Name: MGT 6050 1st Half Exam

There is a total of 100 questions in the basic exam and 10 BONUS questions. Sounds like a lot!
Here are the tradeoffs!
a) This is “at home”, open book, open notes.
b) The 100 basic exam questions DO NOT include extensive formulation or computation!
c) The 100 basic exam questions are either “Multiple Choice”, “True or False” or “Fill-in-the-Blank
questions!
d) The 10 BONUS questions are the formulation and computation questions as BONUS!

Put ALL your answers on the below Answer Sheets no exceptions!

Submit this entire package to the appropriate assignment in the Assignment Folder.

Here is the breakdown of questions and points value;

SECTION Type of question # of questions Points for each Maximum points

correct answer achievable

I True or False 25 5 125

II Multiple choice 50 5 250

III Fill-in-the-Blank 25 5 125

BONUS

IV Formulate

V Calculate

TOTALS

FROM Secs. I-III 500 Basis points

FROM Bonus Secs IV, V 100 + BONUS points

TOTAL 600 Maximum

POSSIBLE available points
POINTS

Question Question Question

#   Answer   #   Answer   #   Answer
   
1  TRUE   41  A   81 dominant
2  TRUE   42  B   82 decision tree
3  TRUE   43  A   83 efficiency
4 TRUE   44  B   84 minimax regret
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Name: MGT 6050 1st Half Exam
5 TRUE   45  D   85 sequential
6 TRUE   46  B   86 Utility
7 FALSE   47  A   87 risk averters -or- risk averse
expected value of perfect
8 FALSE   48  C   88 information
the expected value of sample
9 FALSE   49  D   89 information
the expected value of sample
10 FALSE   50  B   90 information
11 FALSE   51  B   91 mutually exclusive
12 TRUE   52  A   92 efficiency or productivity
13 FALSE   53  A   93 Blending
14 TRUE   54  B   94 product mix
15 FALSE   55  A   95 diet
16 TRUE   56  B   96 standard form
17 FALSE   57  C   97 minimize costs
18 TRUE   58  A   98 return on investments
19 TRUE   59  B   99 audience exposure
20 FALSE   60  C   100 media selection
21 FALSE   61  A  
22 TRUE   62  B   BONUS
23 FALSE   63  C  
DECISION VARIABLES:
x1 = cost of rail car of corn
x2 = cost of rail car of alfalfa
OBJECTIVE FUNCTION:
1
Min. z = 400x1 + 200x2
CONSTRAINTS:
150x1 + 250x2 ⦥ 500
24 FALSE   64  C   75x1 + 50x2 ⦥ 400
25 FALSE   65  A   2  
26  A   66  D   3  
27  B   67  A   4  
28  D   68  B   5  
29  B   69  A   6  
30  D   70  C   7  
31  B   71  C   8  
32  A   72  A   9  
33  B   73  A   10  
34  B   74  B  
35  C   75  D  
36  C   76 maximax  
37  A   77 maximin  
38  B   78 regret  
Hurwicz
39  C   79 criterion  

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coefficient
of
40  A   80 optimism  

TRUE or FALSE

1) Linear programming is a model consisting of linear relationships representing a firm's decisions given an objective and
resource constraints. [5 points]

2) The objective function always consists of either maximizing or minimizing some value. [5 points]

3) Both objective functions and constraints contain parameters. [5 points]

4) All linear programming models exhibit a set of constraints. [5 points]

5) When using the graphical method, only one of the four quadrants of an xy-axis needs to be drawn. [5 points]

6) Determining the production quantities of different products manufactured by a company based on resource
constraints is a product mix linear programming problem. [5 points]

7) Product mix problems cannot have greater-than-or-equal-to (≥) constraints. [5 points]

8) When using a linear programming model to solve the diet problem, the objective is generally to maximize
profit.
[5 points]

9) When using a linear programming model to solve the diet problem, the objective is generally to maximize
nutritional content. [5 points]

10) Diet problems usually maximize nutritional value. [5 points]

11) In most media selection decisions, the objective of the decision maker is to minimize cost. [5 points]

12) In a media selection problem, instead of having an objective of maximizing profit or minimizing cost,
generally the objective is to maximize the audience exposure. [5 points]

13) A linear programming model of a media selection problem is used to determine the relative value of each
advertising media. [5 points]

