Questions and Answers of Introduction To Management Science 13th

Why is the algorithm used by Evolutionary Solver called a genetic algorithm?
What are the features of linear programming models that are shared by nonlinear programming models?
What are the three characteristics of a simple type of nonlinear programming problem that can be readily solved by the Nonlinear Solver?
What calculation needs to be performed at each event node?
What is the focus of behavioral queueing theory?
What is the effect of giving a relatively large utilization factor (workload) to the server in a single-server queueing system?
What are represented by the symbols λ and μ? By 1/λ and 1/μ? By ρ?
What might the customers of a queueing system be other than people?
What is the company’s current policy regarding the workload for tech reps?
How does using priorities differ from serving customers on a first-come, first-served basis?
What are some criticisms of Bayes’ decision rule?
What is the name of the famous theorem for how to calculate posterior probabilities?
How is the expected payoff for a decision alternative calculated?
What is meant by the expected value of sample information and how might it be used?
What is the formula for calculating a posterior probability, P(state | finding), from P(state and finding) and P(finding)?
Which of these two cases occurs in the Goferbroke Co. problem?
How does Bayes’ decision rule select a decision alternative?
What do the payoffs represent in a payoff table?
What decisions did Max make regarding the full Goferbroke Co. problem?
What comparison needs to be made at each decision node?
What is the formula for calculating P(finding)?
What is the conclusion if the cost of obtaining more information is less than the expected value of perfect information?
What are some criticisms of the maximum likelihood criterion?
What is meant by prior probabilities?
When using utilities with a decision tree, what kind of value is obtained to evaluate each node of the tree?
What is the shape of the utility function for money for a risk-averse individual? A risk-seeking individual? A risk-neutral individual?
What is the purpose of an influence diagram?
What is the consulting geologist’s assessment of the chances of oil on the tract of land?
What are some criticisms of the maximax criterion?
What is a decision node in a decision tree? An event node?
When preparing to perform sensitivity analysis, what are a couple of advantages of consolidating the data and results on the spreadsheet that contains the decision tree?
How can the expected payoff with perfect information be calculated from the payoff table?
What are the possible findings from a seismic survey for the Goferbroke Co.?
What is happening at an event node?
What conclusion was drawn for the full Goferbroke problem regarding how the decision should depend on the prior probability of oil?
What is the fundamental property of utility functions?
Who are the typical participants in a decision-conferencing process?
How much faith does Max put in the consulting geologist’s assessment of the chances of oil?
How does the maximin criterion select a decision alternative? What kind of person might find this criterion appealing?
What symbols are used to represent decision nodes and event nodes?
How can inaccuracies arise in the parameters of a model?
What is meant by the allowable range for a coefficient in the objective function?
Why might it be possible to alter the right-hand side of a functional constraint?
How can the spreadsheet be used to investigate simultaneous changes in the functional constraints?
What is meant by a hard constraint?
What Analytic Solver function is used to specify a value that follows the uniform distribution?
What does what-if analysis reveal about the parameters of a model that are only estimates?
What is the significance if the true value for a coefficient in the objective function turns out to be so different from its estimate that it lies outside its allowable range?
In this 100 percent rule, if the sum of the percentage changes does not exceed 100 percent, what does this say about the original optimal solution?
What is meant by a shadow price?
What are the capabilities of a parameter analysis report for investigating simultaneous changes in the functional constraints?
What is the goal of robust optimization?
Which approach will lead to a more conservative solution—robust optimization with specified ranges of uncertainty or using chance constraints with uniform distributions over these same ranges of
Is it always inappropriate to make only a fairly rough estimate for a parameter of a model? Why?
In Solver’s sensitivity report, what is the interpretation of the Objective Coefficient column? The Allowable Increase column? The Allowable Decrease column?
In this 100 percent rule, if the sum of the percentage changes exceeds 100 percent, does this mean that the original optimal solution is no longer optimal?
