Logistics Management Review Questions
Course Introduction
Logistics Management is a comprehensive course that explores the principles, strategies, and operations involved in efficiently managing the flow of goods, services, and information from the point of origin to the point of consumption. The course covers key topics such as inventory control, transportation, warehousing, procurement, distribution, and supply chain integration, with a focus on optimizing processes to reduce costs and enhance customer satisfaction. Through case studies and real-world applications, students gain insight into the challenges and technologies shaping modern logistics, preparing them for effective decision-making in a dynamic global environment.
Recommended Textbook
Practical Management Science 6th Edition by
Wayne L. Winston
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14 Chapters
421 Verified Questions
421 Flashcards
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Page 2
Chapter 1: Introduction to Modeling
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Sample Questions
Q1) Optimization models are useful for determining:
A) sensitivity to inputs
B) whether the inputs are valid or not
C) what the manager should do
D) the value of the output under the current conditions
Answer: C
Q2) Which of the following is not one of the guiding principles for a heuristic
A) Common sense
B) Intuition
C) Trial and error
D) Optimality
Answer: D
Q3) The most frequent cause of a failed implementation of a model is:
A) the model is incorrect
B) the analyst fails to communicate how to use the model
C) the data for the model is unavailable
D) the model is too complex
Answer: B
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3
Chapter 2: Introduction to Spreadsheet Modeling
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Sample Questions
Q1) In general,any cash flow occurring at the beginning of the first time period must be placed outside the NPV function.
A)True
B)False
Answer: True
Q2) In Excel terminology,the unknown value used in Goal Seek is called the input cell.
A)True
B)False
Answer: False
Q3) Which of the following is a useful tool for investigating what-if questions
A) Data tables
B) VLOOKUP function
C) Formula auditing
D) SUMPRODUCT function
Answer: A
Q4) A shortcut for establishing absolute references is pressing the F9 key.
A)True
B)False
Answer: False
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Chapter 3: Introduction to Optimization Modeling
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Sample Questions
Q1) Refer to Exhibit 3-2.What is the value of additional capacity on the polisher How much increase and decrease in this capacity is possible before a change occurs in the optimal production schedule
Answer: The value of additional capacity on the polisher is zero,since it is not binding.The allowable increase is unbounded,and the allowable decrease is 1000.
Q2) Suppose the allowable increase and decrease for an objective coefficient of a decision variable that has a current value of $50 are $25 (increase)and $10 (decrease).If the coefficient were to change from $50 to $65,the optimal value of the objective function would not change.
A)True
B)False
Answer: False
Q3) The feasible region in all linear programming problems is bounded by:
A) corner points
B) hyperplanes
C) an objective line
D) all of these options
Answer: B
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Chapter 4: Linear Programming Models
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Sample Questions
Q1) Refer to Exhibit 4-2.Suppose the bonus for completing the project three months early is $250,000.What would be the net bonus to the company,after adjusting for any difference in personnel costs under the accelerated schedule
Q2) The results of a sensitivity analysis with a dual objective model can be shown graphically using a:
A) scatterplot
B) tradeoff curve
C) trend diagram
D) bar chart
Q3) Refer to Exhibit 4-1.Use Solver to formulate and solve the hospital's problem.
Q4) In aggregate planning models,the number of workers available influences the possible production levels.
A)True
B)False
Q5) Refer to Exhibit 4-4.Assuming that all fertilizer produced can be sold,determine the optimal blending plan for the company.What is the maximum profit
Q6) Refer to Exhibit 4-2.Determine the optimal staffing plan for the project.
Q7) Refer to Exhibit 4-3.Determine the optimal processing plan for the meat market.
Page 6
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Chapter 5: Network Models
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Sample Questions
Q1) Transshipment points are locations where goods neither originate nor end up,but goods are allowed to enter such points to be shipped out to their eventual destinations.
