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BUSOBA 2321 FINAL QUESTIONS AND ANSWERS

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BUSOBA 2321 FINAL QUESTIONS AND ANSWERS

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BUSOBA 2321 FINAL QUESTIONS AND
ANSWERS




What44question44are44we44trying44to44answer44when44performing44sensitivity44analysis?
44-44answer--
How44sensitive44is44our44solution44to44changes44in44the44assumptions44that44we44made?

T44or44F:44The44optimal44solution44will44not44always44be44at44a44corner44point44-
44answer--False44-
44it44always44will44be44since44this44is44where44two44constraints44are44maxed44out44-
44more44resources44=44more44production44=44more44optimal


T44or44F:44The44assumptions44made44in44our44linear44program44formulation44(i.e.44how44
much44profit44we44will44be44able44to44make44per44unit44of44a44particular44product)44may44
change44based44on44market44conditions44-44which44we44do44not44have44control44over.44-
44answer--True


Define44shadow44price44-44answer--
The44change44in44the44OBJ44FN44value44if44we44increase44one44constraint44by44one44uni
t.

By44solving44for44the44shadow44price44of44a44constrained44resource,44what44question44ar
e44we44answering?44-44answer--
If44we44have44a44additional44unit44of44the44constrained44resource44available,44how44muc
h44could44our44OBJ44FN44value44increase44by?

How44do44we44know44if44the44addition44of44a44constraing44will44result44in44the44OBJ44FN4
4value44increases,44staying44the44same,44or44decreasing?44-44answer--
An44additional44constraint44will44never44increase44the44OBJ44FN44VAL.

If44the44constraint44is44redundant44(i.e.44it44is44already44being44adhered44too;44there44is44
another44constraint44that44is44more44restrictive44than44this44new44constraint),44our44OBJ4
4FN44val44wiull44remain44the44same44-44the44feasible44region44will44not44change.

, If44it44is44not44redundant44(is44not44already44being44adhered44to44-
44the44addition44of44this44constraint44decreases44our44feasible44region),44our44OBJ44FN44
val44will44decrease

What44are44the44two44sections44of44a44sensitivity44report?44-44answer--
1.44adjustable44cells
2.44constraints

For44what44type44of44constraint44(what44sign)44might44slack44exist?44-44answer--
maximums;
<

For44what44type44of44constraint44(what44sign)44might44surplus44exist?44-44answer--
Minimums
>

Why44might44the44allowable44increase44of44a44constraint44be44infinite?44-44answer--
If44slack44already44exists44-
44if44we44already44aren't44using44up44all44of44what44we44currently44have44available,44we44
will44never44gain44anything44by44increasing44the44availability44of44the44resource.

Why44might44the44allowable44decrease44of44a44constraint44be44infinite?44-44answer--
if44a44surplus44already44exists44-
44no44matter44how44much44the44RHS44of44the44constraint44decreased,44no44additional44v
alue44would44be44added44because44we44are44already44above44the44current44minimum44-
44making44the44minimum44lower44would44not44help44us.


If44surplus44exists,44what44is44the44allowable44increase44for44the44constraint?44-
44answer--the44amount44of44the44surplus


if44the44minimum44increases44to44our44current44amount44of44production,44the44constraint4
4will44then44be44binding44and44thus44the44shadow44price44will44become44a44non-
zero44value

If44surplus44exists,44what44is44the44allowable44decrease44for44the44constraint?44-
44answer--infinity


If44slack44exists,44what44is44the44allowable44increase44for44the44constraint?44-44answer--
infinity

If44slack44exists,44what44is44the44allowable44decrease44for44the44constraint?44-44answer--
the44amount44of44the44slack


decreasing44by44this44amount44will44mean44that44we44would44be44using44all44of44the44res
ource44-44it44would44then44be44binding44and44the44shadow44price44woudl44change

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