LESSON 3: MODELING AND SOLVING LINEAR PROGRAMMING PROBLEMS IN A SPREADSHEET Flashcards
In a supply chain optimization problem, what is the main goal of linear programming?
A. Maximizing profit
B. Minimizing cost
C. Maximizing revenue
D. Maximizing market share
Maximizing revenue
A company wants to determine the optimal production quantities for two products. Which type of linear programming model should they use?
A. Integer Linear Programming
B. Sensitivity Analysis
C. Goal Programming
D. Transportation Model
Integer Linear Programming
In a linear programming problem, what is the purpose of the objective function?
A. To identify constraints
B. To determine decision variables
C. To represent the goal to be optimized
D. To define the decision space
To represent the goal to be optimized
Which of the following is a real-world business application that can be optimized using linear programming?
A. Stock market prediction
B. Employee scheduling
C. Weather forecasting
D. Movie recommendation
Employee scheduling
A manufacturing company is looking to optimize the mix of products to maximize profit. What is the term for the values that need to be determined to achieve this?
A. Decision variables
B. Objective values
C. Constraints
D. Sensitivity variables
Decision variables
An advertising agency wants to allocate its budget across various marketing channels to maximize the reach while staying within budget. Which linear programming constraint represents the budget limitation?
A. Greater than or equal to constraint
B. Less than or equal to constraint
C. Equality constraint
D. Slack variable
Less than or equal to constraint
In a linear programming model, if a constraint is expressed as “≥,” what does this mean?
A. It is a hard constraint that must be met
B. It represents an objective function
C. It is a soft constraint that can be violated to some extent
D. It is an infeasible constraint
It is a soft constraint that can be violated to some extent
A retail store aims to maximize its profit by allocating shelf space to different product categories. What type of linear programming model should be used?
A. Sensitivity analysis
B. Goal programming
C. Integer linear programming
D. Allocation problem
Integer linear programming
In a linear programming problem, what is the purpose of the constraint matrix?
A. To represent the coefficients of the decision variables in the objective function.
B. To define the values of the decision variables.
C. To specify the constraints and their coefficients.
D. To calculate sensitivity values
To specify the constraints and their coefficients
Which type of linear programming problem allows for non-integer solutions but is widely used in optimization scenarios involving prescriptive analytics?
A. Transportation Model
B. Integer Linear Programming
C. Goal Programming
D. Linear Programming
Linear Programming
Which of the following is NOT a common application of linear programming in business?
A. Inventory management
B. Production planning
C. Social media marketing
D. Supply chain optimization
Social media marketing
Which type of linear programming problem involves maximizing or minimizing a quantity (e.g., profit or cost) subject to constraints?
A. Maximization problem
B. Minimization problem
C. Equalization problem
D. None of the above
None of the above
What does the objective function in linear programming represent?
A. The constraints of the problem
B. The decision variables
C. The goal or criterion to be optimized
D. The total cost
The goal or criterion to be optimized
In a linear programming model, what is the feasible solution space?
A. The set of all possible solutions
B. The set of solutions that maximize the objective function
C. The set of solutions that satisfy all constraints
D. The set of solutions that minimize the objective function
The set of solutions that satisfy all constraints
Which of the following is a common method for solving linear programming problems in a spreadsheet?
A. Pivot tables
B. Solver add-in
C. VLOOKUP function
D. IF statements
Solver add-in