A)True
B)False
Q2) Refer to Exhibit 5-2.Implement a LP model in Solver and determine the optimal monthly assignment plan for the firm.What is the total number of hours that will be assigned to projects each month
Q3) In an assignment model of machines to jobs,the machines are analogous to which of the following in a transportation problem
A) Suppliers
B) Customers
C) Flows
D) Unit capacities
Q4) Refer to Exhibit 5-1.Formulate (write out algebraically)an LP transportation model to help Sinclair minimize its shipping costs.
Q5) Refer to Exhibit 5-3.Implement the appropriate model in Solver and determine the shortest path for Steve.How many total miles will he travel on his trip
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Chapter 6: Optimization Models With Integer Variables
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Q1) Refer to Exhibit 6-1.This problem is an example of what type of integer programming model
Q2) Many inherently nonlinear problems can be transformed into linear models with the use of:
A) integer variables
B) integer constraints
C) binary variables
D) binary constraints
Q3) If Solver fails to find an optimal solution to an integer programming problem,we might be able to find a near optimal solution by specifying a smaller number for the integer optimality setting.
A)True
B)False
Q4) Problems with a fixed cost that is incurred only if an activity is undertaken at a positive level are inherently nonlinear.
A)True
B)False
Q5) Refer to Exhibit 6-1.Which items should she take with her to her new home What is the value of these items
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Chapter 7: Nonlinear Optimization Models
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Sample Questions
Q1) In some nonlinear models,Solver will find the optimal solution only if the starting solution is reasonably close to the optimal solution.
A)True
B)False
Q2) Solver can get stuck at a global optimum and never find the local optimum.
A)True
B)False
Q3) As an objective,minimizing the sum of squared errors is equivalent to minimizing the A) root mean square error
B) weighted sum of squared errors
C) sum of absolute errors
D) maximum absolute error
Q4) Refer to Exhibit 7-1.Suppose the company must produce a minimum of 20 units of each product.How many units of each product should the company produce in that case
What prices should it charge,to maximize profit
Q5) [Part 1] Refer to Exhibit 7-4.Determine the minimum variance portfolio that yields an expected annual return of at least 0.10
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Page 9
Chapter 8: Evolutionary Solver: An Alternative Optimization
Procedure
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Q1) Refer to Exhibit 8-2.Explain why this problem typically requires Evolutionary Solver to obtain a solution.
Q2) Which of the following is not a step in a genetic algorithm
A) Generating a population
B) Creating a new generation
C) Culling the population
D) Evaluating a stopping condition
Q3) Mutations are useful for getting a genetic algorithm "unstuck".
A)True
B)False
Q4) The number of possible paths in a shortest path problem with n locations is:
A) n
B) n 1
C) n<sup>2</sup>
D) n!
Q5) Refer to Exhibit 8-4.Suppose Steve moves to Los Angeles.What is the shortest distance in this case
Page 10
Q6) Refer to Exhibit 8-1.This is an example of what type of optimization problem
Q7) Refer to Exhibit 8-1.How should the train be loaded to minimize shortage and penalty costs
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Chapter 9: Decision Making Under Uncertainty
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Sample Questions
Q1) Bayes' rule is used to:
A) update the prior probabilities once new information is observed.
B) turn the given conditional probabilities (i.e. likelihoods) around.
C) update the posterior probabilities once new information is observed.
D) All of the above are uses for Bayes' rule.
Q2) Refer to Exhibit 9-2.Construct a decision tree to help the credit union decide whether or not to make the loan.Make sure to label all decision and chance nodes and include appropriate costs,payoffs and probabilities.
Q3) Refer to Exhibit 9-1.Suppose the farmer is not risk-neutral,but instead his behavior can be modeled using an exponential utility function with a risk tolerance parameter of 100,000.What is the most he would be willing to pay for insulation in that case
Q4) Prior probabilities are sometimes called likelihoods,the probabilities that are influenced by information about the outcome of an earlier uncertainty.