14) In a balanced transportation model, supply equals demand such that all constraints can be treated as
equalities. [5 points]

15) The constraint x + y = z is written in standard form. [5 points]

16) In an unbalanced transportation model, supply does not equal demand, and supply constraints must have ≤
signs. [5 points]

17) Transportation problems can have solution values that are non-integer and must be rounded. [5 points]

18) In a transportation problem, the supply constraint represents the maximum amount of product available for
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Name: MGT 6050 1st Half Exam
shipment or distribution at a given source (plant, warehouse, mill). [5 points]

19) In a transportation problem, a demand constraint for a specific destination represents the amount of product
demanded by a given destination (customer, retail outlet, store). [5 points]

20) A conservative approach to a balanced transportation model would be to make all constraints less-than-or-
equal-to constraints. [5 points]

21) In a transportation problem, a demand constraint (the amount of product demanded at a given destination) is
a less-than-or equal-to constraint (≤).[5 points]

22) Blending problems usually require algebraic manipulation in order to write the LP in "standard form."[5 points]

23) Fractional relationships among variables are considered standard form in a blending problem. [5 points]

24) Data envelopment analysis indicates which type of service unit makes the highest profit. [5 points]

25) In a classic blending problem, revenue is maximized by subtracting cost from profit. [5 points]

MULTIPLE CHOICE

1) Decision variables: [5 points]

A) measure the objective function.
B) measure how much or how many items to produce, purchase, hire, etc.
C) always exist for each constraint.
D) measure the values of each constraint.

2) The region that satisfies all of the constraints in a graphical linear programming problem is called the: [5 points]
A) region of optimality.
B) feasible solution space.
C) region of non-negativity.
D) optimal solution space.

3) The theoretical limit on the number of constraints that can be handled by a linear programming problem is: [5 points]
A) 2.
B) 3.
C) 4.
D) unlimited.

4) In order for an optimization problem to have multiple optimal solutions: [5 points]

A) the objective function and one constraint must have the same y-intercept.
B) the objective function and one constraint must have the same slope.
C) two or more of the constraints must not have intersection points.
D) two or more of the constraints must have the same slope.

5) Multiple optimal solutions can occur when the objective function is ________ a constraint line. [5 points]
A) unequal to
B) equal to
C) perpendicular to
D) parallel to

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Name: MGT 6050 1st Half Exam

6) A slack variable: [5 points]

A) is the amount by which the left side of a ≥= constraint is larger than the right side.
B) is the amount by which the left side of a ≤= constraint is smaller than the right side.
C) is the difference between the left and right side of a constraint.
D) exists for each variable in a linear programming problem.

7) The first step in solving a graphical linear programming model is to: [5 points]
A) plot the model constraints as equations on the graph and indicate the feasible solution area.
B) plot the objective function and move this line out from the origin to locate the optimal solution point.
C) solve simultaneous equations at each corner point to find the solution values at each point.
D) determine which constraints are binding.

8) The optimal solution of a minimization problem is at the extreme point ________ the origin. [5 points]
A) farthest from
B) closest to
C) exactly at
D) parallel to

9) A tabular presentation that shows the outcome for each decision alternative under the various possible states
of nature is called a: [5 points]
A) decision tree.
B) payoff table.
C) feasible region.
D) payback matrix.

10) The ________ is the maximum amount a decision maker would pay for additional information. [5 points]
A) expected opportunity loss
B) expected value
C) expected value of perfect information
D) bid price

11) A decision tree is a diagram consisting of: [5 points]

A) branch angles that vary as likelihoods increase.
B) triangle probability nodes.
C) branches representing decision alternatives.
D) perfect information.

12) In ________ additional information is used to alter the marginal probability of the occurrence of an event.
[5 points]
A) Bayesian analysis
B) decision analysis
C) probability analysis
D) decision making under certainty

13) A ________ probability is the probability that an event will occur given that another event has already
occurred. [5 points]
A) posterior
B) conditional
C) marginal
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Name: MGT 6050 1st Half Exam
D) low
14) A ________ probability is the altered marginal probability of an event based on additional information.
[5 points]
A) marginal
B) conditional
C) posterior
D) none of the above

15) The efficiency of sample information is the ratio of the expected value of sample information to the:
[5 points]
A) expected value of perfect information.
B) expected value.
C) utilization rate.
D) coefficient of optimism.

