Question 1

Exhibit 3.1&#10;The following questions are based on this problem and accompanying Excel windows.&#10;Jones Furniture Company produces beds and desks for college students. The production process requires carpentry and varnishing. Each bed requires 6 hours of carpentry and 4 hour of varnishing. Each desk requires 4 hours of carpentry and 8 hours of varnishing. There are 36 hours of carpentry time and 40 hours of varnishing time available. Beds generate $30 of profit and desks generate $40 of profit. Demand for desks is limited, so at most 8 will be produced.   The LP model for the problem is    &#10;Refer to Exhibit 3.1. Which of the following statements represent the carpentry, varnishing and limited demand for desks constraints?&#10;A) B4:C4 &#8804; B5:C5&#10;B) E5 &#8804; 0&#10;C) D8:D10 &#8804; E8:E10&#10;D) E8:E10 &#8804; D8:D10

Accepted Answer

Constraints D8:D10 ≤ E8:E10 represent the carpentry constraints, where each bed requires 6 hours of carpentry and each desk requires 4 hours of carpentry. Constraints E5 ≤ 0 represent the limited demand for desks. Constraints B4:C4 ≤ B5:C5 represent the varnishing constraints, where each bed requires 4 hours of varnishing and each desk requires 8 hours of varnishing.

Question 2

&#8203;In modeling a problem it is usually best to start by entering all equations in a spreadsheet.

Accepted Answer

Modeling a problem does not necessarily require the use of a spreadsheet. Modeling can be done through various methods including mathematical equations, diagrams, or computer simulations.

Question 3

The LHS value of a constraint represents the usage of an associated resource by the decision variables.

Accepted Answer

The left-hand side (LHS) of a constraint typically represents the usage of a resource, such as time or materials, by the decision variables in a mathematical model. The right-hand side (RHS) represents the maximum allowed usage of that resource.

Question 4

Which type of spreadsheet cell represents the decision variables in an LP model?&#10;A) Target or set cell&#10;B) Variable cell&#10;C) Constraint cell&#10;D) Constant cell

Accepted Answer

The variable cells represent the decision variables in an LP model. These are the cells that will be adjusted to find the optimal solution. The other cells (target/set cells, constraint cells, and constant cells) provide information and limitations for the model.

Question 5

Decision variables are sometimes referred to as problem parameters. &#8203;

Accepted Answer

Decision variables are not the same as problem parameters. Problem parameters are the fixed inputs and conditions of a problem, while decision variables are the variables that you can manipulate or change.

Question 6

Solving LP problems in Excel requires only a copy and paste operation.

Accepted Answer

Solving LP problems in Excel requires setting up the LP problem in the correct format using the Solver add-in, defining the objective function and constraints, and setting Solver options before finding a solution. Copy and paste alone is not sufficient.

Question 7

Using Data Envelopment Analysis (DEA) for an inefficient unit, a more efficient composite unit can be found by&#10;A) Solving its DEA problem and retrieving the weights from the answer report.&#10;B) Solving its DEA problem and examining those units whose final value is non-zero.&#10;C) Solving its DEA problem and using the resulting shadow prices as composite weights.&#10;D) Solving its DEA problem and using the positive resulting shadow prices as composite weights.

Accepted Answer

Solving its DEA problem and using the resulting shadow prices as composite weights.

Question 8

Exhibit 3.3&#10;The following questions are based on this problem and accompanying Excel windows.&#10;Jack's distillery blends scotches for local bars and saloons. One of his customers has requested a special blend of scotch targeted as a bar scotch. The customer wants the blend to involve two scotch products, call them A and B. Product A is a higher quality scotch while product B is a cheaper brand. The customer wants to make the claim the blend is closer to high quality than the alternative. The customer wants 50 1500 ml bottles of the blend. Each bottle must contain at least 48% of Product A and at least 500 ml of B. The customer also specified that the blend have an alcohol content of at least 85%. Product A contains 95% alcohol while product B contains 78%. The blend is sold for $12.50 per bottle. Product A costs $7 per liter and product B costs $3 per liter. The company wants to determine the blend that will meet the customer's requirements and maximize profit.    &#10;Refer to Exhibit 3.3. Which of the following statements could represent a constraint in this problem?&#10;A) B4:C4 &#8804; B5:C5&#10;B) E5 &#8804; 0&#10;C) D8 = E8&#10;D) E8:E11 &#8804; D8:D11

Accepted Answer

The answer of Exhibit 3.3&#10;The following questions are based on...

