UGBA 104 - EXAM 1 QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS

UGBA 104 - EXAM 1 QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS
Question : Optimization
CORRECT ANSWER:: maximizing or minimizing an
objective function involving at least one variable
Question : Linear programming
CORRECT ANSWER:: maximizing or minimizing an
objective when the objective function AND all constraints
involve linear functions of the variables
Question : 5 Steps in Formulating a Linear Program
CORRECT ANSWER:: (1) understand decision
problem(2) define decision variables(3) express objective
as a linear function of decision variables(4) express
constraints as a linear inequality(5) identify upper or
lower bounds of decision variables
Question : Decision Variables

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