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1
What is the final step in an optimization problem?
Verify
Answer the question
Write the equation
Find the second derivative
2
What is the first step to solving an optimization problem?
Identify given quantities, write the equation to optimize
Optimize
Find the derivative
Verify
3
What do you need to do to "move left" on the "Economic Batch Size " optimization curve?
Reduce Total Cost
Reduce the holding cost
Reduce transaction cost
Reduce batch size
4
Optimization is an application of
Area
Integrals
Calculus
Derivatives
5
What equations are needed, in general, to solve an optimization problem?
An equation to be maximized
One to be minimized
One to be optimized, and one supplementary
6
Which of the following is NOT a step when completing an optimization problem.
Draw a diagram
Develop an equation to optimize
Test minimum or maximum value
Check for change
7
Can an optimization problem have more than one correct answer?
No
Yes