Question 9

Exhibit 3.5&#10;The following questions are based on this problem and accompanying Excel windows.&#10;A company is planning production for the next 4 quarters. They want to minimize the cost of production. The production cost is stable but demand and production capacity vary from quarter to quarter. The maximum amount of inventory which can be held is 12,000 units and management wants to keep at least 3,000 units on hand. Quarterly inventory holding cost is 3% of the cost of production. The company estimates the number of units carried in inventory each month by averaging the beginning and ending inventory for each month. There are currently 5,000 units in inventory. The company wants to produce at no less than one half of its maximum capacity in any quarter.      &#10;Refer to Exhibit 3.5. What formula should be entered in cell C18 in the accompanying Excel spreadsheet to compute the quarterly carrying costs?&#10;A) =C15*C3+C6&#10;B) =C15*(C3+C6)&#10;C) =C15*C3/2&#10;D) =C15*(C3+C6)/2

Accepted Answer

The correct formula to compute the quarterly carrying costs is =C15*(C3+C6)/2. This formula takes into account both the cost per unit (C3) and the ordering cost (C6), divides the sum by 2, and multiplies by the average inventory level (C15), which is a common approach to calculate carrying costs.

Question 10

What does the Excel &#34;=SUMPRODUCT(A1:A5,C6;C10)&#34; function do?&#10;A) Sums each range and multiplies the sums.&#10;B) Sum each pair of cells and multiples each sum.&#10;C) Multiplies the contents of cells containing the =SUM() command.&#10;D) Multiplies each pair of cells in two arrays matched by position and sums the products.

Accepted Answer

The SUMPRODUCT function multiplies each pair of cells in two arrays that are matched by position and then sums the products. In this case, it multiplies the values in the range A1:A5 with the corresponding values in cells C6 through C10 and then adds up the resulting products.

Question 11

Analytic Solver Platform (ASP) is &#8203;functionally similar to Excel Solver but it offers many useful extensions.

Accepted Answer

The answer of Analytic Solver Platform (ASP) is &#8203;functionally similar...

Question 12

What action is required to make Analytic Solver Platform (ASP) solve a specified problem?&#10;A) Type go in cell A1.&#10;B) Click the &#34;Optimize&#34; button on the ASP Ribbon, or the green arrow &#34;Solve&#34; in the Task Pane.&#10;C) Click the Close button in the ASP Parameters dialog box.&#10;D) Click the Guess button in the ASP Parameters dialog box.

Accepted Answer

The answer of What action is required to make Analytic...

Question 13

Models which are setup in an intuitively appealing, logical layout tend to be the most&#10;A) Reliable&#10;B) Modifiable&#10;C) Auditable&#10;D) Organized

Accepted Answer

The answer of Models which are setup in an intuitively...

Question 14

Bounds on the decision variables are known as nonnegativity constraints.&#8203;

Accepted Answer

The answer of Bounds on the decision variables are known...

Question 15

Exhibit 3.5&#10;The following questions are based on this problem and accompanying Excel windows.&#10;A company is planning production for the next 4 quarters. They want to minimize the cost of production. The production cost is stable but demand and production capacity vary from quarter to quarter. The maximum amount of inventory which can be held is 12,000 units and management wants to keep at least 3,000 units on hand. Quarterly inventory holding cost is 3% of the cost of production. The company estimates the number of units carried in inventory each month by averaging the beginning and ending inventory for each month. There are currently 5,000 units in inventory. The company wants to produce at no less than one half of its maximum capacity in any quarter.      &#10;Refer to Exhibit 3.5. What formula should be entered in cell C6 in the accompanying Excel spreadsheet to compute ending inventory?&#10;A) =C3-C4+C5&#10;B) =C3+C4-C5&#10;C) =C3-(C4-C5)&#10;D) =C5-C4-C3

Accepted Answer

The answer of Exhibit 3.5&#10;The following questions are based on...

Question 16

Exhibit 3.4&#10;The following questions are based on this problem and accompanying Excel windows.&#10;A financial planner wants to design a portfolio of investments for a client. The client has $300,000 to invest and the planner has identified four investment options for the money. The following requirements have been placed on the planner. No more than 25% of the money in any one investment, at least one third should be invested in long-term bonds which mature in seven or more years, and no more than 25% of the total money should be invested in C or D since they are riskier investments. The planner has developed the following LP model based on the data in this table and the requirements of the client. The objective is to maximize the total return of the portfolio.        &#10;Refer to Exhibit 3.4. What formula should be entered in cell D7 in the accompanying Excel spreadsheet to compute the total return?&#10;A) =B7*SUM(D3:D6)&#10;B) =SUMPRODUCT(B3:B6,D3:D6)&#10;C) =SUM(B3:B6)&#10;D) =SUMPRODUCT(B3:E3,B6:E6)

Accepted Answer

The answer of Exhibit 3.4&#10;The following questions are based on...