16) The expected value of sample information: [5 points]

A) is never more than EVPI.
B) can be greater or less than EVPI.
C) can be positive or negative.
D) is equivalent to the EVPI.

17) People who forgo a high expected value to avoid a disaster with a low probability are: [5 points]
A) risk takers.
B) risk averters.
C) risk calculators.
D) risk predictors.

18) People who take a chance on a bonanza with a very low probability of occurrence in lieu of a sure thing are:
[5 points]
A) risk takers.
B) risk averters.
C) risk calculators.
D) risk predictors.

19) In order for an optimization problem to have multiple optimal solutions: [5 points]
A) the objective function and one constraint must have the same y-intercept.
B) the objective function and one constraint must have the same slope.
C) two or more of the constraints must not have intersection points.
D) two or more of the constraints must have the same slope.

20) An optimization problem that has multiple optimal solutions: [5 points]

A) means that there are actually no optimal solutions.
B) is reflected by the entire feasible region being optimal
C) means that the surplus for a third constraint cannot be calculated.
D) provides the decision-maker with increased flexibility.

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Name: MGT 6050 1st Half Exam
21) How would multiple optimal solutions typically appear on a graphical solution? [5 points]
A) a point
B) a line
C) a plane
D) a cube

22) Which of the following statements about infeasible problems is best? [5 points]
A) All of the possible solutions violate at least one constraint.
B) All of the possible solutions violate all of the constraints.
C) At least one of the possible solutions violates all of the constraints.
D) At least one of the possible solutions violates at least one of the constraints.

23) Greg, a young entrepreneur, has developed an aggressive business plan and is presenting his profit projections
on the popular show Shark Tank in hopes of securing some venture capital. He concludes his presentation with an
LP model of his planned product mix, and is convinced he will seal the deal by demonstrating that his profits are
limitless since his LP model is unbounded. What should the sharks tell him?
[5 points]
A) "Limitless profits sound fantastic, here's a blank check."
B) "Limitless profits are possible only in minimization models, and we want you to maximize profits."
C) "Unlimited profits aren't possible. You must have made a mistake in your LP model."
D) "Limitless profits are possible only in maximization models, and we want you to minimize profits."

24) Multiple optimal solutions can occur when the objective function is ________ a constraint line. [5 points]
A) unequal to
B) equal to
C) perpendicular to
D) parallel to

25) A slack variable: [5 points]

A) is the amount by which the left side of a ≥= constraint is larger than the right side.
B) is the amount by which the left side of a ≤= constraint is smaller than the right side.
C) is the difference between the left and right side of a constraint.
D) exists for each variable in a linear programming problem.

The campaign manager for a doomed candidate is considering the which states to visit during the last frenzied
campaign week leading up to the nationwide election. Pennsylvania (P), Wisconsin (W), Florida (F), New York
(Y), and North Carolina (C) are all aching for one last visit, but the candidate has only 80 hours and $250 million
left in her campaign fund. A visit to Pennsylvania takes 10 hours and costs $15 million but earns 1% of the
electorate. A visit to Wisconsin takes 15 hours and costs $20 million and earns 1.5%; a visit to Florida is only $8
million but takes 16 hours and earns 2%, and a visit to New York costs $25 million, requires 2 hours and earns
2% of the electorate. North Carolina requires 18 hours and $22 million per trip but earns 3% of the electorate.

26) The campaign manager elects to take one trip each of Pennsylvania, Florida and North Carolina, two trips to
Wisconsin, and three trips to New York. Which resources will be completely used? [5 points]
A) only money
B) only time
C) time and money
D) neither time nor money
Lame Example Furniture Company makes two products for its adoring public: chairs (C)and tables (T). Each
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Name: MGT 6050 1st Half Exam
chair requires 5 hours of labor (L) and 4 linear feet of rich mahogany (M), and each table requires 3 hours of
labor and 20 linear feet of rich mahogany. The company has 240 labor hours available this week, and the
warehouse has 700 linear feet of rich mahogany available. Profit for each chair is $300 and for each table is
$1500.

