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Linear Programming
BANA Exam #3
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Terms in this set (41)
The term _____ refers to the expression that defines the quantity to be maximized or minimized in a linear programming model.
Objective Function
Constraints are _____.
restrictions that limit the settings of the decision variables
_____, or modeling, is the process of translating a verbal statement of a problem into a mathematical statement.
Problem Formulation
A mathematical function in which each variable appears in a separate term and is raised to the first power is known as a _____.
Linear Function
A(n) _____ solution satisfies all the constraint expressions simultaneously.
Feasible
The points where constraints intersect on the boundary of the feasible region are termed as the _____.
Extreme Points
A _____ refers to a constraint that can be expressed as an equality at the optimal solution
Binding Constraint
The _____ value for each less-than-or-equal-to constraint indicates the difference between the left-hand and right-hand values for a constraint.
Slack
The slack value for binding constraints is _____.
Zero
A variable subtracted from the left-hand side of a greater-than-or-equal to constraint to convert the constraint into an equality is known as a(n) _____.
Surplus Variable
A scenario in which the optimal objective function contour line coincides with one of the binding constraint lines on the boundary of the feasible region leads to _____ solutions.too many restrictions have been placed on the problem
Alternative Optimal
_____ is the situation in which no solution to the linear programming problem satisfies all the constraints.
Infeasiblity
Problems with infeasible solutions arise in practice because _____.
too many restrictions have been placed on the problem
The situation in which the value of the solution may be made infinitely large in a maximization linear programming problem or infinitely small in a minimization problem without violating any of the constraints is known as _____.
Unbounded
Which of the following error messages is displayed in Excel Solver when attempting to solve an unbounded problem?
Objective Cell values do not converge.
In linear programming models of real problems, the occurrence of an unbounded solution means that the _____.
problem formulation is improper
The study of how changes in the input parameters of a linear programming problem affect the optimal solution is known as _____.
sensitivity analysis
The change in the optimal objective function value per unit increase in the right-hand side of a constraint is given by the _____.
Shadow Price
The reduced cost for a decision variable that appears in a Sensitivity Report refers to the _____ of the nonnegativity constraint for that variable.
Shadow Price
The reduced cost for a decision variable that appears in a Sensitivity Report indicates the change in the optimal objective function value that results from changing the right-hand side of the nonnegativity constraint from _____.
0 to 1
Rob is a financial manager with Sharez, an investment advisory company. He must select specific investmentsfor example, stocks and bondsfrom a variety of investment alternatives. Which of the following statements is most likely to be the objective function in this scenario?
Maximization of expected return
Rob is a financial manager with Sharez, an investment advisory company. He must select specific investmentsfor example, stocks and bondsfrom a variety of investment alternatives. Restrictions on the type of permissible investments would be a _____ in this case.
Constraint
A canned food manufacturer has its manufacturing plants in three locations across a state. Their product has to be transported to 3 central distribution centers, which in turn disperse the goods to 72 stores across the state. Which of the following is most likely to be the objective function in this scenario?
Minimizing the cost of shipping goods from the plant to the store
A canned food manufacturer has its manufacturing plants in three locations across a state. Their product has to be transported to 3 central distribution centers, which in turn disperse the goods to 72 stores across the state. Which of the following visualization tools could help understand this problem better?
Network Graph
The imposition of an integer restriction is necessary for models where _____.
The decision variables cannot take fractional values
The linear program that results from dropping the integer requirements for the variables in an integer linear program is known as _____.
LP Relaxation
In a binary integer linear program, the integer variables take only the values _____.
0 to 1
Which of the following is true of the relationship between the value of the optimal integer solution and the value of the optimal solution to the LP Relaxation?
For integer linear programs involving minimization, the value of the optimal solution to the LP Relaxation provides a lower bound on the value of the optimal integer solution.
The worksheet formulation for integer linear programs and linear programming problems is exactly the same except that the _____ for integer linear programs.
constraints must be added in the Solver Parameters dialog box to identify the integer variables and the value for Tolerance in the Integer Options dialog box may need to be adjusted
Binary variables are identified with the _____ designation in the Solver Parameters dialog box
Bin
The importance of _____ for integer linear programming problems is often intensified by the fact that a small change in one of the coefficients in the constraints can cause a relatively large change in the value of the optimal solution.
Sensitivity Analysis
In order to choose the best solution for implementation, practitioners usually recommend re-solving the integer linear program several times with variations in the _____.
constraint coefficients
In cases where Excel Solver experiences excessive run times when solving integer linear problems, the Integer Optimality is set to _____.
5%
A _____ problem is a binary integer programming problem that involves choosing which possible projects or activities provide the best investment return.
Capital Budgeting
In a production application involving a fixed setup cost and a variable cost, the use of _____ makes including the setup cost possible in a production model.
binary variables
Which of the following is a likely constraint on the production quantity x associated with a maximum value, M, and a setup variable y in a fixed-cost problem?
x ≤ My
_____ analysis is a market research technique that can be used to learn how prospective buyers of a product value the products attributes.
Conjoint
The sum of two or more binary variables must be less than or equal to one in a _____ constraint.
Mutually Exclusive
A constraint involving binary variables that does not allow certain variables to equal one unless certain other variables are equal to one is known as a _____.
Conditional Constraint
_____ constraint is a constraint requiring that two binary variables be equal and that thus are both either in or out of the solution together.
Corequisite Constraint
Which of the following is true about generating alternatives in binary optimization?
If the solution is a unique optimal solution, it would be good for management to know how much worse the second-best solution is than the unique optimal solution.
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