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Business Analytics Quiz 3 questions with actual answers. $9.29   Add to cart
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Business Analytics Quiz 3 questions with actual answers.
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Business Analytics Quiz 3 questions with actual answers.

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  • August 26, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • business analytics quiz 3 questions with actual an

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  • Business Analytics
  • Business Analytics

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Business Analytics Quiz 3 questions
with actual answers.
objective function ANS - Maximize or minimize some function,



constraints ANS - a set of restrictions



· Goal is to satisfy all the constraints while calculation the optimal solution. ANS - · Minimize costs

· Maximize return on investment

· Allocate budget



Decision variables ANS - · the letters you assign to a certain option like S = number of standard bags, D
= number of deluxe bags



Nonnegativity constraint ANS - · fact that the number of standard or deluxe bags produced cannot be
negative.



Linear function ANS - · all variables are raised to the first power.

· simplex algorithm, developed by George Dantzig



alternative optimal solution ANS - one in which the optimal objective function contour line coincides
with one of the binding constraint lines on the boundary of the feasible region.



Infeasibility ANS - · means no solution to the linear programming problem. -> expectations are too
high/too many restrictions



Unbounded ANS - · infinitely large or small for max and min -> solver says "Objective Cell values do not
converge."



binding constraint ANS - · one that holds as an equality at the optimal

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