Question 17

A solvable problem must have: &#8203;&#10;A) &#8203;a feasible region that is not an empty set.&#10;B) &#8203;the best solution.&#10;C) no more than two constraints.&#10;D) &#8203;no more than two decision variables.

Accepted Answer

The answer of A solvable problem must have: &#8203;&#10;A) &#8203;a...

Question 18

The built-in Solver in Excel is found under which tab on the ribbon?&#10;A) Tools&#10;B) Insert&#10;C) Data&#10;D) Window

Accepted Answer

The answer of The built-in Solver in Excel is found...

Question 19

&#8203;Excel and other spreadsheets contain an add-on called solver.

Accepted Answer

The answer of &#8203;Excel and other spreadsheets contain an add-on...

Question 20

Objective cell, variable cells and constraint cells are terms used in Excel solver to describe the purpose of the cells. &#8203;

Accepted Answer

The answer of Objective cell, variable cells and constraint cells...

Question 21

A heuristic solution is&#10;A) used by Analytic Solver Platform (ASP) when the Guess button is used.&#10;B) guaranteed to produce an optimal solution.&#10;C) used by Analytic Solver Platform (ASP) if Standard GRG Nonlinear method is selected.&#10;D) a rule-of-thumb for making decisions.

Accepted Answer

The answer of A heuristic solution is&#10;A) used by Analytic...

Question 22

How many constraints are there in a transportation problem which has 5 supply points and 4 demand points? (ignore the non-negativity constraints)&#10;A) 4&#10;B) 5&#10;C) 9&#10;D) 20

Accepted Answer

The answer of How many constraints are there in a...

Question 23

Exhibit 3.3&#10;The following questions are based on this problem and accompanying Excel windows.&#10;Jack's distillery blends scotches for local bars and saloons. One of his customers has requested a special blend of scotch targeted as a bar scotch. The customer wants the blend to involve two scotch products, call them A and B. Product A is a higher quality scotch while product B is a cheaper brand. The customer wants to make the claim the blend is closer to high quality than the alternative. The customer wants 50 1500 ml bottles of the blend. Each bottle must contain at least 48% of Product A and at least 500 ml of B. The customer also specified that the blend have an alcohol content of at least 85%. Product A contains 95% alcohol while product B contains 78%. The blend is sold for $12.50 per bottle. Product A costs $7 per liter and product B costs $3 per liter. The company wants to determine the blend that will meet the customer's requirements and maximize profit.    &#10;Refer to Exhibit 3.3. What formula should be entered in cell D11 in the accompanying Excel spreadsheet to compute the total liters of alcohol supplied?&#10;A) =B4*B5+C4*C5&#10;B) =SUMPRODUCT(B11:C11,$B$4:$C$4)&#10;C) =SUM(B5:C5)&#10;D) =SUM(E8:E10)

Accepted Answer

The answer of Exhibit 3.3&#10;The following questions are based on...

Question 24

In the Analytic Solver Platform dialog box simple upper and lower bounds for decision variables are specified by&#10;A) referring directly to the decision variable cells in the Constraints-Bound area.&#10;B) requiring the addition of the bounds above and below the variable cells.&#10;C) resolving the problem with the bounds added.&#10;D) incorporating the bounds in the objective function.

Accepted Answer

The answer of In the Analytic Solver Platform dialog box...

Question 25

Spreadsheet modeling is an acquired skill because&#10;A) there is generally only one correct way to build a model.&#10;B) the spreadsheet is free-form providing many modeling options.&#10;C) using Analytic Solver Platform requires lots of experience.&#10;D) spreadsheets are not very easy to use.

Accepted Answer

The answer of Spreadsheet modeling is an acquired skill because&#10;A)...

Question 26

Exhibit 3.3&#10;The following questions are based on this problem and accompanying Excel windows.&#10;Jack's distillery blends scotches for local bars and saloons. One of his customers has requested a special blend of scotch targeted as a bar scotch. The customer wants the blend to involve two scotch products, call them A and B. Product A is a higher quality scotch while product B is a cheaper brand. The customer wants to make the claim the blend is closer to high quality than the alternative. The customer wants 50 1500 ml bottles of the blend. Each bottle must contain at least 48% of Product A and at least 500 ml of B. The customer also specified that the blend have an alcohol content of at least 85%. Product A contains 95% alcohol while product B contains 78%. The blend is sold for $12.50 per bottle. Product A costs $7 per liter and product B costs $3 per liter. The company wants to determine the blend that will meet the customer's requirements and maximize profit.    &#10;Refer to Exhibit 3.3. Which cells should be the constraint cells in this problem?&#10;A) B4:C4&#10;B) E5&#10;C) D8:D11&#10;D) E8:E10

Accepted Answer

The answer of Exhibit 3.3&#10;The following questions are based on...

