Exam 2 Review Topics FALL2011

Exam 2 Review Topics FALL2011 - 100% rule. Developing LP...

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MGMT 36033 Review Topics for Exam 2 Exam 2 covers chapters 1-5 (graphical method of solving LP models and graphical sensitivity analysis are excluded). Material from chapters 3 and 4 in the textbook will be emphasized. Expect 2 -3 multiple choice questions on transportation and transshipment models (chapter 5 in the textbook). Format of the test: 18 multiple choice questions and one problem for 22 points (computer solution with interpretation questions). Total number of points possible: 60. Pay special attention to the following: Sensitivity analysis, optimal solution, optimal value of the objective function. Definitions of ranges of optimality, reduced cost, ranges of feasibility, shadow price/dual value, binding constraints, non-binding constraints, slack and surplus, alternate optimal solutions, unboundness. (Note: shadow price is the same as dual value – some software packages used to solve LP models display dual value instead of shadow price on sensitivity reports).
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Unformatted text preview: 100% rule. Developing LP models for portfolio selection, media selection, manufacturing, production scheduling and blending problems. o Recommended problems to review: Fifth Avenue Industries (manufacturing application), Win Big Gambling Club (media selection model), International City Trust (portfolio selection problem), Blending Java, production planning problem (bottled water problem collected for grade). Interpretation of Solver solutions to LP models. o Review problems 4-13 and 4-14 posted on Blackboard. Answer interpretation questions for the Grump Manufacturing practice problem Solver solution to this problem is available on Blackboard. o Complete the practice problem for exam 2 (handout). o Review discussion problems posted on Blackboard and in folders chapter3 and chapter4 on PcCommon, end of chapter questions and problems, PowerPoint presentations etc....
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This note was uploaded on 12/03/2011 for the course MIS 360 taught by Professor Ezwan during the Spring '11 term at Lindenwood.

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