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Management Science Chapter 2: Linear Programming
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Management Science Chapter 2: Linear Programming

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Questions and Answers

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

  • To minimize cost
  • To maximize profit (correct)
  • To reduce labor
  • To optimize resources
  • What is the term for the mathematical symbols that represent levels of activity by the firm in a linear programming model?

  • Decision variables (correct)
  • Parameters
  • Objective function
  • Model constraints
  • What is the purpose of linear programming in management science?

  • To make predictions about future outcomes
  • To identify areas of improvement
  • To solve problems with multiple constraints (correct)
  • To evaluate the effectiveness of a business strategy
  • What is the primary limitation of the graphical method in linear programming?

    <p>It can only be used for models with two decision variables.</p> Signup and view all the answers

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

    <p>Limited resources</p> Signup and view all the answers

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

    <p>Infeasible problem</p> Signup and view all the answers

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

    <p>To maximize profit</p> Signup and view all the answers

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

    <p>Finding the solution values at each point</p> Signup and view all the answers

    What are the components of a linear programming model?

    <p>Decision variables, objective function, and model constraints</p> Signup and view all the answers

    What is a characteristic of a linear programming problem?

    <p>It requires a choice between alternative courses of action</p> Signup and view all the answers

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

    <p>Linear programming</p> Signup and view all the answers

    What is the benefit of having multiple optimal solutions?

    <p>It provides greater flexibility to the decision maker</p> Signup and view all the answers

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

    <p>To find the optimal solution</p> Signup and view all the answers

    What is the objective of a linear programming problem?

    <p>To maximize the objective function</p> Signup and view all the answers

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

    <p>Unbounded problem</p> Signup and view all the answers

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

    <p>To find the maximum Z value</p> Signup and view all the answers

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

    <p>To describe the objective of the firm in terms of the decision variables</p> Signup and view all the answers

    What do the model constraints represent in linear programming?

    <p>The restrictions placed on the firm by the operating environment</p> Signup and view all the answers

    What is a parameter in linear programming?

    <p>An actual numeric value in the objective function and the constraints</p> Signup and view all the answers

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

    <p>Special pottery clay and skilled labor</p> Signup and view all the answers

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

    <p>To maximize profit</p> Signup and view all the answers

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

    <p>40 hours</p> Signup and view all the answers

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

    <p>To determine the optimal product mix</p> Signup and view all the answers

    What is the objective of the linear programming model?

    <p>To maximize total profit</p> Signup and view all the answers

    What is the condition for a solution to be feasible?

    <p>The solution must satisfy all constraints</p> Signup and view all the answers

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

    <p>Profit increases as the objective function line moves away from the origin</p> Signup and view all the answers

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

    <p>To determine the values of x1 and x2</p> Signup and view all the answers

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

    <p>Extreme points</p> Signup and view all the answers

    What is the mathematical property of linear programming models?

    <p>The optimal solution will always occur at an extreme point</p> Signup and view all the answers

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

    <p>The graph may not be accurate</p> Signup and view all the answers

    What is the purpose of using the graphical solution approach?

    <p>To determine the optimal solution point</p> Signup and view all the answers

    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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    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.

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