Question 27

Exhibit 3.5&#10;The following questions are based on this problem and accompanying Excel windows.&#10;A company is planning production for the next 4 quarters. They want to minimize the cost of production. The production cost is stable but demand and production capacity vary from quarter to quarter. The maximum amount of inventory which can be held is 12,000 units and management wants to keep at least 3,000 units on hand. Quarterly inventory holding cost is 3% of the cost of production. The company estimates the number of units carried in inventory each month by averaging the beginning and ending inventory for each month. There are currently 5,000 units in inventory. The company wants to produce at no less than one half of its maximum capacity in any quarter.      &#10;Refer to Exhibit 3.5. What formula could be entered in cell F20 in the accompanying Excel spreadsheet to compute the Total Cost for all four quarters?&#10;A) SUMPRODUCT($C$4:$F$4,C17:F17)&#10;B) SUM(C17:F17) + SUM(C18:F18)&#10;C) PRODUCT(SUM(C14:F15,C17:F18)&#10;D) SUMPRODUCT(C4:F4,C14:F14) + SUMPRODUCT(C6:F6,C15:F15)

Accepted Answer

The answer of Exhibit 3.5&#10;The following questions are based on...

Question 28

Numeric constants should be&#10;A) embedded in formulas.&#10;B) placed in individual cells&#10;C) placed in separate workbooks.&#10;D) entered manually every time a model is solved.

Accepted Answer

The answer of Numeric constants should be&#10;A) embedded in formulas.&#10;B)...

Question 29

The &#34;Analyze Without Solving&#34; tool in Analytic Solver Platform is useful for&#10;A) verifying the equations in a spreadsheet model.&#10;B) toggling between absolute and relative cell referencing.&#10;C) executing the Excel spreadsheet layout Wizard.&#10;D) naming cells and cell ranges for easier modifiability.

Accepted Answer

The answer of The &#34;Analyze Without Solving&#34; tool in Analytic...

Question 30

Exhibit 3.4&#10;The following questions are based on this problem and accompanying Excel windows.&#10;A financial planner wants to design a portfolio of investments for a client. The client has $300,000 to invest and the planner has identified four investment options for the money. The following requirements have been placed on the planner. No more than 25% of the money in any one investment, at least one third should be invested in long-term bonds which mature in seven or more years, and no more than 25% of the total money should be invested in C or D since they are riskier investments. The planner has developed the following LP model based on the data in this table and the requirements of the client. The objective is to maximize the total return of the portfolio.        &#10;Refer to Exhibit 3.4. Which cells are changing cells in the accompanying Excel spreadsheet?&#10;A) B3:B6&#10;B) B7:I7&#10;C) C7&#10;D) E7

Accepted Answer

The answer of Exhibit 3.4&#10;The following questions are based on...

Question 31

Exhibit 3.1&#10;The following questions are based on this problem and accompanying Excel windows.&#10;Jones Furniture Company produces beds and desks for college students. The production process requires carpentry and varnishing. Each bed requires 6 hours of carpentry and 4 hour of varnishing. Each desk requires 4 hours of carpentry and 8 hours of varnishing. There are 36 hours of carpentry time and 40 hours of varnishing time available. Beds generate $30 of profit and desks generate $40 of profit. Demand for desks is limited, so at most 8 will be produced.   The LP model for the problem is    &#10;Refer to Exhibit 3.1. What formula should be entered in cell E5 in the accompanying Excel spreadsheet to compute total profit?&#10;A) =B4*B5+C4*C5&#10;B) =SUMPRODUCT(B8:C8,$B$4:$C$4)&#10;C) =SUM(B5:C5)&#10;D) =SUM(E8:E10)

Accepted Answer

The answer of Exhibit 3.1&#10;The following questions are based on...

Question 32

How many decision variables are there in a transportation problem which has 5 supply points and 4 demand points?&#10;A) 4&#10;B) 5&#10;C) 9&#10;D) 20

Accepted Answer

The answer of How many decision variables are there in...

