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Exam 2 Review Topics FALL2011

Exam 2 Review Topics FALL2011 - • 100 rule • Developing...

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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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