QMB 3602 Exam 3 Study Guide (McGraw Hill Q's)

A minimum-cost flow problem has 5 supply nodes, 0 transshipment nodes, and 3 demand nodes. If each supply node can ship to every demand node, how many arcs will be included in the model?

15

The transportation problem is a special case of

Maximum Flow Problems.

Minimum-Cost Flow Problems.

Maximum-Cost Flow Problems.

Minimum Flow Problems.

Shortest Path Problems.

Minimum-Cost Flow Problems.

The assignment problem is a special case of

Minimum-Cost Flow Problems.

Shortest Path Problems.

Minimum Flow Problems.

Maximum Flow Problems.

Maximum-Cost Flow Problems.

Minimum-Cost Flow Problems.

In a minimum-cost flow problem, which of the following is TRUE?

There is at least one supply node.

There is at least one demand node.

A feasible solution will exist if and only if total supply matches total demand.

The number of supply nodes can be different from the number of demand nodes.

All of the answer choices are true.

All of the answer choices are true.

In a distribution network, a warehouse which takes in goods from a manufacturing site and ships goods to customers is represented by

a sink.

a demand node.

a supply node.

a source.

a transshipment node.

a transshipment node.

A firm is attempting to determine the total shipping capacity of its supply network, which links a single manufacturing plant to a single customer. What type of network optimization problem is this?

Maximum-Cost Flow Problem

Minimum Flow Problem

Maximum Flow Problem

Shortest Path Problem

Minimum-Cost Flow Problem

Maximum Flow Problem

A travel agent is attempting to find the fastest combination of transportation options to allow a customer to travel from one city to another. What type of network optimization problem is this?

Minimum-Cost Flow Problem

Maximum Flow Problem

Shortest Path Problem

Minimum Flow Problem

Maximum-Cost Flow Problem

Shortest Path Problem

Which of the following can be formulated as a linear programming problem?

i. Minimum-Cost Flow Problem

ii. Maximum Flow Problem

iii. Shortest Path Problem

I only

II only

III only

I, II, and III

None of the answer choices can be formulated as a linear programming problem

I, II, and III

Shortest path problem formulation can be applied to which of the following?

Finding the combination of travel modes which minimizes distance travelled

Finding the combination of travel modes which minimizes travel time

Finding the combination of travel modes which minimizes travel cost

I only

II only

III only

I, II, and III

None of the answer choices is correct

I, II, and III

In the following network diagram, how many supply nodes are present?

1

2

3

5

6

2

In the following network diagram, how many demand nodes are present?

1

2

3

4

5

6

3

A minimum-cost flow problem has 8 supply nodes, 0 transshipment nodes, and 3 demand nodes. If each supply node can ship to every demand node, how many arcs will be included in the model?

24

A minimum-cost flow problem has 5 supply nodes, 2 transshipment nodes, and 5 demand nodes. Each supply node can ship to each transshipment node but cannot ship to any demand node or to any other supply node. Each transshipment node can ship to each demand node, but cannot ship to any supply node or to any other transshipment node. How many arcs will be included in the model?

20

(# of supply nodes x number of transshipment nodes) + ( # of transshipment nodes * # of demand nodes)

T/F:

A minimum-cost flow problem may be summarized by drawing a network only after writing out the full formulation.

False

T/F:

The model for any minimum-cost flow problem is represented by a network with flow passing through it.

True

T/F:

Network representations can be used for financial planning.

True

T/F:

A network representation is a very specific conceptual aid and is only used in special cases.

False

T/F:

All network optimization problems actually are special types of linear programming problems.

False

If the slope of a graphed function never increases but sometimes decreases, the function displays which of the following?

I. Increasing marginal returns.

II. Decreasing marginal returns.

III. Either increasing or decreasing marginal returns may have this form

I only

I and II only

II only

III only

II and III only

II only

Which of the following statements about nonlinear models is TRUE?

I. Nonlinear models are easier to understand than linear models.

II. Nonlinear models may more accurately represent a business situation.

III. Nonlinear models simplify the process of solving a maximization problem.

I only

II only

III only

I and II only

II and III only

II only

Which of the following characteristics does this chart display?

I. Decreasing marginal returns

II. Piecewise linearity

III. Discontinuity

Multiple Choice

I only

II only

III only

I and II only

II and III only

II and III only

Which of the following characteristics does this chart display?

I. Decreasing marginal returns

II. Piecewise linearity

III. Discontinuity

I only

II only

III only

I and II only

I and III only

I and II only

The following chart shows the relationship between marketing expenditures and sales.

Which of the following statements is FALSE?

I. Sales are maximized when marketing expenditures are at their highest.

II. There is a local minimum in sales when marketing expenditures are $140.

III. The global minimum for sales occurs when marketing expenditures are $140.

I only

II only

III only

I and II only

I and III only

I and III only

Under what conditions will Excel's Nonlinear Solver be guaranteed to identify the global maximum of a profit function?

I. When profits demonstrate decreasing marginal returns

II. When profit demonstrate increasing marginal returns

III. When the profit function has two or fewer discontinuities

I only

II only

III only

I and II only

I and III only

I only

T/F: Linear programming assumes that the profit from each activity is proportional to the level of that activity.

