P1 Introduction to Model Bulding

Question 1

Operations Research

Answer 1

A system which optimizes scarce resources

Question 2

System

Answer 2

A bunch of interdependent components that accomplish the goal of the system. This could be to max the profit.

Question 3

Mathematical model

Answer 3

A mathematical representation a system.

Question 4

Yield

Answer 4

The amount produce of anything

Question 5

Optimization model

Answer 5

is a prescribed behavior to achieve a goal efficiently

Question 6

Objective Function

Answer 6

is a function that tries to min,max, or a variable combination of certain things

Question 7

Decision Variables

Answer 7

The variables that are under our control and influence the system

Question 8

Constraints

Answer 8

These are the restrictions of decision variables to be safe.

Question 9

Feasible region

Answer 9

is the area that satisfies the models constraints

Question 10

Optimal solution

Answer 10

is any point in the feasible region that optimizes the objective function

Question 11

Static model

Answer 11

where the decision variables do NOT involve sequences of decisions over multiple periods.

For example max production

Question 12

Dynamic model

Answer 12

where the decision variables do involve sequences of decisions over multiple periods.

The production for the next year based on the quarters of this year

Question 13

Linear model

Answer 13

decision variables are always multiplied by constants and added together

Question 14

Nonlinear model

Answer 14

decision variables are squared or multiplied makes the equation non linear

Question 15

Deterministic model

Answer 15

There is certainty that constraints and everything will go fine

Question 16

Stochastic model

Answer 16

Assumes everything can change an there is uncertainty

Question 17

7 Step Model Building Process

Answer 17

1 Formulate the problem
2 Observe the system
3 formulate a mathematical model of the problem
4 verify the model and predict
5 select alternative
6 present results and conclusions
7 implement and evaluate

Question 18

LP

Answer 18

linear programming was developed by Dantzing 1947

Question 19

Objective function coefficient

Answer 19

is the constant in front of a variable for example 3 in 3x

Question 20

sign restrictions

Answer 20

it says we cannot have nonnegative values

Question 21

unrestricted signs

Answer 21

are abbreviated urs

Question 22

Divisibility assumption

Answer 22

all variables can be fractional depends on the technicality

if problems are integers for sure its called an integer programming problem

Question 23

Certainty assumption

Answer 23

Is the assumption that all parameters are real and certain to happen
ex carpenter takes an hour only to make a table