Question 33

Exhibit 3.4&#10;The following questions are based on this problem and accompanying Excel windows.&#10;A financial planner wants to design a portfolio of investments for a client. The client has $300,000 to invest and the planner has identified four investment options for the money. The following requirements have been placed on the planner. No more than 25% of the money in any one investment, at least one third should be invested in long-term bonds which mature in seven or more years, and no more than 25% of the total money should be invested in C or D since they are riskier investments. The planner has developed the following LP model based on the data in this table and the requirements of the client. The objective is to maximize the total return of the portfolio.        &#10;Refer to Exhibit 3.4. What formula should be entered in cell B7 in the accompanying Excel spreadsheet to compute total dollars invested?&#10;A) =ADD(B3:B6)&#10;B) =SUM(B3:B6)&#10;C) =TOTAL(B3:B6)&#10;D) =TALLY(B3:B6)

Accepted Answer

The answer of Exhibit 3.4&#10;The following questions are based on...

Question 34

Which type of spreadsheet cell represents the left hand sides (LHS) formulas in an LP model?&#10;A) Target or set cell&#10;B) Changing variable cell&#10;C) Constraint cell&#10;D) Constant cell

Accepted Answer

The answer of Which type of spreadsheet cell represents the...

Question 35

Scaling problems&#10;A) can cause Analytic Solver Platform to consider a linear problem as nonlinear.&#10;B) can cause problems in accuracy of solutions returned.&#10;C) are caused by small numbers and large numbers used in the same problem.&#10;D) all of these.

Accepted Answer

The answer of Scaling problems&#10;A) can cause Analytic Solver Platform...

Question 36

Exhibit 3.1&#10;The following questions are based on this problem and accompanying Excel windows.&#10;Jones Furniture Company produces beds and desks for college students. The production process requires carpentry and varnishing. Each bed requires 6 hours of carpentry and 4 hour of varnishing. Each desk requires 4 hours of carpentry and 8 hours of varnishing. There are 36 hours of carpentry time and 40 hours of varnishing time available. Beds generate $30 of profit and desks generate $40 of profit. Demand for desks is limited, so at most 8 will be produced.   The LP model for the problem is    &#10;Refer to Exhibit 3.1. What formula should be entered in cell D8 in the accompanying Excel spreadsheet to compute the amount of carpentry used?&#10;A) =B4*B5+C4*C5&#10;B) =SUMPRODUCT(B8:C8,$B$4:$C$4)&#10;C) =SUM(B5:C5)&#10;D) =SUM(E8:E10)

Accepted Answer

The answer of Exhibit 3.1&#10;The following questions are based on...

Question 37

Exhibit 3.2&#10;The following questions are based on this problem and accompanying Excel windows.&#10;The Byte computer company produces two models of computers, Plain and Fancy. It wants to plan how many computers to produce next month to maximize profits. Producing these computers requires wiring, assembly and inspection time. Each computer produces a certain level of profits but faces only a limited demand. There are also a limited number of wiring, assembly and inspection hours available in each month. The data for this problem is summarized in the following table.      &#10;Refer to Exhibit 3.2. Which of the following statements will represent the constraint for just assembly hours?&#10;A) B4:C4 &#8804; B5:C5&#10;B) D9 &#8804; E9&#10;C) D8:D10 &#8804; E8:E10&#10;D) E8:E10 &#8804; D8:D10

Accepted Answer

The answer of Exhibit 3.2&#10;The following questions are based on...

Question 38

What is the significance of an absolute cell reference in Excel?&#10;A) The cell reference will not change if the formula containing the reference is copied to another location&#10;B) The cell will always contain the absolute value of any number entered into it&#10;C) The cell reference changes if the formula containing the reference is copied to another location&#10;D) It is the only formula used to refer to a cell on another spreadsheet

Accepted Answer

The answer of What is the significance of an absolute...

Question 39

Exhibit 3.2&#10;The following questions are based on this problem and accompanying Excel windows.&#10;The Byte computer company produces two models of computers, Plain and Fancy. It wants to plan how many computers to produce next month to maximize profits. Producing these computers requires wiring, assembly and inspection time. Each computer produces a certain level of profits but faces only a limited demand. There are also a limited number of wiring, assembly and inspection hours available in each month. The data for this problem is summarized in the following table.      &#10;Refer to Exhibit 3.2. What formula should be entered in cell E5 in the accompanying Excel spreadsheet to compute total profit?&#10;A) =B4*C4+B5*C5&#10;B) =SUMPRODUCT(B4:C4,B5:C5)&#10;C) =SUM(B5:C5)&#10;D) =SUM(E8:E10)

Accepted Answer

The answer of Exhibit 3.2&#10;The following questions are based on...

