C) bounded and infeasible 
D) unbounded and infeasible 
E) this is not a Linear Program

Question 3

Consider the mathematical program below. Which of the following choices represents an upper bound to the problem? 
Max 10 - X2
 Subject to
X ? 3

Accepted Answer

A) X = 10 
B) X = 5 
C) X = 3.5 
D) X = -6 
E) X = 0 
A) X = 10 
B) X = 5 
C) X = 3.5 
D) X = -6 
E) X = 0

Question 4

The constraints in an optimization model must all be of one type, for example, all ≤, all ≥, or all =.

Accepted Answer

A) True 
 B)False

Question 5

What in Excel Solver corresponds to the decision variables in the algebraic model?

Accepted Answer

A) Optimization Cells 
B) Target Cells 
C) Changing Cells 
D) Decision Cells 
E) Parameter Cells 
A) Optimization Cells 
B) Target Cells 
C) Changing Cells 
D) Decision Cells 
E) Parameter Cells

Question 6

Sensitivity reports show what will happen if certain problem parameters are changed from their current values.

Accepted Answer

A) True 
 B)False

Question 7

Solver's check for a model being linear is not perfect.

Accepted Answer

A) True 
 B)False

Question 8

The advantage of formal optimization modeling is that it can simultaneously consider the effects of alternate decisions to produce the best overall decision according to the objective.

Accepted Answer

A) True 
 B)False

Question 9

A portfolio manager in charge of a bank portfolio has $10 million to invest. The securities available for purchase, as well as their respective quality ratings, maturities, and yields, are shown in the table below:
   The bank places the following policy limitations on the portfolio manager's actions:
1. Government and agency bonds must total at least $4 million.
2. The average quality of the portfolio cannot exceed 1.4 on the bank's quality scale. (Note that a low number on this scale means a high-quality bond.)
"3. The average years to maturity of the portfolio must not exceed 5 years.
Assuming that the objective of the portfolio manager is to maximize after-tax earnings and that the tax rate is 50%, formulate a linear program that can be used to determine how much money to invest in each type of bond."

Accepted Answer

Let A = millions of dollars invested in

Question 10

The four steps to setting up an optimization problem with Excel Solver are easy if you have previously completed the algebraic formulation and spreadsheet model.

Accepted Answer

A) True 
 B)False

Question 11

The Village Butcher Shop traditionally makes its meat loaf from a combination of lean ground beef and ground pork. The ground beef contains 80 percent meat and 20 percent fat, and costs the shop 80 cents per pound; the ground pork contains 68 percent meat and 32 percent fat, and costs 60 cents per pound. Formulate a linear program to determine the amount each kind of meat that the shop should use in each pound of meat loaf if it wants to minimize its cost and to keep the fat content of the meat loaf to no more than 25 percent.

Accepted Answer

Let B = the pounds of ground b

Question 12

The text-based formulation of an optimization problem should state what three things?

Accepted Answer

A) decision variables, random variables, and parameters 
B) decision variables, objective function, and constraints 
C) decision variables, random variables, and constraints 
D) decision variables, random variables, and objective function 
E) random variables, parameters, and objective function 
A) decision variables, random variables, and parameters 
B) decision variables, objective function, and constraints 
C) decision variables, random variables, and constraints 
D) decision variables, random variables, and objective function 
E) random variables, parameters, and objective function

Question 13

Human intelligence is not needed in which of the following steps of solving optimization problems?

Accepted Answer

A) writing the problem formulation in words 
B) writing the algebraic formulation of the problem 
C) developing a spreadsheet model 
D) solving the problem 
E) interpreting the results 
A) writing the problem formulation in words 
B) writing the algebraic formulation of the problem 
C) developing a spreadsheet model 
D) solving the problem 
E) interpreting the results

Question 14

Strict inequalities ()are not used in optimization problems.

Accepted Answer

A) True 
 B)False

Question 15

George Dantzig developed the ___________________ in 1947 to solve Linear Programs.

Accepted Answer

A) Complex Method 
B) Multiplex Method 
C) Simplex Method 
D) Superplex Method 
E) Perplex Method 
A) Complex Method 
B) Multiplex Method 
C) Simplex Method 
D) Superplex Method 
E) Perplex Method

Question 16

Formulate the following as a linear program.
Frank's art class must provide instructions on painting (P), carving (C), and clay modeling (M). Frank has a limited material budget of $3,000. The costs per student usage for the supplies are $25, $18, and $14, respectively. Frank must provide instruction and practice opportunities for each method. What is the optimum combination of art supplies Frank should procure for the class?

Accepted Answer

Let P = painting, C = carving

Question 17

A leather goods factory manufactures five styles of handbags, whose variable contributions
are $30, $40, $45, $25, and $60 per dozen, respectively. The products must pass through four work centers and the man-hours available in each are: clicking (700), paring (600), stitching (400), and finishing (900). Hourly requirements for each dozen handbags are:
   To prevent adding to inventory levels already on hand, the production manager, after reviewing the weekly sales forecasts, has specified that no more than 100, 50, 90, 70, and 30 dozen of each style respectively may be produced. Each handbag is made from five materials as specified in the following table:
   Formulate a linear program to determine the production policy that will maximize profits.