How can a shadow price be found by using the spreadsheet? By using a parameter analysis report? By using Solver’s sensitivity report?
Why might a manager be interested in considering simultaneous changes in right-hand sides?
What are the four basic assumptions of robust optimization with independent parameters?
What Analytic Solver function is used to specify a value that follows the normal distribution?
How is it possible for the parameters of a model to be accurate initially and then become inaccurate at a later date?
Why are shadow prices of interest to managers?
What is the 100 percent rule for simultaneous changes in right-hand sides?
In the general procedure for robust optimization with independent parameters, how should the value of an uncertain coefficient on the left-hand-side of a functional constraint be chosen from within
How does what-if analysis help management prepare for changing conditions?
Can shadow prices be used to determine the effect of decreasing rather than increasing the right-hand side of a functional constraint?
What are the data needed to apply the 100 percent rule for simultaneous changes in righthand sides?
In the general procedure for robust optimization with independent parameters, how should the value of an uncertain coefficient in the objective function be chosen from within its range of uncertainty?
Reconsider the example illustrating the use of robust optimization that was presented in Section 8.7. Wyndor management now feels that there is uncertainty in all of the parameters of the
What is meant by sensitivity analysis?
What does a shadow price of 0 tell a manager?
What is guaranteed if the sum of the percentages of allowable changes in the right-hand sides does not exceed 100 percent?
In the general procedure for robust optimization with independent parameters, how should the value of an uncertain right-hand side of a functional constraint be chosen from within its range of
For what kinds of managerial policy decisions does what-if analysis provide guidance?
Which columns of Solver’s sensitivity report are used to find the allowable range for the right-hand side of a functional constraint?
What is the conclusion if the sum of the percentages of allowable changes in the right-hand sides does exceed 100 percent?
Why are these allowable ranges of interest to managers?
Reconsider Problem 3.6. Partition the historical records into a training partition (60 percent of the 800 records) and a validation partition (the remaining 40 percent of the 800 records). a.
Reconsider Problem 8.13. Now suppose that all of the parameters are uncertain, with ranges of uncertainty as given in the table below. Use the procedure for robust optimization with independent
Reconsider Problem 8.12, but now assume that the amount of resource 1 available and the amount of resource 2 available are both uncertain. In particular, each follows the normal distribution, with
Name and describe the three kinds of nodes in a minimum-cost flow problem.
What is the current crisis facing the BMZ Co.?
How does the objective of a maximum flow problem differ from that for a minimum-cost flow problem?
What are the origin and the destination in the Littletown Fire Department example?
What is meant by the capacity of an arc?
When formulating this problem in network terms, what is flowing through BMZ’s distribution network? From where to where?
What are the source and the sink for a maximum flow problem? For each, in what direction do all their arcs point?
What is the distinction between an arc and a link?
What is the usual objective for a minimum-cost flow problem?
What is the objective of the resulting maximum flow problem?
What are the two equivalent ways in which the total amount of flow from the source to the sink can be measured?
What are the supply node and the demand node when a shortest path problem is interpreted as a minimum-cost flow problem? With what supply and demand?
Consider the transportation problem having the unit shipping costs shown in the following table. a. Formulate a network model for this problem as a minimum-cost flow problem by drawing a network
What property is necessary for a minimum-cost flow problem to have feasible solutions?
The source and sink of a maximum flow problem are different from the supply nodes and demand nodes of a minimum-cost flow problem in what two ways?
What are three measures of the length of a link (or arc) that lead to three categories of applications of shortest path problems?
Reconsider Problem 9.3. Suppose now that the demand at each of the destinations has been reduced by 10, so that the new demands are 20, 30, and 20 at destinations 1, 2, and 3, respectively. Introduce
What is the integer solutions property for minimum-cost flow problems?
What are a few typical kinds of applications of maximum flow problems?
What is the objective for Sarah’s shortest path problem?

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