Deck 9: Enhancing Decision Making with Solver

Question 1

A binding status indicates that the constraint does not have a final value that is equal to the value of the constraint.

Answer 1

False

Question 2

When solving problems with nonlinear objective functions, you must enter a variety of starting points to ensure that the answer that Solver reports is actually the optimal solution.

Answer 2

True

Question 3

The cells in a worksheet usually display combinations of text or numbers; the math that generates the answers is hidden.

Answer 3

True

Question 4

Before changing the Solver parameters to troubleshoot a problem in a Solver model, you might want to save it as a baseline so you can return to it later if necessary.

Question 5

With Solver, you can change the values of up to 500 cells at one time to reach a goal in the objective cell.

Question 6

It is more difficult to use Solver with linear functions than nonlinear functions.

Question 7

When you copy a worksheet that contains a Solver model, the Solver model is not saved with the new worksheet unless you save it as a model in a blank area of the worksheet and load the Solver model into the new worksheet.

Question 8

When Solver cannot find a feasible solution, it still produces an answer report.

Question 9

When determining the feasibility of a solution, it is helpful to examine the model's constraints visually-for example, in a two-dimensional chart-to understand them.

Question 10

Using the integer constraint significantly adds to the computational complexity of a Solver model.

Question 11

Solver can produce four different reports: summary, answer, sensitivity, and limits.

Question 12

Policy constraints are often based on company history and, to some extent, inertia.

Question 13

Range names are usually the source of the problem when Solver cannot find a feasible solution.

Question 14

Goal Seek lets you change multiple cells.

Question 15

If all of the constraints, which represent the availability of resources, have slack values, the solution isn't the optimal solution that maximizes the available resources.

Question 16

The default solving method in the Solver Parameters dialog box is GRG Nonlinear.

Question 17

After you load the Solver Add-in, the Solver command is available in the Data group on the DATA tab.

Question 18

By default, Solver attempts to solve a problem 230 times before it stops working and determines that there is no feasible solution.

Question 19

Any Solver solution requires a well-organized spreadsheet that links the variable cells with the objective cell and the known facts about the problem with the objective cell.

Question 20

When troubleshooting, one of the best options is to save the worksheet and the Solver model in a blank section of the worksheet.

Question 21

A(n) output function is a mathematical formula that relates the decision variables or variable cells to the desired outcome. _________________________

Question 22

You must answer four questions before using optimization to solve a problem. They do NOT include ____.

A) How many resources are there and how many are needed?
B) How many resources does each decision variable consume?
C) How much does each decision variable contribute to the objective?
D) How much does each decision variable cost?

Question 23

The method you use to narrow the available options for a problem so you can choose the best potential outcome is an analytical process known as ____ in the field of management science.

A) optimization
B) simulation
C) targeting
D) breaking even

Question 24

When a constraint is binding in a Solver answer report, the first column is set to 0 because the constraint equals the final value. _________________________

Question 25

In a Solver model, a value of TRUE indicates a constraint that could not be satisfied. _________________________

Question 26

If you try to solve a problem in which there are no constraints or too few constraints, the solution is bounded. _________________________

Question 27

You can set up complex business models in a worksheet and use Solver to determine the optimal set of decision inputs to improve profitability, such as minimizing costs or ____ income.

A) maximizing
B) reducing
C) cutting
D) lowering

Question 28

Because Solver is a(n) database model, there is nothing to keep it from producing negative results. _________________________

Question 29

The size of a truck is an example of a(n) political limit. _________________________

Question 30

Solver changes the values in the variable cells to maximize, minimize, or set the objective cell
to a specific value. _________________________

Question 31

When using the Solver model, a value of FALSE indicates a satisfied constraint. _________________________

Question 32

Ranges are the boundaries that define the feasible solution area. _________________________

Question 33

You can set up complex business models in a worksheet and use Goal Seek to change more than one cell at a time. _________________________

Question 34

In solving business problems, you usually need to maximize items such as revenue or profit, and minimize items such as expenses or losses. _________________________

Question 35

____ is similar to Goal Seek in that it lets you specify what you want to occur in a particular
Cell by changing the values of one or more related cells.

