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Test 2 multiple choice.
Terms in this set (35)
A constraint the does NOT form a unique boundary of the feasible solution space is a:
Redundant constraint
A decision tree is:
a schematic representation of alternatives
a redundant constraint is one that:
does not form a unique boundary of the feasible solution space
A shadow price reflects which of the following in a maximization problem?
marginal gain in the objective that would be realized by adding one unit of a resource
a tabular presentation that shows the outcome for each decision alternative under the various possible states of nature is called a:
payoff table
departmentalizing decisions increases the risk of _____ leading to a poor decision.
suboptimization
Determining the average payoff for each alternative and choosing the alternative with the highest average is the approach called:
laplace
Determining the worst payoff for each alternative and choosing the alternative with the "best worst" is the approach called:
maximum
For the products A, B, C, and D, which of the following could be a linear programming objective function?
Z= 1A + 2B+ 3C + 4D
In a decision-making setting, if the manager has to contend with the limits on the amount of information he or she can consider, this can lead to a poor decision due to ______.
bounded rationality
In a linear programming problem, the objective function was specified as follows:
z= 2A +4B+3C
The optimal solution calls for A to equal 4, B to equal 6, and C to equal 3. It has also been determined that the coefficient associated with A can range from 1.75 to 2.25 without the optimal solution changing. This range is called A's:
range fo optimaility
In a graphical linear programming to maximize profit, the object function is:
I. a family of parallel lines.
II. a family of isoprofit lines.
III. interpolated
IV. linear
I, II, and IV only
In a graphical linear programming, when the objective function is parallel to one of the binding constraints, then:
multiple optimal solutions exist
In linear programming, a nonzero reduced cost is associated with a:
decision variable not in the solution
In linear programming, sensitivity analysis is associated with:
I. the objective function coefficient
II. right-hand-side values of constraints
III. the constraint coefficient
I, II, and III
In the graphical approach to linear programming, finding values for the decision variables at the intersection of corners requires the solving of:
simultaneous equations
Once we go beyond two decision variables, typically the ______ method of linear programming must be used.
simplex
The expected monetary value (EMV) criterion is the decision-making approach used with the decision environment of:
risk
The linear optimization technique for allocating constrained resources among different products is:
linear programming
The logical approach, from beginning to end, for assembling a linear programming model begins with:
identifying the decision variables
The maximum approach to decision making refers to:
maximizing the minimum return
The range of probability for which an alternative has the best expected payoff can be determined by:
sensitivity analysis
The region which satisfies all of the constraints in graphical linear programming is called the:
feasible solution space
The term "sub optimization" is best described as the:
result of individual departments making the best decisions for their own areas but hurting other areas.
The theoretical limit on the number of constraints that can be handled by the simplex method in a single problem is:
unlimited
The theoretical limit on the number of decision variables that can be handled by then simplex method in a single problem is:
unlimited
When we use less of a resource than was available, in linear programming that resource would be called non-______
binding
Which objective function has the same slope as this one: $4x + $2y = $20?
$4x + $2y = $10
Which of the following characterizes decision making under uncertainty?
The likelihood fo possible future events is unknown
Which of the following could NOT be a linear programming problem constraint?
1A + 2B
Which of the following is NOT a component of the structure of a linear programming model?
environmental uncertainty
Which of the following is NOT an approach for decision making under uncertainty?
Decision trees
Which of the following would make decision trees an especially attractive decision-making tool?
the need to think through a possible sequence of decisions
Which phrase best describes the term "bounded rationality"?
limits imposed on decision making by costs, time, and technology
_____ is a means of assessing the impact of changing parameters in a linear programming model.
sensitivity analysis
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