True

T/F:

If the slope of a graph never increases, but sometimes decreases as the level of the activity increases, then it is said to have decreasing marginal returns.

True

T/F:

In problems where the objective is to minimize the total cost of the activities, an activity is said to have decreasing marginal returns if the slope of its cost graph never increases but sometimes decreases as the level of the activity increases.

False

T/F:

Nonlinear programming problems with decreasing marginal returns are generally easier to solve then nonlinear programming problems with increasing marginal returns.

True

T/F:

Having activities with decreasing marginal returns is the only way that the proportionality assumption can be violated.

False

T/F:

Separable programming is applicable when there are increasing or decreasing marginal returns.

False

Social responsibility is know as ______.

Profit and planet

People and profit

None of the options are correct

People and community

People and community

The overlap of people and profit results in

Equitable

None of the options are correct

Tolerable

Sustainability

Equitable

Sustainability is ________

Not meeting the needs of the present without compromising the ability of future generations to meet theirs.

Meeting the needs of the present without compromising the ability of future generations to meet theirs.

Meeting the wants of the present without compromising the ability of future generations to meet theirs.

Meeting the needs of the future without compromising the ability of present generations to meet theirs.

Meeting the needs of the present without compromising the ability of future generations to meet theirs.

A company's social responsibility strategy is typically comprised of all but which one of the following elements?

Actions to protect or enhance the environment and, in particular, to minimize or eliminate any adverse impact on the environment stemming from the company's own business activities

Actions to keep prices low enough that the company's profits will not be viewed by the general public as obscenely high or exorbitant

Actions to enhance workforce diversity and make the company a great place to work

Charitable contributions, support of worthy organizational causes, participation in community service activities, helping to make a difference in the lives of the disadvantaged, and efforts to better the quality of life in society at large

Actions to keep prices low enough that the company's profits will not be viewed by the general public as obscenely high or exorbitant

The term "triple bottom line" refers to ______.

measuring a company's performance in the social responsibility arena and setting formal performance targets in three areas: "profit, people, and planet.

The term "triple bottom line" refers to empirical measures of a company's performance in three critical areas of social responsibility: ethical behavior, charitable contributions, and environmental stewardship.

he three criteria for evaluating a company's social responsibility strategy: the percentage of revenues devoted to corporate citizenship activities, the percentage of revenues devoted to the enforcement of high ethical standards, and the percentage of revenues devoted to making the company's operations more environmentally sustainable.

measuring a company's performance in the social responsibility arena and setting formal performance targets in three areas: "profit, people, and planet.

A triple bottom line measures a company's degree of social responsibility, its economic value and its environmental impact.

Only sometimes

False

True

True

Data is raw, unprocessed ______.

numbers

text

pictures

video

All of these choices are correct.

All of these choices are correct.

Which of the following results from aggregating and summarizing measurements collected?

Data

Information

Insights

Actionable insights

None of these choices is correct.

Information

Which of the following is more likely to be the basis for recommendations in a research report?

Data

Information

Insights

Actionable insights

None of these choices is correct.

Actionable insights

Which of the following is more likely to come from multiple variables versus a single variable?

Data

Information

Insights only

Actionable insights only

Both insights and actionable insights

Both insights and actionable insights

Which of the following are inductive or deductive conclusions?

Data

Information

Insights only

Actionable insights only

Both insights and actionable insights

Both insights and actionable insights

Which of the following is novel, unusual, or unexpected—rather than familiar?

Data

Information

Insights only

Actionable insights only

Both insights and actionable insights

Actionable insights only

Which of the following is aligned with key business goals and strategic initiatives?

Data

Information

Insights only

Actionable insights only

Both insights and actionable insights

Actionable insights only

Which of the following is a researcher's responsibility in developing the research report?

Develop insights.

Make sure the audience understands how any insight/actionable insight was derived.

Present as much information as possible from the research.

Make sure the manager-sponsor of the research implements the recommendations.

None of these choices is correct.

Make sure the audience understands how any insight/actionable insight was derived.

Which of the following is a researcher's responsibility in developing the research report?

Present as much information as possible from the research.

Provide correct and sufficient support for each insight.

Develop insights.

Make sure the manager-sponsor of the research implements the recommendations.

None of these choices is correct.

Provide correct and sufficient support for each insight.

Which of the following report structures focus on sharing as much information as was discovered during the research?

Data-centric

Audience-centric

Insight-centric

Objective-centric

Needs-centric

Data-centric

Which of the following report structures focus on the audience's embrace of recommendations?

Data-centric

Audience-centric

Insight-centric

Objective-centric

Needs-centric

Audience-centric

Which of the following report planning approaches results in a report that is more statistical?

Data-centric

Audience-centric

Insight-centric

Objective-centric

Needs-centric

Data-centric

When the researcher knows the reaction, she wants from a research report, she is focused on _____.

data.

information.

insights.

actionable insights.

desired audience effect.

desired audience effect.

Which of the following is controlled by the desired audience effect?

Insights derived from the data

Recommendations derived from the insights

Report structure

Content and style of the report

Report structure and content and style of the report

Report structure and content and style of the report

Which of the following is NOT controlled by the desired audience effect?

Report structure

Report organization

Insights derived from the data

Content and style

Information visualization

Insights derived from the data