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331-11 - MIDTERM EXAM REVIEW Chapters 1 5 Approach...

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MIDTERM EXAM REVIEW Chapters 1 - 5
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Approach Organized by Chapter Broken down into Concepts , or topics of importance, and Problems , or applications using Excel or other calculation tools
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Chapter 1 Concepts Deterministic vs Probablistic models Quantitative vs Qualitative data; can we model qualitative data? Steps in modeling Benefits & Disadvantages
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Chapter 1 cont’d Problems Use of “goal seek”
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Chapter 2 Concepts Components of an LP model and the meaning of each (Decision Variables, Objective Function, Constraints) What is a Feasible Region & how is it found? What is the meaning and use of Corner Points?
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Chapter 2 cont’d Identify the four assumptions of LP models; are they always valid? Convert phrases into Constraint signs What is meant by “Non negativity” What is the meaning and use of the Level Curve or Profit Line? Understand and recognize the four “special situations” in LP modeling
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Chapter 2 cont’d Problems
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