All Optimization Problems Have

question 14

Multiple Choice

All optimization problems have:

• A) an objective function and decision variables
• B) an objective function and constraints
• C) decision variables and constraints
• D) an objective function,decision variables and constraints
• A company produces two products.Each product can be produced on either of two machines.The time (in hours)required to produce each product on each machine is shown below:
• Machine 1
• Machine 2
• Product 1
• 5
• 4
• Product 2
• 8
• 5
• Each month,600 hours of time are available on each machine,and that customers are willing to buy up to the quantities of each product at the prices that are shown below:
• ​
• Demands
• Prices
• Month 1
• Month 2
• Month 1
• Month 2
• Product 1
• 120
• 200
• $60
• $15
• Product 2
• 150
• 130
• $70
• $35
• ​
• The company's goal is to maximize the revenue obtained from selling units during the next two months.

Delineate the real costs associated with quality and their effect on an organization’s profitability.

Appreciate the importance of process capability analysis in assessing process performance.

Identify the relevance of supplier certification programs and their impact on quality and costs.

Understand lean management philosophy and its emphasis on waste reduction.

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Definitions:

Autocratic Decision

A decision-making process where the leader makes decisions unilaterally without consulting others, often associated with a top-down leadership style.

Manager Overloaded

A scenario where a manager has more responsibilities, tasks, or problems to deal with than they can reasonably handle.

More Consulting

Increasing the involvement of advisors or experts to offer guidance, recommendations, or solutions in decision-making processes.

More Empowerment

Enhancing the degree of autonomy and self-determination in individuals or teams to enable them to represent their interests in a responsible and self-determined way.