27) If the furniture company produces twenty tables and thirty-six chairs, which of the two resources will be
completely used? [5 points]
A) labor only
B) rich mahogany only
C) both labor and rich mahogany
D) neither labor and rich mahogany

28) The first step in solving a graphical linear programming model is to: [5 points]
A) plot the model constraints as equations on the graph and indicate the feasible solution area.
B) plot the objective function and move this line out from the origin to locate the optimal solution point.
C) solve simultaneous equations at each corner point to find the solution values at each point.
D) determine which constraints are binding.

29) The optimal solution of a minimization problem is at the extreme point ________ the origin. [5 points]
A) farthest from
B) closest to
C) exactly at
D) parallel to

30) Multiple optimal solutions provide ________ flexibility to the decision maker. [5 points]
A) greater
B) less
C) greater or equal
D) less or equal

31) The maximax criterion results in the: [5 points]

A) maximum of the minimum payoffs.
B) maximum of the maximum payoffs.
C) minimum of the maximum payoffs.
D) minimum of the minimum payoffs.

32) The maximin criterion results in the: [5 points]

A) minimum of the maximum payoffs.
B) maximum of the maximum payoffs.
C) maximum of the minimum payoffs.
D) minimum of the minimum payoffs.

33) Regret is the difference between the payoff from the: [5 points]
A) best decision and all other decision payoffs.
B) worst decision and all other decision payoffs.
C) best decision and the worst decision payoffs.
D) none of the above
34) The ________ minimizes the maximum regret. [5 points]
A) maximax regret criterion
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Name: MGT 6050 1st Half Exam
B) minimax regret criterion
C) minimin regret criterion
D) maximin regret criterion

35) The minimax regret criterion: [5 points]

A) maximizes the minimum regret.
B) minimizes the minimum regret.
C) minimizes the maximum regret.
D) maximizes the maximum regret.

36) Determining the worst payoff for each alternative and choosing the alternative with the best worst is called:
[5 points]
A) maximin.
B) minimin.
C) maximax.
D) minimax.

37) The maximin approach to decision making refers to: [5 points]

A) minimizing the maximum return.
B) maximizing the minimum return.
C) maximizing the maximum return.
D) minimizing the minimum return.

38) The term opportunity loss is most closely related to: [5 points]
A) maximin regret.
B) maximax regret.
C) minimax regret.
D) minimin regret.

39) The Hurwicz criterion is a compromise: [5 points]

A) between the maximin and minimax criteria.
B) between the minimax and maximax criteria.
C) between the maximax and maximin criteria.
D) none of the above

40) The Hurwicz criterion multiplies the: [5 points]

A) best payoff by the coefficient of optimism.
B) worst payoff by the coefficient of optimism.
C) best payoff by the worst payoff.
D) none of the above

41) The basic decision environment categories are: [5 points]

A) certainty.
B) risk.
C) uncertainty.
D) all of the above

42) The ________ is computed by multiplying each decision outcome under each state of nature by the
probability of its occurrence. [5 points]
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Name: MGT 6050 1st Half Exam
A) expected value
B) expected value of perfect information
C) expected opportunity loss
D) none of the above

43) The ________ is the expected value of the regret for each decision. [5 points]
A) expected value
B) expected opportunity loss
C) expected value of perfect information
D) none of the above

A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the
following payoff table based on whether business is brisk or slow.

44) The maximax strategy is: [5 points]

A) Buy.
B) Rent.
C) Lease.
D) Brisk.

45) The maximin strategy is: [5 points]

A) Buy.
B) Rent.
C) Lease.
D) Brisk.

46) The equal likelihood criterion strategy is: [5 points]

A) Buy.
B) Rent.
C) Lease.
D) Brisk.

47) If the probability of brisk business is .40 and for slow business is .60, the expected value of perfect
information is: [5 points]
A) 12.
B) 55.
C) 57.
D) 69.

Napoleon is contemplating four institutions of higher learning as options for a Masters in Business
Administration. Each university has strong and weak points and the demand for MBA graduates is uncertain.
The availability of jobs, student loans, and financial support will have a significant impact on Napoleon's
ultimate decision. Vanderbilt and Seattle University have comparatively high tuition, which would necessitate
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Name: MGT 6050 1st Half Exam
Napoleon take out student loans resulting in possibly substantial student loan debt. In a tight market, degrees
with that cachet might spell the difference between a hefty paycheck and a piddling unemployment check.
Northeastern State University and Texas Tech University hold the advantage of comparatively low tuition but a
more regional appeal in a tight job market. Napoleon gathers his advisory council of Kip and Pedro to assist
with the decision. Together they forecast three possible scenarios for the job market and institutional success
and predict annual cash flows associated with an MBA from each institution. All cash flows in the table are in
thousands of dollars.