Accepted Answer

Let A = the number of style 341 made (in

Question 18

Consider the Linear Program below. Which of the choices represents the best (tightest)lower bound? 
Max 2X + Y
Subject to
X + Y ? 10
X, Y ? 0

Accepted Answer

A) (?, -?) 
B) (-?, -?) 
C) (0, 0) 
D) (5, 0) 
E) (25, 16) 
A) (?, -?) 
B) (-?, -?) 
C) (0, 0) 
D) (5, 0) 
E) (25, 16)

Question 19

Define feasible solution, infeasible solution, and optimal solution.

Accepted Answer

A feasible solution is a particular comb

Question 20

With Excel Solver, the range for the Changing Cells box must be entered with absolute references ($ signs).

Accepted Answer

A) True 
 B)False

In the "Solver Parameters" box of Excel Solver, what is clicked to actually solve the problem?

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

Consider the mathematical program below. Which of the following choices represents an upper bound to the problem? Max 10 - X² Subject to X ? 3

The constraints in an optimization model must all be of one type, for example, all ≤, all ≥, or all =.

What in Excel Solver corresponds to the decision variables in the algebraic model?

Sensitivity reports show what will happen if certain problem parameters are changed from their current values.

Solver's check for a model being linear is not perfect.

The advantage of formal optimization modeling is that it can simultaneously consider the effects of alternate decisions to produce the best overall decision according to the objective.

The four steps to setting up an optimization problem with Excel Solver are easy if you have previously completed the algebraic formulation and spreadsheet model.

The text-based formulation of an optimization problem should state what three things?

Human intelligence is not needed in which of the following steps of solving optimization problems?

Strict inequalities (<, >)are not used in optimization problems.

George Dantzig developed the ___________________ in 1947 to solve Linear Programs.

Consider the Linear Program below. Which of the choices represents the best (tightest)lower bound? Max 2X + Y Subject to X + Y ? 10 X, Y ? 0

Define feasible solution, infeasible solution, and optimal solution.

With Excel Solver, the range for the Changing Cells box must be entered with absolute references ($ signs).

Introduction to Operations Management

Operations Strategy and Competitiveness

Product Design and Process Selection

E-Commerce and Supply Chain Management

Total Quality Management

Statistical Quality Control

Just-In-Time and Lean Systems

Forecasting

Capacity Planning and Facility Location

Facility Layout

Work System Design

Independent Demand Inventory Management

Aggregate Planning

Resource Planning

Scheduling

Project Management

Spreadsheet Modeling: an Introduction

Waiting Line Models

Master Scheduling and Rough-Cut Capacity Planning

Filters

Exam 17: Spreadsheet Modeling: an Introduction

In the "Solver Parameters" box of Excel Solver, what is clicked to actually solve the problem?

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

Consider the mathematical program below. Which of the following choices represents an upper bound to the problem? Max 10 - X2 Subject to X ? 3

The constraints in an optimization model must all be of one type, for example, all ≤, all ≥, or all =.

What in Excel Solver corresponds to the decision variables in the algebraic model?

Sensitivity reports show what will happen if certain problem parameters are changed from their current values.

Solver's check for a model being linear is not perfect.

The advantage of formal optimization modeling is that it can simultaneously consider the effects of alternate decisions to produce the best overall decision according to the objective.

The four steps to setting up an optimization problem with Excel Solver are easy if you have previously completed the algebraic formulation and spreadsheet model.

The text-based formulation of an optimization problem should state what three things?

Human intelligence is not needed in which of the following steps of solving optimization problems?

Strict inequalities (<, >)are not used in optimization problems.

George Dantzig developed the ___________________ in 1947 to solve Linear Programs.

Consider the Linear Program below. Which of the choices represents the best (tightest)lower bound? Max 2X + Y Subject to X + Y ? 10 X, Y ? 0

Define feasible solution, infeasible solution, and optimal solution.

With Excel Solver, the range for the Changing Cells box must be entered with absolute references ($ signs).

Introduction to Operations Management

Operations Strategy and Competitiveness

Product Design and Process Selection

E-Commerce and Supply Chain Management

Total Quality Management

Statistical Quality Control

Just-In-Time and Lean Systems

Forecasting

Capacity Planning and Facility Location

Facility Layout

Work System Design

Independent Demand Inventory Management

Aggregate Planning

Resource Planning

Scheduling

Project Management

Spreadsheet Modeling: an Introduction

Waiting Line Models

Master Scheduling and Rough-Cut Capacity Planning

Filters

Consider the mathematical program below. Which of the following choices represents an upper bound to the problem? Max 10 - X² Subject to X ? 3