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MBA 620 Exam 1 Questions and Answers: Business Analytics and Operations Research, Exams of Advanced Education

A comprehensive set of questions and answers for mba 620 exam 1, covering key concepts in business analytics and operations research. It delves into topics such as break-even point, decision variables, mathematical models, and linear programming. Valuable for students preparing for the exam, offering insights into the course's core principles and their practical applications.

Typology: Exams

2024/2025

Available from 02/20/2025

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MBA 620 Exam 1 Questions And Answers 100% Verified
Break-even Point - ANSWER The volume of production and sales that must be exceeded
before a profit can be realized
Business Analytics - ANSWER A discipline closely related to management science that
makes extensive use of data to analyze trends, make forecasts, and apply optimization
techniques
Constraint - ANSWER An inequality or equation in a mathematical model that expresses
some restrictions on the values that can be assigned to the decision variables
Decision Support System - ANSWER An interactive computer-based system that aids
managerial decision making
Decision Variable - ANSWER An algebraic variable that represents a quantifiable
decision to be made
Mathematical Model - ANSWER An approximate representation of, for example, a
business problem that is expressed in terms of mathematical symbols and expressions
Model - ANSWER An approximate representation of something
MS Courseware - ANSWER The name of the software package that is shrink-wrapped
with the book or is on its website
Objective Function - ANSWER A mathematical expression in a model that gives the
measure of performance for a problem in terms of the decision variables
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MBA 620 Exam 1 Questions And Answers 100% Verified

Break-even Point - ANSWER The volume of production and sales that must be exceeded before a profit can be realized

Business Analytics - ANSWER A discipline closely related to management science that makes extensive use of data to analyze trends, make forecasts, and apply optimization techniques

Constraint - ANSWER An inequality or equation in a mathematical model that expresses some restrictions on the values that can be assigned to the decision variables

Decision Support System - ANSWER An interactive computer-based system that aids managerial decision making

Decision Variable - ANSWER An algebraic variable that represents a quantifiable decision to be made

Mathematical Model - ANSWER An approximate representation of, for example, a business problem that is expressed in terms of mathematical symbols and expressions

Model - ANSWER An approximate representation of something

MS Courseware - ANSWER The name of the software package that is shrink-wrapped with the book or is on its website

Objective Function - ANSWER A mathematical expression in a model that gives the measure of performance for a problem in terms of the decision variables

Operations Research - ANSWER The traditional name for management science that is still widely used outside of business schools

Parameter - ANSWER One of the constants in a mathematical model

Range Name - ANSWER A descriptive name given to a cell or range of cells that immediately identifies what is there

Spreadsheet Models - ANSWER An approximate representation of, for example, a business problem that is laid out on a spreadsheet in a way that facilitates analysis of the problem

What-If Analysis - ANSWER Analysis of how the recommendations of a model might change if any of the estimates providing the numbers in the model eventually need to be corrected

Absolute Reference a reference to a cell, column or row that has fixed address as specified either using a range name or using a $ in front of letter and number of the cell reference

Changing Cells The cells in the spreadsheet that display the values of the decision variables

Constraint 2 - ANSWER A limitation on the possible values of the decision variables

Constraint Boundary Equation - ANSWER The equation of the constraint boundary line

Constraint Boundary Line - ANSWER For linear programming problems with two decision variables, the line that forms the boundary of the solutions that are allowed by the constraint

what should be maximized or minimized depending upon the objective of the problem

Objective Function Line - ANSWER For a linear programming problem with two decision variables, a line whose points all have the same value of the objective function

Optimal Solution - ANSWER The best feasible solution according to the objective function

Output Cells The cells in the spreadsheet that provides output dependent on changing cells These cells often are used to help define constraints

Parameter 2 - RESPONSE The parameters of a linear programming model are the constants (coefficients or right-hand sides) in the functional constraints and the objective function. Each parameter represents some quantity (the amount available of a resource) that is of importance for the analysis of the problem

Product-mix Problem - ANSWER A type of linear programming problem where the objective is to find the most profitable mix of production levels for the product under consideration

Relative Reference - ANSWER A reference to a cell whose address is based upon its position relative to the cell containing the formula

Solution ANSWER Any single assignment of values to the decision variables, regardless of whether the assignment is a good one or even a feasible one

Solver ANSWER The spreadsheet tool that is used to specify the model in the spreadsheet and then to obtain an optimal solution for the model

Assignment Problem - ANSWER A type of linear programming problem that generally involves assigning people to tasks so as to minimize the total cost of performing these tasks

Benefit Constraint - ANSWER A functional constraint with a greater than or equal to sign. The left-hand side is interpreted as the level of some benefit that is achieved by the activities under consideration, and the right-hand side is the minimum acceptable level for that benefit

Cost-Benefit Trade-off Problem - ANSWER A type of linear programming problem involving the trade-off between the total cost of the activities under consideration and the benefits to be achieved by these activities Its identifying feature is that each functional constraint in the linear programming model is a benefit constraint

Fixed-requirement Constraint - ANSWER A functional constraint with an = sign.

Fixed-requirement Problem - ANSWER A type of linear programming problem concerned with optimizing how to meet a number of fixed requirements. Each functional constraint in the model is a fixed-requirement constraint.

Identifying Feature - ANSWER A feature of the model that identifies the category of linear programming problem it represents

Integer Programming Problem - ANSWER A variation of a linear programming problem that has the added constraint that some or all of the decision variables must take integer values

Mixed Problem - ANSWER Any linear programming problem that involves at least 2 of the 3 types of functional constraints: resource, benefit and fixed

Model Enrichment - ANSWER The process of using experience with a model to identify and add important details that will provide a better representation of the real problem

Model Validation - ANSWER The process of checking and testing a model to develop a valid model