SAINT MBA550 FINAL EXAM - 75885

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Question 1. 1. The production manager for the Coory soft drink company is considering the production of two kinds of soft drinks: regular (R) and diet (D). Two of her limited resources are production time (8 hours = 480 minutes per day) and syrup (1 of the ingredients), limited to 675 gallons per day. To produce a regular case requires 2 minutes and 5 gallons of syrup, while a diet case needs 4 minutes and 3 gallons of syrup. Profits for regular soft drink are $3.00 per case and profits for diet soft drink are $2.00 per case. What is the objective function? (Points : 5) MAX $2R + $4D MAX $3R + $2D MAX $3D + $2R MAX $4D + $2R Question 2. 2. Project management differs from management of more traditional day-to-day activities because: (Points : 5) it has limited time frame. it has an unlimited budget. it is more expensive. it involves more of the workforce. Question 3. 3. The maximum number of constraints that could define the feasible solution space is _____: (Points : 5) 2 3 4 Unlimited Question 4. 4. A plant manager is attempting to determine the production schedule of various products to maximize profit. Assume that a machine hour constraint is binding. If the original amount of machine hours available is 200 minutes., and the range of feasibility is from 130 minutes to 300 minutes, providing two additional machine hours will result in: (Points : 5) the same product mix, different total profit. a different product mix, same total profit as before. the same product mix, same total profit. a different product mix, different total profit. Question 5. 5. The $75 per credit hour course fee tacked on to all the MBA classes has generated a windfall of $56,250 in its first semester. "Now we just need to make sure we spend it all," the Assistant Dean cackled. She charged the Graduate Curriculum Committee with generating a shopping list before their next meeting. Four months later, the chairman of the committee distributed the following. As the professor for the quantitative modeling course, he tended to think in terms of decision variables, so he added the left-most column for ease of use. Decision Variable Item Cost Note A iPads for everybody $750/unit Must get a cover if these are purchased B iPad covers with MBA logo $25/unit Not needed unless we buy iPads C Speaker series $15,000 Can't afford both this and the iPads D Subscriptions to the Wall Street Journal $10/unit Don't need if we have the electronic version E Subscriptions to the electronic version of the Wall Street Journal $5/unit Worthless without the iPads Which of the constraints best describes the relationship between the iPads for everyone and the speaker series? (Points: 5) A - C = 1 A + C = 1 A - C = 0 A + C = 2 Question 6. 6. In a ________ integer model, all decision variables have integer solution values. (Points : 5) Total 0-1 Mixed all of the above Question 7. 7. If a maximization linear programming problem consists of all less-than-or-equal-to constraints with all positive coefficients and the objective function consists of all positive objective function coefficients, then rounding down the linear programming optimal solution values of the decision variables will ________ result in a feasible solution to the integer linear programming problem. (Points : 5) Always Sometimes Optimally Never Question 8. 8. When systematically formulating a linear program, the first step is to: (Points : 5) construct the objective function formulate the constraints identify the decision variables. identify the parameter values. Question 9. 9. The critical path is the ________ path through the network. (Points : 5) Longest Shortest Straightest most expensive Question 10. 10. In a 0-1 integer programming model, if the constraint x1 - x2 = 0, it means when project 2 is selected, project 1 ________ be selected. (Points : 5) must always can sometimes can never is already Question 11. 11. Multiple optimum solutions can occur when the objective function is _______ a constraint line. (Points : 5) unequal to equal to linear to parallel to Question 12. 12. A shadow price reflects which of the following in a maximization problem? (Points : 5) The marginal gain in the objective that would be realized by adding one unit of a resource The marginal gain in the objective that would be realized by subtracting one unit of a resource The marginal cost of adding additional resources The marginal gain of selling one more unit Question 13. 13. In a ________ integer model, some solution values for decision variables are integers and others can be non-integer. (Points : 5) Total 0-1 Mixed all of the above Question 14. 14. For most graphs, the constraint equations which intersect to form a solution point must be solved simultaneously: (Points : 5) because the solution coordinates from the graph cannot be visually read with high precision. in order to confirm the mathematically determined coordinates. in order to determine all of the optimal point solution. because the slope b and the y-intercept a are not always integers. Question 15. 15. In order to transform a ">=" constraint into an equality ("=") in a linear programming model: (Points : 5) add a slack variable. add a surplus variable. subtract a surplus variable subtract a surplus variable and add a slack variable. Question 16. 16. Cully Turniture buys two products for resale: big shelves (B) and medium shelves (M). Each big shelf costs $500 and requires 100 cubic feet of storage space, and each medium shelf costs $300 and requires 90 cubic feet of storage space. The company has $75,000 to invest in shelves this week, and the warehouse has 18,000 cubic feet available for storage. Profit for each big shelf is $300 and for each medium shelf is $150. What is the storage space constraint? (Points : 5) 90 B + 100 M = 18000 90 B + 100 M = 18000 100 B + 90 M = 18000 500 B + 300 M = 18000 Question 17. 17. ________ is used to analyze changes in model parameters. (Points : 5) Optimal solution Feasible solution Sensitivity analysis A slack variable Question 18. 18. Which of the following could be a linear programming objective function? (Points : 5) Z = 1A + 2BC + 3D Z = 1A + 2B + 3C + 4D Z = 1A + 2B / C + 3D Z = 1A + 2B2 + 3D Question 19. 19. The production manager for the Softy soft drink company is considering the production of two kinds of soft drinks: regular and diet. Two of her resources are production time (8 hours = 480 minutes per day) and syrup (1 of the ingredients) limited to 675 gallons per day. To produce a regular case requires 2 minutes and 5 gallons of syrup, while a diet case needs 4 minutes and 3 gallons of syrup. Profits for regular soft drink are $3.00 per case and profits for diet soft drink are $2.00 per case. What is the time constraint? (Points : 5) 2R + 4D = 480 2D + 4R = 480 2R + 3D = 480 3R + 2D = 480 Question 20. 20. If t is the expected completion time for a given activity, then _____. (Points : 5) LF = LS – t EF = ES – t EF = ES + t EF = LS - t
Solution Description

Question 1. 1. The production manager for the Coory soft drink company is considering the production of two kinds of soft drinks: regular (R) and diet (D). Two of her limited resources are production time (8 hours = 480 minutes per day) and syrup (1 of the ingredients), limited to 675 gallons per day. To produce a regular case requires 2 minutes and 5 gallons of syrup, while a diet case needs 4 minutes and 3 gallons of syrup. Profits for regular soft drink are $3.00 per case and profits for diet soft drink are $2.00 per case. What is the objective function? (Points : 5)

MAX $2R + $4D

MAX $3R + $2D

MAX $3D + $2R

MAX $4D + $2R

Question 2. 2. Project management differs from management of more traditional day-to-day activities because: (Points : 5)

it has limited time frame.

it has an unlimited budget.

it is more expensive.

it involves more of the workforce.

Question 3. 3. The maximum number of constraints that could define the feasible solution space is _____: (Points : 5)

2

3

4

Unlimited

Question 4. 4. A plant manager is attempting to determine the production schedule of various products to maximize profit. Assume that a machine hour constraint is binding. If the original amount of machine hours available is 200 minutes., and the range of feasibility is from 130 minutes to 300 minutes, providing two additional machine hours will result in: (Points : 5)

the same product mix, different total profit.

a different product mix, same total profit as before.

the

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