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Use the following table to answer the question(s) below.
What decision should be made under minimax regret?
If one location for a warehouse can be selected only if a specific location for a
manufacturing facility is also selected, this decision can be represented by a ________
constraint.
When the ________ criterion is used, the maximum of the minimum payoffs is
selected.
The difference in the expected value with additional information and without additional
information is ________.
The XYZ manufacturing company produces ball bearings. The annual fixed cost is
$20,000 and the variable cost per ball bearing is $3. The price is related to demand
according to the following equation: 1000 - 8p.
What price for the ball bearings will maximize the profit?
Three job applicants were rated on four criteria, resulting in the following preference
vectors:
Applicant Criterion 1 Criterion 2 Criterion 3 Criterion 4
A .3085 .0792 .5986 .6192
B .2147 .4615 .0126 .3045
C .4768 .4593 .3888 .0763
The priorities of the criteria are:
Criterion Priority
1 .2178
2 .1915
3 .4123
4 .1784
Rank the 3 applicants.
Given the following transportation tableauwhere the numbers in each cell represent
transportation costs from the specific source to the specific destinationwith supply
figures corresponding to each source and demand figures corresponding to each
destination:
According to the Vogel's Approximation Method, the initial solution would have a total
transportation cost of ________.
Objective probabilities that can be stated prior to the occurrence of an event are
________.
A Markov process has the following transition matrix:
A B
A 0.90 0.10
B 0.70 0.30
What are the steady state probabilities?
The purpose of inventory management is to determine ________ and ________ to
order.
Billy Hill's Still
William J Hill runs a small batch artisnal bourbon distillery at a secluded location in the
hills of Kentucky. He makes two products, known among his customers as Rotgut and
White Lightning. The recipes for the two have been passed down in the Hill family for
generations and are Rotgut: 1 bushel of corn, 3 pounds of sugar, 2 hours of cooking
time. For the premium blend, White Lightning, he needs 2 bushels of corn, 2 pounds of
sugar, and 3 hours of cooking time. Both recipes make enough to fill two jugs, which
sell for $8 apiece for Rotgut and $12 apiece for White Lightning.
A quick inventory one crisp autumn morning reveals that William has on hand 40
bushels of corn, 70 pounds of sugar, and 50 jugs. He would like to brew up a few
artisnal batches, but has recently received a tip that certain agencies have taken an
interest in his talents and may be paying him a visit in three days, hence he plans to
restrict any brewing activity to 72 hours at most, before he retreats to his home away
from home, Lubbock.
William cleans his equipment, lights a fire, and ponders the objectives. Obviously the
first priority is restricting himself to 72 hours of work any more than that and he runs
the risk of an extended holiday. His second priority to make enough to acquire materials
for the next production run and fund his daughter's college tuition - he believes that
$500 would make this production run worth his while. His third and fourth priorities are
not to have too much perishable inventory, so he wants to make sure he doesn't have too
many bushels of corn on hand (third priority) nor does he want too many pounds of
sugar on hand (fourth priority).What is the corn constraint?
3R + 2W + d3
Ponder the following linear programming problem:
MIN Z = 3x1 + 8x2
Subject to: 3x1 + 4x2 ≥ 52
3x1 + 4x2 ≥ 38
x1, x2 ≥ 0
What is minimum cost and the value of x1 and x2 at the optimal solution?
A(n) ________ variable is the amount by which a goal level is exceeded.
If the decision maker receives additional information such that the marginal
probabilities of certain events should be modified, these revised probabilities are called
________.
Determining where capacity needs to be added within a series of one-way roads within
a park represents a ________ model.
Due to increased sales, a company is considering building three new distribution centers
(DCs) to serve four regional sales areas. The annual cost to operate DC 1 is $500 (in
thousands of dollars). The cost to operate DC 2 is $600 (in thousands of dollars.). The
cost to operate DC 3 is $525 (in thousands of dollars). Assume that the variable cost of
operating at each location is the same, and therefore not a consideration in making the
location decision.
The table below shows the cost ($ per item) for shipping from each DC to each region.
Region
The demand for region A is 70,000 units; for region B, 100,000 units; for region C,
50,000 units; and for region D, 80,000 units. Assume that the minimum capacity for the
distribution center will be 500,000 units.
Define the decision variables for this situation.
In order to attract listeners, a radio station gives away money if listeners correctly
identify the amount of money found by a "treasure hunter". A contestant would guess
the amount on the air, and the disc jockey would then play a tape in which the "treasure
hunter" said how much he had found. If the caller guessed correctly, they won the
amount of money found by the treasure hunter. If they guessed incorrectly, they
received nothing. Suppose that the treasure hunter either found $50 or $100. The payoff
matrix represents this game:
If the station plans on running the game every day for 10 days, how much will they pay
out?
Given the following transportation tableauwhere the numbers in each cell represent
transportation costs from the specific source to the specific destinationwith supply
figures corresponding to each source and demand figures corresponding to each
destination:
According to the Vogel's Approximation Method, the initial solution would give to cell
B2 a loading of ________.
Once a decision maker has determined the shortest route to any node in the network,
that node becomes a member of the ________.
The assistant manager had taken a management science class a few years before and
while she knew enough to formulate the problem and implement it in Excel, the only
sensitivity training she had ever received had to do with being more empathetic to the
plight of her minimum wage workforce. Help her interpret the sensitivity report for the
Nacholupa product as it appears below.
