What are the steps in the problem solving process?

Question 3 of 16

6.25 Points

Define independent and dependent variable.

Question 4 of 16

6.25 Points

How would you define the words description, prediction, and prescription?

Question 5 of 16

6.25 Points

To determine the feasible region associated with
"less than or equal to" constraints or "greater than or equal to"
constraints, we graph these constraints as if they were "equal to"
constraints. Why is this possible?

Question 6 of 16

6.25 Points

An LP model can have more than one optimal solution.

Question 7 of 16

6.25 Points

Are the following objective functions for an LP model
equivalent? That is, if they are both used, one at a time, to solve a
problem with exactly the same constraints, will the optimal values of X1
and X2 be the same in both cases? Why or why not?
MAX: 2X1 + 3X2 MIN: -2X1
- 3X2

Question 8 of 16

6.25 Points

What are the four steps that must be done to implement any LP problem in a spreadsheet?

Question 9 of 16

6.25 Points

What are the four goals that should be considered when trying to design an effective spreadsheet model?

Question 10 of 16

6.25 Points

Mr. Smith used the following information to calculate
the profit coefficients for Aqua-Spas and Hydro-Luxes: pumps cost $225
each, labor costs $12 per hour, tubing costs $2 per foot. In addition
to pumps, labor, and tubing, the production of Aqua-Spas and Hydro-Luxes
consumes, respectively, $243 and $246 per unit in other recourses that
are not in short supply. Using this information, Mr. Smith calculated
the marginal profits of Aqua-Spas and Hydro-Luxes as:
Aqua-Spas Hydro-Luxes Selling Price
$950
$875 Pump Cost
-$225
-$225 Labor Cost
-$108 -$72 Tubing Cost
-$24 -$32 Other Variable Costs
-$243
-$246 Marginal Profit
$350 $300
Howie's accoutant reviewed these calculations and thinks Howie made a
mistake. For accounting purposes, factory overhead is assigned to
products at a rate of $16 per labor hour. Howie's accountant argues that
because Aqua-Spas require nine labor hours, the profit margin on this
product should be $144 less. Similarly, because Hydro-Luxes require six
labor hours, the profit margin on this product should be $96 less. Who
is right and why?

Question 11 of 16

6.25 Points

A constraint is ____________ if it is satisfied as a strict equality in the optimal solution; otherwise, it is nonbinding.

Question 12 of 16

6.25 Points

What is shadow price? If negative? If positive?

Question 13 of 16

6.25 Points

Transshipment nodes can both _________ and receive from other nodes in the network.

Question 14 of 16

6.25 Points

Define spanning tree for a network with n nodes.

Question 15 of 16

6.25 Points

Describe an integer linear programming (ILP) problem.