A) Solve-it
B) Solver
C) Source
D) Source-it

Question 36

Although Goal Seek only lets you change ____, it can be quite useful at times.

A) one cell
B) two cells
C) three cells
D) four cells

Question 37

As Solver inserts values into the variable cells, it also examines the attributes to ensure that the solution satisfies them. _________________________

Question 38

An example of a(n) nonlinear function is the relationship between the price of an item and the demand for that item. _________________________

Question 39

The combination of the objective cell, variable cells, and constraints that are used to solve a problem is called a(n) Goal model. _________________________

Question 40

After changing one or more values in your constraints table, you must click the Solve button in the Solver Parameters dialog box to "resolve" the problem because Solver is not included in the automatic recalculation that Excel performs when you change a cell in a worksheet. _________________________

Question 41

Restricting the number of gallons of milk that a customer can buy at a sale price is a ____.

A) physical limit
B) policy limit
C) COGS limit
D) maximizing limit

Question 42

You can use Solver to determine how to allocate ____, such as people, budgets, or inventories, in such a way as to achieve the greatest benefits.

A) resources
B) formulas
C) data
D) research

Question 43

The objective function or formula that you use in the objective cell can be ____.

A) linear
B) nonlinear
C) either a or b
D) neither a nor b

Question 44

Solver lets you create a ____ model of a business scenario.

A) mathematical
B) business
C) random
D) qualitative

Question 45

When you plot a linear function in a chart, the result is a ____.

A) straight line
B) curved line
C) bar
D) circle

Question 46

The combination of the objective cell, variable cells, and constraints that are used to solve a problem is called a ____.

A) Solver model
B) Solver function
C) Solver formula
D) Solver data table

Question 47

Solver lets you establish ____ that restrict the values that are entered into the variable cells.

A) attributes
B) events
C) scenarios
D) constraints

Question 48

You can base the constraints that limit the value of a particular cell in the Solver model on ____.

A) company policies
B) physical limits
C) both a and b
D) neither a nor b

Question 49

Which of the following is NOT one of the three required parameters when running a Solver model?

A) the objective cell that you want to maximize, minimize, or set to a specific value
B) the variable cells that produce the desired results in the objective cell
C) the constraints that limit how to solve the problem
D) the formula you plan to use to produce the result in the objective cell

Question 50

Solver changes the values in the variable cells (also called ____ variables) to maximize, minimize, or set the objective cell to a specific value.

A) decision
B) flexible
C) relative
D) random

Question 51

The default solving method when the Solver Parameters dialog box opens is ____.

A) GRG Nonlinear
B) Baseline
C) Integral Calculus
D) Integrated

Question 52

The cells in a worksheet usually display combinations of text or numbers; the math that generates the answers is ____ in the worksheet itself.

A) visible
B) not visible
C) written in bold text
D) none of the above

Question 53

Any Solver solution requires a well-organized spreadsheet that links the variable cells with the ____, and links the known facts about the problem with the objective cell.

A) objective cell
B) range names
C) PivotTable
D) summary reports

Question 54

After you load the Solver Add-in, the Solver command is available in the ____ group on the DATA tab.

A) Analysis
B) Data
C) Formulas
D) What-if

Question 55

When you use Goal Seek, you are limited to entering values in a single cell to reach a goal in another related cell. This related cell is known as the ____ in Solver.

A) goal cell
B) objective cell
C) end cell
D) destination cell

Question 56

A constraint that only fully loaded trucks make deliveries is an example of a ____ limit.

A) policy
B) physical
C) relative
D) local

Question 57

Solver inserts values in the ____ until the value of the objective cell has reached the specified goal.

A) variable cells
B) result cells
C) objective cells
D) formula cells

Question 58

The model you create when using Solver is ____.

A) mathematical
B) qualitative
C) scientific
D) physical

Question 59

When you use ____, you are limited to entering values in a single cell to reach a goal in another related cell.