School Scenario 1 Scenario 2 Scenario 3

Vanderbilt 95 20 -10
Texas Tech 55 60 60
Seattle 90 10 80
Northeastern State 65 50 60

48) Under which decision-making criterion is Vanderbilt University the optimal choice? [5 points]
A) maximax
B) maximin
C) minimax regret
D) equally likely

49) Under which decision-making criterion is Texas Tech University the optimal decision? [5 points]
A) maximax
B) maximin
C) minimax regret
D) equally likely

50) Under which criterion is Seattle University the optimal decision? [5 points]
A) maximax
B) maximin
C) minimax regret
D) equally likely

Fill-in the blank – fill in the blank lines of the following 25 questions from the following list

efficiency or productivity
Blending
product mix
diet
standard form
minimize costs
return on investments
audience exposure
media selection
demand
= or "equal to"
Maximax
Maximin
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Name: MGT 6050 1st Half Exam
Regret
Hurwicz criterion
coefficient of optimism
dominant
decision tree
efficiency
minimax regret
sequential
Utility
risk averters -or- risk averse
expected value of perfect information
the expected value of sample information
the expected value of sample information
mutually exclusive
efficiency or productivity
Blending
product mix
diet
standard form
minimize costs
return on investments
audience exposure
media selection

1) When the ________ criterion is used, the maximum of the maximum payoffs is selected. [5 points]

2) When the ________ criterion is used, the maximum of the minimum payoffs is selected. [5 points]

3) ________ is the difference between the payoff from the best decision and all other decision payoffs. [5 points]

4) The ________ is a compromise between the maximax and the maximin criterion. [5 points]

5) The ________ is a measure of the decision maker’s optimism. [5 points]

6) A(n) ________ decision is one that has a better payoff than another decision under each state of nature.
[5 points]

7) A(n) ________ structures decisions with a series of nodes. [5 points]

8) The ________ of sample information is the ratio of the expected value of sample information to the expected
value of perfect information. [5 points]

9) When the ________ criterion is used, the decision maker selects the decision alternative that minimizes the
maximum regret. [5 points]

10) A(n) ________ decision tree illustrates a situation requiring a series of decisions. [5 points]

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Name: MGT 6050 1st Half Exam
11) ________ is a measure of personal satisfaction derived from money. [5 points]

12) People who forgo a high expected value to avoid a disaster with a low probability are ________.[5 points]

13) The efficiency of sample information is the ratio of the expected value of sample information to ________.
[5 points]

14) The difference in the expected value with additional information and without additional information is
________.[5 points]

15) The efficiency of sample information multiplied by the expected value of perfect information is ________.
[5 points]

16) If only one of three events can occur at any given time, the events are ________.[5 points]

17) Data envelopment analysis indicates the relative ________ of a service unit compared with others. [5 points]

18) ________ types of linear programming problems often result in fractional relations between variables which
must be eliminated. [5 points]

19) Cranky Jerry's Furniture Factory makes tables and chairs. If he is interested in a profit maximizing level of
production, he should probably follow the example for the ________ problem found in this chapter. [5 points]

20) Cranky Jerry's Day Care wants to minimize their food cost while meeting the minimum (and I mean bare
minimum) guidelines for nutrition as set forth by the state. The best approach would be to follow the example in
this chapter for a(n) ________ problem. [5 points]

21) The ________ for the computer solution of a linear programming problem requires all variables on the left
side, and all numerical values on the right side of the inequality or equality sign. [5 points]

22) The objective function of a diet problem is usually to ________ subject to nutritional requirements.
[5 points]

23) Investment problems maximize ________.[5 points]

24) In a media selection problem, instead of having an objective of maximizing profit or minimizing cost,
generally the objective is to maximize the ________.[5 points]

25) In a(n) ________ problem, maximization of audience exposure may not result in maximization of total
profit. [5 points]

