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BUS-660 Quantitative Methods Study Guide Exam 2024 | BUS 660 Exam Update Latest 2024 Questions and Correct Answers. Rated A+

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Download BUS-660 Quantitative Methods Study Guide Exam 2024 | BUS 660 Exam and more Exams Nursing in PDF only on Docsity! 1 1 BUS-660 Quantitative Methods Study Guide Exam 2024 | BUS 660 Exam Update Latest 2024 Questions and Correct Answers. Rated A+ The number of units expected to be sold is uniformly distributed between 300 and 500. If r is a random number between 0 and 1, then the proper expression for sales is - ASNWER-300 + r(200) In an all-integer linear program, - ASNWER-all variables must be integer. Blending problems arise whenever a manager must decide how to - ASNWER-mix two or more resources to produce one or more products. Revenue management methodology was originally developed for - ASNWER-an airline. A transshipment problem is a generalization of the transportation problem in which certain nodes are neither supply nodes nor destination nodes. - ASNWER- True A requirement that two 0-1 variables both be either in or out of a solution together is a - ASNWER-corequisite constraint Before waiting lines can be analyzed economically, the arrivals' cost of waiting must be estimated. - ASNWER-True If arrivals occur according to the Poisson distribution every 20 minutes, then which is NOT true? - ASNWER-λ = 20 arrivals per hour 2 2 Let A, B, and C be the amounts invested in companies A, B, and C. If no more than 50% of the total investment can be in company B, then - ASNWER-−.5A + .5B − .5C ≤ 0 Which of the following is the most useful contribution of integer programming? - ASNWER-using 0-1 variables for modeling flexibility Which of the following statements is INCORRECT regarding the advantages of simulation? - ASNWER-Simulation guarantees an optimal solution. Simulation is a trial-and-error approach to problem solving. - ASNWER-True The classic assignment problem can be modeled as a 0-1 integer program. - ASNWER-True The difference between the transportation and assignment problems is that - ASNWER-each supply and demand value is 1 in the assignment problem In comparing different policies using simulation, one should use the same set of random numbers whenever possible. - ASNWER-True A quantity that is difficult to measure with certainty is called a - ASNWER- probabilistic input Models with a finite calling population - ASNWER-Use the size of the population as parameter in the operating characteristics formulas The composite unit in data envelopment analysis - ASNWER-All of the alternatives are correct. 5 5 affects how the system changes or evolves over time. - ASNWER-False The process of ensuring that the simulation model provides an accurate representation of a real system is called - ASNWER-validation The production scheduling problem modeled in the textbook involves capacity constraints on all of the following types of resources except - ASNWER-material. 6 6 The difference between the transportation and assignment problems is that - ASNWER-each supply and demand value is 1 in the assignment problem Most practical applications of integer linear programming involve - ASNWER-only 0-1 integer variables and not ordinary integer variables. The shortest-route problem finds the shortest-route - ASNWER-from the source to any other node. A transshipment problem is a generalization of the transportation problem in which certain nodes are neither supply nodes nor destination nodes. - ASNWER- True In a transshipment problem, shipments - ASNWER-can occur between any two nodes. In the LP formulation of a maximal flow problem, a conservation-of-flow constraint ensures that an arc's flow capacity is not exceeded. - ASNWER-False If an LP problem is not correctly formulated, the computer software will indicate it is infeasible when trying to solve it. - ASNWER-True The marketing research model presented in the textbook involves minimizing total interview cost subject to interview quota guidelines. - ASNWER-True Little's flow equations apply to any waiting line model. - ASNWER-True 7 7 When the number of agents exceeds the number of tasks in an assignment problem, one or more dummy tasks must be introduced in the LP formulation or else the LP will not have a feasible solution. - ASNWER-False In a capacitated transshipment problem, some or all of the transfer points are subject to capacity restrictions. - ASNWER-False Revenue management methodology was originally developed for - ASNWER-an airline Multiple choice constraints involve binary variables. - ASNWER-True Adding more channels always improves the operating characteristics of the waiting line and reduces the waiting cost. - ASNWER-True The goal of portfolio models is to create a portfolio that provides the best balance between risk and return. - ASNWER-True In a transshipment problem, shipments - ASNWER-can occur between any two nodes. The product design and market share optimization problem presented in the textbook is formulated as a 0-1 integer linear programming model. - ASNWER- True Sensitivity analysis for integer linear programming - ASNWER-does not have the same interpretation and should be disregarded. 10 10 Let M be the number of units to make and B be the number of units to buy. If it costs $2 to make a unit and $3 to buy a unit and 4000 units are needed, the objective function is - ASNWER-Min 2M + 3B Double-subscript notation for decision variables should be avoided unless the number of decision variables exceeds nine. - ASNWER-False If a problem has only less-than-or-equal-to constraints with positive coefficients for the variables, rounding down will always provide a feasible integer solution. - ASNWER-True The interpretation of the dual price for nonlinear models is different than the interpretation of the dual price for linear models. - ASNWER-False In the LP formulation of a maximal flow problem, a conservation-of-flow constraint ensures that an arc's flow capacity is not exceeded. - ASNWER-False For many waiting line situations, the arrivals occur randomly and independently of other arrivals and it has been found that a good description of the arrival pattern is provided by - ASNWER-a Poisson probability distribution. Each simulation run provides only a sample of how the real system will operate. - ASNWER-True Flow in a transportation network is limited to one direction. - ASNWER-True 11 11 The number of units expected to be sold is uniformly distributed between 300 and 500. If r is a random number between 0 and 1, then the proper expression for sales is - ASNWER-300 + r(200) The graph of a problem that requires x1 and x2 to be integer has a feasible region - ASNWER-of dots. If a problem has only less-than-or-equal-to constraints with positive coefficients for the variables, rounding down will always provide a feasible integer solution. - ASNWER-True A table of uniformly distributed random numbers should be read - ASNWER-in any consistent sequence. The objective of the transportation problem is to - ASNWER-minimize the cost of shipping products from several origins to several destinations. Let M be the number of units to make and B be the number of units to buy. If it costs $2 to make a unit and $3 to buy a unit and 4000 units are needed, the objective function is - ASNWER-Min 2M + 3B Models with a finite calling population - ASNWER-use the size of the population as a parameter in the operating characteristics formulas. A feasible solution is a global optimum if there are no other feasible solutions with a better objective function value in the immediate neighborhood. - ASNWER-False The objective of the transportation problem is to - ASNWER-minimize the cost of shipping products from several origins to several destinations. 12 12 A key trade-off in most portfolio optimization models must be made between risk and return. - ASNWER-True One disadvantage of simulation is that it is limited in the variety of probability distributions that can be used in modeling a system. - ASNWER-False The marketing research model presented in the textbook involves minimizing total interview cost subject to interview quota guidelines. - ASNWER-True Let A, B, and C be the amounts invested in companies A, B, and C. If no more than 50% of the total investment can be in company B, then - ASNWER-−.5A + .5B − .5C ≤ 0 In general, rounding large values of decision variables to the nearest integer value causes fewer problems than rounding small values. - ASNWER-True In general, every DEA linear programming model will include a constraint that requires the weights for the operating units to sum to - ASNWER-1 Which of the following is the most useful contribution of integer programming? - ASNWER-using 0-1 variables for modeling flexibility Question Content Area The machine repair problem is an application of the M/M/1 model with - ASNWER-a finite calling population.