QMB Exam 2 - Willox
Linear Programming - Answer-The planning of activities represented by a linear mathematical model.
Helps management allocate it's resources to various activities.
3 Questions when formulating any spreadsheet model - Answer-What are the decisions to be made?
What are the constraints on these decisions?
What is the overall measure of performance for these decisions?
Changing Cells (decision variables) - Answer-contain the decisions to be made and affect the overall
measure of performance.
(yellow)
Objective Cell - Answer-Overall measure of performance. Either maximize or minimize this value.
=sumproduct(top blue data, yellow changing).
(orange)
Output Cell - Answer-Provides output depending on the changing cells.
, =sumproduct(blue left data, yellow changing).
(blue)
Resource Allocation - Answer-Allocating resources to activities. <=
Cost Benefit Trade Off - Answer-Trade off between total cost of activities and the benefits to be
achieved from the activities. Management says which benefits must be achieved and the objective is
minimizing the cost to achieve these benefits. >=
Mixed - Answer-Includes at least 2 of the 3 functional constraints.
Transportation - Answer-Finding a shipping plan that minimizes the total cost of transporting a product
from a number of plants to a number of customers. =
Assignment - Answer-Assigning people to tasks to minimize the total cost of performing these tasks. =
Resource Constraint - Answer-Amount of resource used <= Amount available to use
Benefit Constraint - Answer-Level of benefit achieved >= Minimum acceptance level
Fixed Requirement Constraint - Answer-Amount provided = Required amount
What If Analysis - Answer-What would happen to the optimal solution if different assumptions were
made about future conditions?
Frequency table - Answer-arrays category codes from lowest value to highest value, with columns for
count, percent, valid percent, and cumulative percent.
Linear Programming - Answer-The planning of activities represented by a linear mathematical model.
Helps management allocate it's resources to various activities.
3 Questions when formulating any spreadsheet model - Answer-What are the decisions to be made?
What are the constraints on these decisions?
What is the overall measure of performance for these decisions?
Changing Cells (decision variables) - Answer-contain the decisions to be made and affect the overall
measure of performance.
(yellow)
Objective Cell - Answer-Overall measure of performance. Either maximize or minimize this value.
=sumproduct(top blue data, yellow changing).
(orange)
Output Cell - Answer-Provides output depending on the changing cells.
, =sumproduct(blue left data, yellow changing).
(blue)
Resource Allocation - Answer-Allocating resources to activities. <=
Cost Benefit Trade Off - Answer-Trade off between total cost of activities and the benefits to be
achieved from the activities. Management says which benefits must be achieved and the objective is
minimizing the cost to achieve these benefits. >=
Mixed - Answer-Includes at least 2 of the 3 functional constraints.
Transportation - Answer-Finding a shipping plan that minimizes the total cost of transporting a product
from a number of plants to a number of customers. =
Assignment - Answer-Assigning people to tasks to minimize the total cost of performing these tasks. =
Resource Constraint - Answer-Amount of resource used <= Amount available to use
Benefit Constraint - Answer-Level of benefit achieved >= Minimum acceptance level
Fixed Requirement Constraint - Answer-Amount provided = Required amount
What If Analysis - Answer-What would happen to the optimal solution if different assumptions were
made about future conditions?
Frequency table - Answer-arrays category codes from lowest value to highest value, with columns for
count, percent, valid percent, and cumulative percent.
