DSIMGTS (100% Correct Answers)

Management Science correct answers A discipline that aids managerial decision making through applying scientific approach to managerial problems that require quantitative factors. Scientific Method Steps correct answers 1. Define the problem and gather data 2. Formulate a model 3. Develop a computer based procedure to derive solutions for the problem 4. Test the model and refine it as needed 5. Apply the model to analyze the problem and 6. Help to implement the team's recommendations Linear programming correct answers A mathematical modeling technique used by businesses to aid in planning and decision making, specifically for resource allocation. Product mix problem? correct answers In this problem, LP is used in order to find the most realistic and practical allocation for 2 or more products that are produced with limited resources. Three components of the LP Model correct answers 1. Decision Variables 2. Objective Function 3. Constraints Steps in formulating an LP Model correct answers 1. Analyze the problem given. 2. Identify the decision variables. 3. Use the variables to formulate the objective function and the constraints. 4. State the non - negativity constraint. Excel Solver correct answers ________________________ is used in order to find the optimal solution. Link correct answers lines that connect nodes and allow travel in either direction Arc correct answers lines that connect nodes but DO NOT allow travel in either direction Binary Integer Programming correct answers A special case of integer linear programming, wherein variables are binary. (0 or 1) Pure BIP model correct answers A BIP model wherein the variables are restricted to binary variables Mixed BIP model correct answers A BIP model wherein only some variables are restricted to binary variables Non-Linear Programming? correct answers the model is a linear programming model except for having at least one nonlinear formula for an output cell (such as the objective cell)