BONUS QUESTIONS

Formulate a Linear Programming Model –

1) The poultry farmer decided to make his own chicken scratch by combining alfalfa and corn in rail car quantities. A rail
car of corn costs $400 and a rail car of alfalfa costs $200. The farmer's chickens have a minimum daily requirement of
vitamin K (500 milligrams) and iron (400 milligrams), but it doesn't matter whether those elements come from corn,
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Name: MGT 6050 1st Half Exam
alfalfa, or some other grain. A unit of corn contains 150 milligrams of vitamin K and 75 milligrams of iron. A unit of
alfalfa contains 250 milligrams of vitamin K and 50 milligrams of iron. Formulate the linear programming model for this
situation including the Optimization equation and 2 constraint equations. [10 points]

2) The international man of mystery knew the finest haberdashers the world over and constantly sought to expand his
dazzling array of fine suits, ties, and cufflinks. Closet space was at a premium however, so purchases were carefully
weighed. Each suit provides 23 units of dazzlement, each tie 14, and a set of cufflinks is worth an easy 8. A suit takes up
0.5 cubic feet of closet space and $900 of budget. A tie costs $135 and cufflinks cost $100 per set. Cufflinks are tiny –
even in the original box, they take up only .01 cubic feet while ties occupy a lusty .25 cubic feet. He has budgeted $12,000
for clothes on this trip and has 20 cubic feet of closet space left to fill.
Formulate an objective function and 2 constraints to model this situation. [10 points]

Graphical Solution Multiple Choice Questions

Figure 2

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Name: MGT 6050 1st Half Exam

1) Consider the optimization problem represented by the graph in Figure 2. Which of the following statements
is best? [10 points]
A) This is a maximization problem with a feasible solution.
B) This is a maximization problem with no feasible solution.
C) This is a minimization problem with a feasible solution.
D) This is a minimization problem with no feasible solution.

2) Line segment GH in Figure 2 represents the objective function. Which constraint has surplus? [10 points]
A) AB
B) CD
C) EF
D) none of the constraints has surplus

3) What is the equation for the constraint AB shown in Figure 2? [10 points]
A) 3X + 12Y ≥ 15
B) X + 4Y ≥ 12
C) X + Y ≥ 15
D) 12X + 3Y ≥ 36

4) What is the equation for constraint EF shown in Figure 2? [10 points]

A) 4X + 8Y ≥ 64
B) 4X + 8Y ≥ 12
C) 16X + 8Y ≥ 24
D) 16X + 8Y ≥ 32

5) Consider the optimization problem represented by the graph in Figure 2. The objective function is
represented by line GH. Where is the optimal solution? [10 points]
A) the intersection of lines AB and EF
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Name: MGT 6050 1st Half Exam
B) the intersection of lines AB and CD
C) the intersection of lines CD and EF
D) the upper right corner of the shaded region

6) Consider the optimization problem represented by the graph in Figure 2. Line GH represents the objective
function. Which of the following statements is best? [10 points]
A) This is a single optimal solution.
B) All points along GH are optimal.
C) All points on lines AB, CD and DE that touch the shaded region are optimal.
D) All points in the shaded region are optimal

Solve the following Graphical models

1) A company producing a standard line and a deluxe line of fidget spinners has the following time requirements (in
minutes) in departments where either model can be processed. [10 points]

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Name: MGT 6050 1st Half Exam
Standard Deluxe
Stamping 0.3 0.4
Extruding 0.25 0.5
Fidget Testing 1 1.5

The standard models contribute $2 each and the deluxe $3 each to profits. Because the company produces other items that
share resources used to make the fidget spinners, the stamping machine is available only 15 minutes per hour, on average.
The extruding unit has 20 minutes available each hour. There are two ADHD certified inspectors for fidget testing, but
their availability is only 45 minutes per hour because they're easily distracted.

Let S = number of standard fidget spinners produced per hour

D = number of deluxe fidget spinners produced per hour

Solve the following linear program formulation using the following graph of the constraints.

Determine the optimal product mix of Deluxe units and Standard units?

2) Consider the following linear program: [10 points]

MIN Z = 50A + 60B
s.t. 6A + 8B ≤ 300
14A + 7B ≥ 196
A ≥ 10
B≥8

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Name: MGT 6050 1st Half Exam
Solve the linear program formulation using the following graph of the constraints and determine the optimal quantities of
A, B, and the value of Z.

18