Question 40

Exhibit 3.2&#10;The following questions are based on this problem and accompanying Excel windows.&#10;The Byte computer company produces two models of computers, Plain and Fancy. It wants to plan how many computers to produce next month to maximize profits. Producing these computers requires wiring, assembly and inspection time. Each computer produces a certain level of profits but faces only a limited demand. There are also a limited number of wiring, assembly and inspection hours available in each month. The data for this problem is summarized in the following table.      &#10;Refer to Exhibit 3.2. Which cells should be changing cells in this problem?&#10;A) B4:C4&#10;B) E5&#10;C) D8:D10&#10;D) E8:E10

Accepted Answer

The answer of Exhibit 3.2&#10;The following questions are based on...

Question 41

Which tab in the Analytic Solver Platform task pane is used to define an optimization problem?&#10;A) Guess&#10;B) Model&#10;C) Change&#10;D) Delete

Accepted Answer

The answer of Which tab in the Analytic Solver Platform...

Question 42

Which of the following describes Data Envelopment Analysis (DEA).&#10;A) DEA finds the most effective company among some set of companies.&#10;B) DEA determines if a company is converting inputs to outputs as effectively as possible.&#10;C) DEA determines how effective a company converts inputs to outputs compared to other companies.&#10;D) DEA compares how effective a company converts inputs to outputs compared to a benchmark composite of all companies.

Accepted Answer

The answer of Which of the following describes Data Envelopment...

Question 43

Exhibit 3.3&#10;The following questions are based on this problem and accompanying Excel windows.&#10;Jack's distillery blends scotches for local bars and saloons. One of his customers has requested a special blend of scotch targeted as a bar scotch. The customer wants the blend to involve two scotch products, call them A and B. Product A is a higher quality scotch while product B is a cheaper brand. The customer wants to make the claim the blend is closer to high quality than the alternative. The customer wants 50 1500 ml bottles of the blend. Each bottle must contain at least 48% of Product A and at least 500 ml of B. The customer also specified that the blend have an alcohol content of at least 85%. Product A contains 95% alcohol while product B contains 78%. The blend is sold for $12.50 per bottle. Product A costs $7 per liter and product B costs $3 per liter. The company wants to determine the blend that will meet the customer's requirements and maximize profit.    &#10;Refer to Exhibit 3.3. What formula should be entered in cell E5 in the accompanying Excel spreadsheet to compute total cost?&#10;A) =B4*C4+B5*C5&#10;B) =SUMPRODUCT(B4:C4,B5:C5)&#10;C) =SUM(B5:C5)&#10;D) =SUM(E8:E10)

Accepted Answer

The answer of Exhibit 3.3&#10;The following questions are based on...

Question 44

You have been given the following linear programming model and Excel spreadsheet to solve this problem. What cell references would you enter in the Analytic Solver Platform (ASP) task pane for the following?
Objective Cell:
Variables Cells:
Constraints Cells:

Accepted Answer

The answer of You have been given the following linear...

Question 45

Which type of spreadsheet cell represents the objective function in an LP model?&#10;A) Objective cell&#10;B) Changing variable cell&#10;C) Constraint cell&#10;D) Constant cell

Accepted Answer

The answer of Which type of spreadsheet cell represents the...

Question 46

Which function is equivalent to =SUMPRODUCT(A1:A3,B1:B3)?&#10;A) =SUM(PRODUCT((A1:A3,B1:B3))&#10;B) =PRODUCT(SUM((A1:A3,B1:B3))&#10;C) =PRODUCT(A1+B1,A2+B2,A3+B3))&#10;D) =A1*B1+A2*B2+A3*B3

Accepted Answer

The answer of Which function is equivalent to =SUMPRODUCT(A1:A3,B1:B3)?&#10;A) =SUM(PRODUCT((A1:A3,B1:B3))&#10;B)...

Question 47

The &#34;Objective Value of&#34; option in the Analytic Solver Platform task pane may be used to&#10;A) find a solution at a maximum value.&#10;B) find a solution at a minimum value.&#10;C) find a solution for a specific objective function value.&#10;D) returns the best feasible solution.

Accepted Answer

The answer of The &#34;Objective Value of&#34; option in the...

Question 48

What function is used to add the contents of cells A1, A2 and A3?&#10;A) =A1+A2+A3&#10;B) =ADD(A1:A3)&#10;C) =TOTAL(A1:A3)&#10;D) =PRODUCT(A1:A3)

Accepted Answer

The answer of What function is used to add the...

