Fill in the Blanks Flashcards
often business are faced with decisions that involving ________ that will affect the cost of future operations
a fixed charge cost
the main difference in the objective function
tries to minimize the deviations from the mean
_____ refers to modeling and solving a problem mathematically
quantitative analysis
assume conditions of ______ exist and ____ exist during the period of stud
certainty and not change
one of the most common LP applications is ____
product mix problem
where there are more than two variables or complex approach needed and its not possible to plot the solution on a graph
decision tree
the mathematical period behind the LP
a graphic point
1 simulation program
excel 8, solver
. events are said to be _____ if the list of outcomes includes every list of possible outcomes
collectively exhaustive
Many business experienemts can be by characterized by the ______
the bernelli process (its in the question)
-binomial distribution (2nd blank)
____ a real number to every outcome or experiment
random variable
what are the main types of probabilities
marginal, joint, and conditional
the amount of change in an objective function
duel price or duel value
what are the 4 special cases in LP
no feasible solution, unboundedness, alternate optimal cases (theres one more in recording)
surplus is used with greater than indicated by the right hand side that the constraint is____
exceeded
the optimal solution…
the highest profit
the first step in solving an LP problem is___
defining the problem
what are the special issues in LP
alternative optimal solutions
formulating a LP involves developing____
a mathematical model to represent a managerial problem
the objective and constraints must be expressed in terms of___
linear equations
when an objective function contains a square term and its linear its called
-a programming problem
when disadvantages of an LP
a local not a global optimization
it is not possible for LP to have multiple goals unless
they are measurable in the same units
Many business problems have ______
multiple objections and goals