A)True
B)False
Q5) Refer to Exhibit 9-1.Find the highest cost of insulating the grapefruits for which the farmer prefers to insulate his crop.
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Page 12
Chapter 10: Introduction to Simulation Modeling
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Sample Questions
Q1) Which of the following statements is true regarding the Triangular distribution
A) It is a discrete distribution with a minimum, maximum and most likely value
B) It is more flexible and intuitive than the normal distribution
C) It is a symmetric distribution
D) All of these options
Q2) A correlation matrix must always have 1's along its diagonal (because a variable is always perfectly correlated with itself)and numbers between 1 and +1 elsewhere.
A)True
B)False
Q3) Which of the following statements is true regarding the Normal distribution
A) It is always the appropriate distribution in simulation modeling
B) It does not permit negative values
C) There is a 95% chance that values will be within ± 2 standard deviations of the mean
D) All of these options
Q4) When the value of a decision variable has been optimized by running several simulations,attitude toward risk should no longer be relevant.
A)True
B)False
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Page 13
Chapter 11: Simulation Models
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Q1) In marketing and sales models,the primary issue is the uncertain amount of sales that can be obtained,given an assumed timing.
A)True
B)False
Q2) [Part 3] Refer to Exhibit 11-2.Briefly explain why designing the plant for the expected capacity is clearly not the optimal solution.
Q3) A key input variable in many marketing models of customer loyalty is the:
A) Mean profit per customer
B) Number of customers
C) Churn rate
D) Time horizon
Q4) [Part 1] Refer to Exhibit 11-1.What is the deterministic next present value (NPV)of the project,including the required investment,assuming a 10% discount rate
Q5) The RISKSIMTABLE function is used to summarize the results of a single simulation of product lifetime.
A)True
B)False
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14
Chapter 12: Queueing Models
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Sample Questions
Q1) The two basic modeling approaches for queuing systems are optimization and simulation.
A)True
B)False
Q2) When a customer already in line in a queuing system becomes impatient and leaves the system before starting service,this is called:
A) balking
B) limited waiting
C) quitting
D) reneging
Q3) In queuing systems with a finite number of customers allowed,there is no need to require that the traffic intensity be less than 1 to ensure stability.
A)True
B)False
Q4) Refer to Exhibit 12-3.What percentage of all customers have to spend at least some small amount of time waiting in line
Q5) Refer to Exhibit 12-2.How many of the servers are busy on average
Q6) Refer to Exhibit 12-3.What is the average length of the waiting line
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Chapter 13: Regression and Forecasting Models
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Q1) The smoothing constant used in simple exponential smoothing is analogous to the span in moving averages.
A)True
B)False
Q2) Refer to Exhibit 13-3.Use a moving average model to forecast these data,requesting 4 quarters of future forecasts.Use a span of 4 quarters.
Q3) A model that uses temperature,season of the year (fall,winter,spring,summer),and whether or not it is a weekend,to predict the # of customers for the day would include how many independent variables
A) 3
B) 5
C) 6
D) 7
Q4) The adjusted R<sup>2</sup> is used primarily to monitor whether extra explanatory variables really belong in a multiple regression model.
A)True
B)False
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Page 16
Chapter 14: Data Mining
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Sample Questions
Q1) The function INDEX(A1:E5,4,3)would return the value in cell C4.
A)True
B)False
Q2) Which of the following is true of clustering methods
A) They are called supervised data mining techniques.
B) They require known values of the dependent variable.
C) They group observations into clusters based on predefined characteristics.
D) They are also known as segmentation methods.
Q3) Business analytics,while important,is only a part of the area of data mining.
A)True
B)False
Q4) Which of the following is false regarding neural networks
A) They attempt to mimic the complex behavior of the human brain.
B) They are synonymous with data mining.
C) They can be used to predict the value of a numeric dependent variable.
D) They do not provide an understanding of the contributions of individual explanatory variables.
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