Answer for QM - Quantitative Analysis BA 452 Supplemental...

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Unformatted text preview: Quantitative Analysis BA 452 Supplemental Questions 3 1 This document contains practice questions that supplement homework questions and review questions for Lessons I-6 and I-7. This document first identifies the learning objectives of solving supplemental questions. The document then lists 32 questions. Three of those questions (questions 18, 23, and 26) are like the questions in Homework 3. Some supplemental questions refer to a section of a chapter in the textbook (for example, Section 2.1 means Chapter 2 Section 1 of your textbook). Finally, the document answers all questions except the homework questions. Questions 3 and 4 can be helpful if answered without using the Management Scientist , and questions 5-36 can be helpful if answered with the Management Scientist . Questions marked with an asterisk * are similar to review questions. Tip: Supplemental questions are grouped into sets of similar type. Once you have mastered the questions in a set, you can skip the rest of the questions in that set. Quantitative Analysis BA 452 Supplemental Questions 3 2 Objectives By working through the homework questions and the supplemental questions, you will: 1. Understand what happens in graphical solutions when coefficients of the objective function change. 2. Be able to interpret the range for an objective function coefficient. 3. Understand what happens in graphical solutions when right-hand sides change. 4. Be able to interpret the dual price. 5. Be able to interpret the range for a right-hand side. 6. Learn how to formulate, solve and interpret the solution for linear programs with more than two decision variables. 7. Understand the following terms: sensitivity analysis dual price reduced cost 100 percent rule sunk cost relevant cost Quantitative Analysis BA 452 Supplemental Questions 3 3 On the definition of the dual price … In this course, I defined 1) the dual price of a constraint is the rate of improvement in the value of the optimal solution per unit increase in the right-hand-side constant. For example, if a production line is already operating at its maximum 40 hour limit, the dual price would be the maximum price the manager trying to maximize profit or minimize cost would be willing to pay for operating the line for an additional hour, based on the benefits he would get from that change. That definition of “dual price” is used on all your homework and exams, and is consistent with the definition used in the Management Scientist program and in the Anderson text for editions 12 and earlier. However, the Anderson text for editions 13 and later and answers to some of the supplemental questions below use this altered definition, called the dual value 2) the dual value of a constraint is the rate of change in the value of the optimal solution per unit increase in the right-hand-side constant....
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This note was uploaded on 10/10/2011 for the course BA 452 taught by Professor Professor during the Spring '11 term at Blue Ridge Community and Technical College.

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Answer for QM - Quantitative Analysis BA 452 Supplemental...

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