WGU C215 Operations Management
Exam | Questions and Answers
Latest 2024
Economies of scale - Correct Answer - A condition in which the
average cost of a unit produced is reduced as the amount of
output is increased
Effective capacity - Correct Answer - the maximum output rate
that can be sustained under normal conditions
Transaction fee model - Correct Answer - a company receives a
fee for executing a transaction
That is used by the company, its suppliers, and its
Customers for day-to-day activities
,Constrained optimization problem - Correct Answer - a
mathematical model in which one is trying to
Maximize or minimize some quantity, while satisfying a
Set of constraints
Contraints - Correct Answer - limitations or requirements that
must be satisfied
Decisions variables - Correct Answer - quantities under the
control of the decision maker
Equality constraints - Correct Answer - a constraint such as 6x ₁
+ 3x ₂ = 30, used to specify that a
Requirement must be met exactly
Feasible solution - Correct Answer - a specific combination of
values of the decision
Variables such that all of the constraints are satisfied
,Formulation - Correct Answer - a formal, algebraic statement of
a constrained
Optimization problem
Greater-than-or-equal-to-contraint - Correct Answer - a
constraint such as 4x ₁ + 7x ₂ ≥ 50, often used to model a
Requirement that must be satisfied
Infeasible solution - Correct Answer - a specific combination of
values of the decision variables
Such that at least one of the constraints is violated
Less-than-or-equal-to constraint - Correct Answer - a constraint
such as 3x ₁ + 5x ₂ ≤ 22, often used to model a
Limitation on the amount of a resource that can be used
LHS value - Correct Answer - the value of the constraint
expression to the left of the ≤,
≥, or = sign
, Linear program (LP) - Correct Answer - a constrained
optimization problem in which all the
Functions involving decision variables are linear
Nonnegativity constraints - Correct Answer - constraints of the
form x ₁ ≥ 0, which are nearly universal
In linear programming problems. They are used to
Represent the fact that negative quantities of products
Cannot be made, shipped, etc
Objective - Correct Answer - the quantity to be maximized or
minimized
Optimal solution - Correct Answer - the feasible solution with the
largest (for a maximization
Problem) or smallest (for a minimization) objective value
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