## Podcast Beta

## Questions and Answers

What is the primary objective of a business firm in linear programming?

What is the term for the mathematical symbols that represent levels of activity by the firm in a linear programming model?

What is the purpose of linear programming in management science?

What is the primary limitation of the graphical method in linear programming?

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What is the term for the restrictions placed on a manager by the operating environment?

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What type of problem has no feasible solution area, with every possible solution point violating one or more constraints?

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What is the goal of a manager in a linear programming model?

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What is the result of solving simultaneous equations at each corner point?

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What are the components of a linear programming model?

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What is a characteristic of a linear programming problem?

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What is the term for the process of seeking an objective that is subject to restrictions?

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What is the benefit of having multiple optimal solutions?

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What is the graphical solution of a linear programming model used for?

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What is the objective of a linear programming problem?

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What type of problem does not have a maximum value for the objective function?

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What is the purpose of substituting solution values into the objective function?

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What is the primary purpose of the objective function in linear programming?

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What do the model constraints represent in linear programming?

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What is a parameter in linear programming?

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What are the two primary resources used by the Beaver Creek Pottery Company?

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What is the goal of the Beaver Creek Pottery Company in this problem?

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What is the total amount of labor available each day for production at the Beaver Creek Pottery Company?

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What is the purpose of formulating the problem as a linear programming model?

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What is the objective of the linear programming model?

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What is the condition for a solution to be feasible?

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What is the characteristic of the objective function line in the given problem?

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What is the purpose of solving the simultaneous equations in the given problem?

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What is the name given to the points A, B, and C in the feasible solution area?

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What is the mathematical property of linear programming models?

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What is the limitation of using a graph to determine the optimal solution?

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What is the purpose of using the graphical solution approach?

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## Study Notes

### Management Science

- Management Science is a technique used to make decisions in a business, focusing on achieving objectives subject to restrictions.
- It is frequently used to solve problems that involve maximizing or minimizing an objective function, subject to constraints.

### Applications of Management Science

- Accounting: used to make decisions on resource allocation, budgeting, and financial planning.
- Production: used to optimize production processes, manage inventory, and schedule production.

### Linear Programming

- A technique used to solve optimization problems with a linear objective function, subject to linear constraints.
- Consists of decision variables, an objective function, and model constraints.
- Decision variables represent levels of activity by the firm.
- The objective function is a linear mathematical relationship that describes the objective of the firm in terms of the decision variables.
- Model constraints are linear relationships of the decision variables, representing restrictions placed on the firm by the operating environment.

### Components of a Linear Programming Model

- Decision variables
- Objective function
- Model constraints
- Decision variables and parameters
- Restrictions on the firm, such as limited resources or guidelines

### Graphical Solution of Linear Programming Models

- A method used to find the optimal solution of a linear programming model with two decision variables.
- The solution is found by graphing the constraints and the objective function, and finding the point that maximizes or minimizes the objective function.

### Characteristics of Linear Programming Models

- A linear programming problem requires a choice between alternative courses of action or a decision.
- The problem encompasses an objective that the decision maker wants to achieve.
- The model consists of decision variables, an objective function, and model constraints.

### Special Types of Linear Programming Models

- Multiple optimal solutions: provide greater flexibility to the decision maker.
- Infeasible problems: have no feasible solution area; every possible solution point violates one or more constraints.
- Unbounded problems: the objective function can increase indefinitely without reaching a maximum value.

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## Description

Assess your understanding of Management Science and its applications in various areas of a firm, including accounting and production. Learn about the Management Science Process, techniques, and its relevance in decision support systems.