Decision Science for Business

BUSI 508 MIDTERM EXAM PREPARATION – General Information: – Exam counts as 20% of your overall grade – Exams are 100% individual effort–discussions among classmates are prohibited. All reference materials (books, notes, etc. ) shall be closed while taking the exam – There are 48 multiple choice questions: — (General Knowledge) 33 questions which will test your basic knowledge of history, importance of operations research/management science techniques, model terminology, etc. These questions are worth 1 point apiece – (Applications) 15 questions that will require you to analyze screen shots/graphics from Microsoft Excel and interpret information regarding an applied problem. These problems will be very similar to the work you have done on the Excel Exercises and Cases however will not require you to actually use Excel, simply be able to interpret information from the screen shots/graphics. Most of the applied-type problems will be worth 2 points, though some are only worth 1 point depending on the level of difficulty – Once the availability period opens, you will have 2 hours to complete the exam.Your clock starts as soon as you open the exam so you must submit the exam within 2 hours of opening it – Content: – General knowledge on the background of operations research/management science – Value of operations research/management science – Modeling basics (types, applications, etc. ) – Linear programming/Integer Linear Programming basics (difference between the two, building an LP/ILP model, integration of the model into Excel, optimal solution, feasible region, establishing constraints, bounded/unbounded solutions, sensitivity analysis) Network Modeling basics (the Transshipment Problem, nomenclature associated with the visual network model, establishing the model, basic forms of constraints depending on the type of problem – How to Prepare (**Suggestions**): 1. The readings from the textbook are imperative! Simply using the notes that have been provided in the course is not sufficient; this exam assumes you have completed and have a solid comprehension of the assigned readings from the textbook. . This exam assumes you are capable of developing and interpreting Linear/Integer Linear Programming models, sensitivity analysis (as it applies), and network models (both the development of the model and understanding the graphic representation of the model showing the nodes and arcs). If you have successfully completed the Excel Exercises and Case problems, you should be adequately prepared for the applied portion of the exam.