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Cob 291 Test 2 Study Guide With Complete Solutions

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COB 291 TEST 2 STUDY GUIDE WITH COMPLETE SOLUTIONS

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COB 291 TEST 2 STUDY GUIDE WITH
COMPLETE SOLUTIONS




Shadow Price - Correct Answers -The shadow price of a constraint is the amount by
which the optimal objective function value increases (respectively, decreases) when the
RHS of the constraint is increased (respectively, decreased) by 1. This same value will
apply for any one-unit RHS change within the constraint's RHS range

RHS Ranging - Correct Answers -The allowable increase/decrease in which the output
moves linearly

LHS Ranging - Correct Answers -Changing a coefficient in a constraint

OFCR Range(Changing an Objective Function Coefficient) - Correct Answers -The
OFCR range for a variable is the range over which the variable's coefficient in the
objective function can vary without changing the optimal schedule.

Negative Slack - Correct Answers -Result does not meet constraint

Positive Slack - Correct Answers -Result exceeds constraint

Optimal Schedule - Correct Answers -Ideal solution for a given problem

Sum Product Formula - Correct Answers -=SUMPRODUCT(Cell Set 1: Cell Set 2)

Change in Objective - Correct Answers -Shadow Price * Change in RHS

Nonbinding Constraint Shadow Price - Correct Answers -Always 0 or 1E30

Within the RHS Range of a constraint - Correct Answers -the shadow price is
unchanging

A common problem requiring RHS Ranging is - Correct Answers -changing the quantity
available of a limited resource

When doing OFCR Ranging, we study effects of modifying a problem, for example -
Correct Answers -Changing the profit contribution of a product

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