Decision variables that can only take on the value of 0 or 1 are called
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binary variables
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In linear programming, choices available to a decision maker are called
answer
.
decision variables
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What is the name of the algorithm that solves linear programming problems of all sizes?
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simplex method
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In linear programming, what is another name for sensitivity analysis?
answer
postoptimality analysis
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Linear programming is a mathematical technique designed to help operations managers plan and make decisions necessary to allocate
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resources
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In linear programming, a solution that does not simultaneously satisfy all constraints is called an
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infeasible solution
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Which of the following is an approach to solving a linear programming minimization problem graphically?
answer
iso-cost
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The feed-mix problem from agricultural applications is a special case of the more general
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diet problem
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In linear programming, what are restrictions that limit the degree to which a manager can pursue an objective?
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constraints
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In a typical product-mix problem in linear programming, the objective is to
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maximize profit
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Two or more products are produced using limited resources. The firm would like to determine how many units of each product it should produce to maximize overall profit given its limited resources.
This situation describes what type of problem in linear programming?
answer
product-mix
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What are the four requirements of a linear programming problem?
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an objective, constraints, alternatives, and linearity
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If A, B, and C are variables, which of the following functions is NOT linear?
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ABC
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What is a mathematical expression in linear programming that maximizes or minimizes some quantity?
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objective function
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The graphical solution to a linear programming problem can only be used when there are two
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decision variables
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In a typical product-mix problem in linear programming, the variables are defined as
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the number of units of each product produced
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An optimal solution to a linear programming problem MUST lie
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at the intersection of at least two constraints
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In a typical product-mix problem in linear programming, each general constraint states that
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the amount of a resource used less than or equals the amount of resource available.
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Via computer, the simplex method methodically examines ________ to search for the optimal solution of an LP problem.
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corner points
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Which of the following would not be well-represented by a binary variable?
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How much money should we invest in this project?
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Which of the following is an approach to solving a linear programming minimization problem graphically?
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corner-point method
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What is the value of one additional unit of a scarce resource in LP?
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shadow price
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The product-mix, diet, and labor scheduling LP formulations typically have ________, ________, and ________ objectives, respectively.
answer
maximization, minimization, minimization
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Which of the following is NOT considered to be a resource for a firm?
answer
accounts payable
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