Question 49

Exhibit 3.1&#10;The following questions are based on this problem and accompanying Excel windows.&#10;Jones Furniture Company produces beds and desks for college students. The production process requires carpentry and varnishing. Each bed requires 6 hours of carpentry and 4 hour of varnishing. Each desk requires 4 hours of carpentry and 8 hours of varnishing. There are 36 hours of carpentry time and 40 hours of varnishing time available. Beds generate $30 of profit and desks generate $40 of profit. Demand for desks is limited, so at most 8 will be produced.   The LP model for the problem is    &#10;Refer to Exhibit 3.1. Which cells should be changing cells in this problem?&#10;A) B4:C4&#10;B) E5&#10;C) D8:D10&#10;D) E8:E10

Accepted Answer

The answer of Exhibit 3.1&#10;The following questions are based on...

Question 50

A financial planner wants to design a portfolio of investments for a client. The client has $400,000 to invest and the planner has identified four investment options for the money. The following requirements have been placed on the planner. No more than 30% of the money in any one investment, at least one half should be invested in long-term bonds which mature in six or more years, and no more than 40% of the total money should be invested in B or C since they are riskier investments. The planner has developed the following LP model based on the data in this table and the requirements of the client. The objective is to maximize the total return of the portfolio.

What values would you enter in the Analytic Solver Platform (ASP) task pane for the following cells for this Excel spreadsheet implementation of this problem?
Objective Cell:
Variables Cells:
Constraints Cells:

Accepted Answer

The answer of A financial planner wants to design a...

Question 51

You have been given the following linear programming model and Excel spreadsheet to solve this problem. What cell references would you enter in the Analytic Solver Platform (ASP) task pane for the following?
Objective Cell:
Variables Cells:
Constraints Cells:

Accepted Answer

The answer of You have been given the following linear...

Question 52

Exhibit 3.2&#10;The following questions are based on this problem and accompanying Excel windows.&#10;The Byte computer company produces two models of computers, Plain and Fancy. It wants to plan how many computers to produce next month to maximize profits. Producing these computers requires wiring, assembly and inspection time. Each computer produces a certain level of profits but faces only a limited demand. There are also a limited number of wiring, assembly and inspection hours available in each month. The data for this problem is summarized in the following table.      &#10;Refer to Exhibit 3.2. Which cells should be the constraint cells in this problem?&#10;A) B4:C4&#10;B) E5&#10;C) D8:D12&#10;D) E8:E12

Accepted Answer

The answer of Exhibit 3.2&#10;The following questions are based on...

Question 53

Exhibit 3.2&#10;The following questions are based on this problem and accompanying Excel windows.&#10;The Byte computer company produces two models of computers, Plain and Fancy. It wants to plan how many computers to produce next month to maximize profits. Producing these computers requires wiring, assembly and inspection time. Each computer produces a certain level of profits but faces only a limited demand. There are also a limited number of wiring, assembly and inspection hours available in each month. The data for this problem is summarized in the following table.      &#10;Refer to Exhibit 3.2. What formula should be entered in cell D8 in the accompanying Excel spreadsheet to compute the amount of wiring used?&#10;A) =B4*B5+C4*C5&#10;B) =SUMPRODUCT(B8:C8,$B$4:$C$4)&#10;C) =SUM(B5:C5)&#10;D) =SUM(E8:E10)

Accepted Answer

The answer of Exhibit 3.2&#10;The following questions are based on...

Question 54

Exhibit 3.1&#10;The following questions are based on this problem and accompanying Excel windows.&#10;Jones Furniture Company produces beds and desks for college students. The production process requires carpentry and varnishing. Each bed requires 6 hours of carpentry and 4 hour of varnishing. Each desk requires 4 hours of carpentry and 8 hours of varnishing. There are 36 hours of carpentry time and 40 hours of varnishing time available. Beds generate $30 of profit and desks generate $40 of profit. Demand for desks is limited, so at most 8 will be produced.   The LP model for the problem is    &#10;Refer to Exhibit 3.1. Which cells should be the constraint cells in this problem?&#10;A) B4:C4&#10;B) E5&#10;C) D8:D10&#10;D) E8:E10

Accepted Answer

The answer of Exhibit 3.1&#10;The following questions are based on...

Question 55

Exhibit 3.3&#10;The following questions are based on this problem and accompanying Excel windows.&#10;Jack's distillery blends scotches for local bars and saloons. One of his customers has requested a special blend of scotch targeted as a bar scotch. The customer wants the blend to involve two scotch products, call them A and B. Product A is a higher quality scotch while product B is a cheaper brand. The customer wants to make the claim the blend is closer to high quality than the alternative. The customer wants 50 1500 ml bottles of the blend. Each bottle must contain at least 48% of Product A and at least 500 ml of B. The customer also specified that the blend have an alcohol content of at least 85%. Product A contains 95% alcohol while product B contains 78%. The blend is sold for $12.50 per bottle. Product A costs $7 per liter and product B costs $3 per liter. The company wants to determine the blend that will meet the customer's requirements and maximize profit.    &#10;Refer to Exhibit 3.3. Which cells should be changing cells in this problem?&#10;A) B4:C4&#10;B) E5&#10;C) D8:D10&#10;D) E8:E10

Accepted Answer

The answer of Exhibit 3.3&#10;The following questions are based on...

