Module b Flashcards

1
Q

represents the essential features of an object, system or problem without unimportant details
A simplified version of reality

A

model

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2
Q

_____ models are cheaper, faster and safer than constructing and manipulating real systems

A

Mathematical

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3
Q

models that seek to maximize or minimize some objective function while satisfying a set - linear programming

A

Optimization Models:

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4
Q

: A mathematical technique designed to help operations managers plan and make decisions necessary to allocate resources

A

Linear Programming (LP)

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5
Q

Many operations management decisions involve trying to make the most effective use of resources – LP problems seek to ________ some quantity

A

maximize or minimize

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6
Q

: the presence of restrictions, or constraints, limits the degree to which we can pursue our objective

A

constraints

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7
Q

controllable input variable that represents the key decisions a manager must make to achieve an objective
Generally use x1, x2, x3, etc. to represent decision variables

A

Decision variables:

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8
Q

: the evaluation criteria (often maximizing profit or minimizing cost)

A

Objective Function:

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9
Q

The constant terms in the objective function

A

Objective Function Coefficients:

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10
Q

solutions that satisfy all constraints

A

Feasible Solutions:

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11
Q

: any feasible solution that optimizes the objective function

A

Optimal Solution:

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12
Q

a constraint that forms the optimal corner point of the feasible solution space

A

Binding constraint:

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13
Q

when the optimal values of decision variables are substituted into a  (greater than or equal to) constraint and the resulting value exceeds the right side value

A

of the feasible solution space

Surplus:

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14
Q

when the optimal values of decision variables are substituted into a  (less than or equal to) constraint and the resulting value is less than the right side value

A

slack

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15
Q

used to assess the impact of potential changes to parameters of an LP model

A

Sensitivity analysis

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16
Q

There are three types of potential changes:

A

Objective function changes
Right-hand-side (RHS) values of constraints
Constraint coefficients

17
Q

the range of values for the coefficients in the objective function over which the solution of the decision variables remain the same

A

Range of optimality:

18
Q

: the range of values for the right-hand side (RHS) of a constraint over which the shadow price remains the same

A

Range of feasibility:

19
Q

the amount by which the value of the objective function would change with a one-unit change in the RHS value of the constraint

A

Shadow price:

20
Q

_____ is only valid when the RHS changes are within the Range of Feasibility

A

Shadow price