BUSN312 Final exam

Question # 00005757 Posted By: mac123 Updated on: 12/24/2013 03:26 PM Due on: 12/31/2013
Question
Question 1 of 16
6.25 Points
Define the term management science.

Question 2 of 16
6.25 Points
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.
 A.true B.false

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?
 A.Validity, reliability, auditability, and maintainability B.Communication, validity, auditability, and maintainability C.Communication, reliability, auditability, and maintainability D.Reliability, validity, auditability, and maintainability

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.

Question 16 of 16
6.25 Points
Define binary integer variables.

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