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9 Cards in this Set
- Front
- Back
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What does it mean for an equation to be in "proper form" for entry into QM
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variables <= numerical value
variables >= numerical value variables = numerical value |
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Be able to put on objective function or constraint onto "proper form" for entry into QM
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Be able to put on objective function or constraint onto "proper form" for entry into QM
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What is the meaning of the values in the "Dual" column in the QM output?
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(aka Marginal Values)
The $ amount the company would be willing to pay for one additional unit of resource. |
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What is the meaning of the term "marginal value"?
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(aka Dual)
The $ amount the company would be willing to pay for one additional unit of resource. |
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What is the meaning of the term "sensitivity analysis"?
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The analysis of the effect of parameter changes on the optimal (model) solution.
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Why is sensitivity analysis important to managers and other decision makers?
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To see what effect a change in a parameter will have on the solution to the model.
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What is a "sensitivity range" of an object coefficient?
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The range of values over which the current optimal solution point will remain optimal.
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In general, what changes if an objective function coefficient changes?
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Optimal solution won't change (although the costs will)
"Remained optimal" |
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In general, what changes if the right hand side of a constraint changes?
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Changes in the right-hand-side of constraint equations correspond to changes in the maximum capacity of a process unit or the availability of a raw material (ex.)
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