A) Goal Seek
B) Solver
C) Source-It
D) Goal Solver

Question 60

By including the constraints in your worksheet, you will have ____.

A) a record of them for later use
B) a data-entry reference when you set up Solver
C) both a and b
D) neither a nor b

Question 61

Having a cell in the worksheet that contains the constraint value makes it possible for you to refer to each constraint value as a cell reference in the ____ dialog box.

A) Value
B) Add Constraint
C) Constraint
D) Cell Value

Question 62

After changing one or more values in your constraints table, you must click the Solve button in the Solver Parameters dialog box to "resolve" the problem because Solver is not included in the ____ that Excel performs when you change a cell in a worksheet.

A) automatic recalculation
B) manual recalculation
C) randomly timed recalculation
D) scheduled recalculation

Question 63

The constraints that you add to the Solver Parameters dialog box are ____.

A) saved with the worksheet
B) deleted when the worksheet is saved
C) archived in a constraints folder
D) none of the above

Question 64

When you graph a nonlinear function on two dimensions, it results in a ____.

A) straight line
B) curved line
C) bar
D) circle

Question 65

Click the Save Scenario button in the ____ dialog box to open the Save Scenario dialog box.

A) Solver Results
B) Solver Save
C) Solver Summary
D) Solver Scenario

Question 66

If you keep the Solver solution, the original values are lost and you cannot recover them unless you previously ____.

A) highlighted them
B) saved them
C) deleted them
D) named them

Question 67

Creating a(n) ____ table in a worksheet organizes the constraints and makes them visible in the worksheet at any time, and without the limitation of having to open the Solver Parameters dialog box and scroll the constraints to view them.

A) constraints
B) data
C) input
D) results

Question 68

A(n) ____ function is a mathematical formula that relates the decision variables or variable cells to the desired outcome.

A) objective
B) subjective
C) relative
D) absolute

Question 69

The Constraint input box can contain values, references to cells that contain those values,
And ____.

A) formulas
B) row headers
C) hyperlinks
D) PivotTables

Question 70

Large Solver models run noticeably slower when they include integer constraints because Solver uses a different solution method, called ____, when a model includes integer constraints.

A) integer programming
B) data programming
C) Web programming
D) Excel programming

Question 71

The ____ operators you can use in Solver are less than or equal to (<=), equal to (=), greater than or equal to (>=), integer (int), binary (bin), and different (dif).

A) comparison
B) match
C) Scenario
D) simple

Question 72

Constraints that are entered into the Add Constraint dialog box are stored in Solver and are only visible when you open the Solver Parameters dialog box; you can see only ____ constraint(s) at a time in this way.

A) one
B) six
C) ten
D) thirteen

Question 73

The Cell Reference input box accepts ____.

A) cell references
B) values
C) both a and b
D) neither a nor b

Question 74

Each constraint contains a cell reference to a cell in a worksheet, a ____, and a cell reference or a constraint value.

A) formula
B) comparison operator
C) physical limit
D) function

Question 75

You can use ____ in the Constraint input box of the Add Constraint dialog box instead of entering a specific value.

A) cell references
B) file references
C) workbook references
D) worksheet references

Question 76

A ____ saves the result of a Solver model so that you can load it later.

A) scenario
B) scheme
C) situation
D) save set

Question 77

To view a previously saved scenario, select it in the Scenarios box, and then click the ____ button to update the worksheet with the data saved in the scenario.

A) Show
B) Display
C) View
D) Save

Question 78

Although you can enter constraints directly into the ____ dialog box without creating a constraints table in your worksheet, creating a constraints table in the worksheet is a much better way of organizing your Solver models.

A) Solver
B) Constraints
C) Solver Parameters
D) Solver Constraints

Question 79

In Solver, if you select the Value Of option button, you also must enter a(n) ____.

A) specific value
B) worksheet name
C) range name
D) option name

Question 80

When working with Solver, you maximize, minimize, or set the objective cell to a certain value by selecting the Max (maximum), Min (minimum), or ____ option button, respectively.

A) Value Of
B) Value
C) Cell reference
D) Number