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1. A decision model has the following input variables: Historical

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1. A decision model has the following input variables: Historical sales data; and historical advertising budget. This model is considered to be probabilistic. (Points : 4) True False 2. A quantitative model can still yield acceptable results even if the input data is unreliable. (Points : 4) True False 3. The ABC Corporation is considering introducing a new product, which will require buying new equipment for a monthly payment of $5,000. Each unit produced can be sold for $20.00. ABC incurs a variable cost of $10.00 per unit. What is ABC's monthly breakeven amount in dollars? (Points : 4) $100,000 $10,000 $5,000 $50,000 $1,000 4. Suppose you have a decision model that contains the input variable "number of labor hours." You would like to test how the solution changes if a labor strike takes effect. This type of analysis is called sensitivity analysis. (Points : 4) True False 5. Determining how much the solution will change if there are changes in the input data is part of (Points : 4) model formulation model solution model interpretation model development model assessment 6. Acquiring input data is part of (Points : 4) model solution model formulation model interpretation model testing model identification 7. If all the variables in a model are under the control of the decision maker, then the model is considered to be (Points : 4) probabilistic random mathematical schematic deterministic 8. Which of the following variables is considered random or probabilistic? (Points : 4) future interest rates last year's advertising budget last week's sales data historical stock prices historical interest rates 9. Which of the following variables is considered non-random or deterministic? (Points : 4) next year's cash flow projections future interest rates last year's income projected value of the euro next week projected NASDAQ index 10. Models that have random variables as input data are considered to be deterministic. (Points : 4) True False 11. "Solver" typically generates the following report(s) (Points : 4) answer report sensitivity analysis report limits report answer report and sensitivity analysis report only answer report, sensitivity analysis report, and limits report 12. A redundant constraint is eliminated from a linear programming model. What effect will this have on the optimal solution? (Points : 4) feasible region will decrease in size feasible region will increase in size a decrease in objective function value an increase in objective function value no change 13. When using Solver, the parameter Set Target Cell is typically associated with decision variables. (Points : 4) True False 14. If an isoprofit line can be moved outward such that the objective function value can be made to reach infinity, then this problem has an unbounded solution. (Points : 4) True False 15. The constraint for a given resource is given by the following equation: 2X1 + 3X2 20 If X1 = 5 and X2 = 4 how many units of this resource are unused? (Points : 4) 20 2 22 0 9 16. In a product mix problem, a decision maker has limited availability of weekly labor hours. Labor hours would most likely constitute a decision variable rather than a constraint. (Points : 4) True False 17. Consider the following linear programming model Max 2X1 + 3X2 Subject to: X1 + X2 4 X1 2 X1, X2 0 This linear programming model has (Points : 4) redundant constraints infeasible solution alternate optimal solution unique solution unbounded solution 18. Consider the following linear programming model: Max X1 + X2 Subject to: X1 + X2 2 X1 1 X2 3 X1, X2 0 This linear programming model has (Points : 4) alternate optimal solution unbounded solution redundant constraint infeasible solution unique solution 19. When solving a linear programming model graphically, the corner-point method is more efficient than the isoprofit/isocost lines. (Points : 4) True False 20. Consider the following linear programming model: Max X12 + X2 + 3X3 Subject to: X1 + X2 3 X1 + X2 1 X1, X2 0 This problem violates which of the following assumptions? (Points : 4) certainty proportionality divisibility linearity integrality

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