Question 56

The constraints X₁ ≥ 0 and X₂ ≥ 0 are referred to as A) positivity constraints. B) optimality conditions. C) left hand sides. D) nonnegativity conditions.

Accepted Answer

The answer of The constraints X₁ ≥ 0 and X₂...

Question 57

Exhibit 3.5&#10;The following questions are based on this problem and accompanying Excel windows.&#10;A company is planning production for the next 4 quarters. They want to minimize the cost of production. The production cost is stable but demand and production capacity vary from quarter to quarter. The maximum amount of inventory which can be held is 12,000 units and management wants to keep at least 3,000 units on hand. Quarterly inventory holding cost is 3% of the cost of production. The company estimates the number of units carried in inventory each month by averaging the beginning and ending inventory for each month. There are currently 5,000 units in inventory. The company wants to produce at no less than one half of its maximum capacity in any quarter.      &#10;Refer to Exhibit 3.5. Which cells are changing cells in the accompanying Excel spreadsheet?&#10;A) C4:F4&#10;B) C9:F9&#10;C) F20&#10;D) C12:F12

Accepted Answer

The answer of Exhibit 3.5&#10;The following questions are based on...

Question 58

The hospital administrators at New Hope, County General, and City East recently received notice of an impending state inspection of their facilities. Under new guidelines established to improve the overall health care system, state inspectors will be assessing the efficiency of each hospital. The staff at New Hope has suggested a mutual assistance program in preparation for the inspections and have proposed using DEA as a means to assess the efficiency of each facility. The data collected thus far is summarized in the following table. All data reflects averages compiled over the past six months.   Enter the numbers in the appropriate cells of ranges B4:H6 in the Excel spreadsheet to solve this problem based on the following formulation.   &#8203;   &#8203;   &#8203;

Accepted Answer

The answer of The hospital administrators at New Hope, County...

Question 59

Data Envelopment Analysis (DEA) is an LP-based methodology in which weighted sums of inputs and outputs are calculated and&#10;A) the constraints capture the maximum effectiveness of each unit.&#10;B) the objective is to maximize every units output.&#10;C) the constraints ensure the sum of the weighted outputs is one.&#10;D) the objective for each unit is to maximize the weighted sum of its outputs.

Accepted Answer

The answer of Data Envelopment Analysis (DEA) is an LP-based...

Question 60

Microsoft Excel contains a built-in optimizer called&#10;A) what-if engines.&#10;B) calculators.&#10;C) solvers.&#10;D) risk analyzers.

Accepted Answer

The answer of Microsoft Excel contains a built-in optimizer called&#10;A)...

Question 61

You have been given the following linear programming model and Excel spreadsheet to solve this problem. What cell references would you enter in the Analytic Solver Platform (ASP) task pane for the following?
Objective Cell:
Variables Cells:
Constraints Cells:

Accepted Answer

The answer of You have been given the following linear...

Question 62

You have been given the following linear programming model and Excel spreadsheet to solve this problem. What cell references would you enter in the Analytic Solver Platform (ASP) task pane for the following?
Objective Cell:
Variables Cells:
Constraints Cells:

Accepted Answer

The answer of You have been given the following linear...

Question 63

A hospital needs to determine how many nurses to hire to cover a 24 hour period. The nurses must work 8 consecutive hours but can start work at the start of 6 different shifts. They are paid different wages depending on when they start their shifts. The number of nurses required per 4-hour time period and their wages are shown in the following table.   What values would you enter in the Analytic Solver Platform (ASP) task pane for the following cells for this Excel spreadsheet implementation of the formulation for this problem?&#10;Objective Cell:&#10;Variables Cells:&#10;Constraints Cells:   &#8203;

Accepted Answer

The answer of A hospital needs to determine how many...

Question 64

A farmer is planning his spring planting. He has 20 acres on which he can plant a combination of Corn, Pumpkins and Beans. He wants to maximize his profit but there is a limited demand for each crop. Each crop also requires fertilizer and irrigation water which are in short supply. The following table summarizes the data for the problem.   What are the key formulas in cells F5 and E8 for this Excel spreadsheet implementation of the following formulation?   &#8203;

Accepted Answer

The answer of A farmer is planning his spring planting....

Deck 3: Modeling and Solving Lp Problems in a Spreadsheet