Download MBA 620 Exam 1 Questions and Answers: Business Analytics and Operations Research and more Exams Advanced Education in PDF only on Docsity!
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
