A rendering plant wishes to use the data (sales records from a few local businesses and
the month of the year) to help determine their supply level for the coming months. The
records shown in the table provide an excellent opportunity for you to assist them with
their forecasting.
What is the regression equation resulting from using both the month (where January =
1, February = 2, etc.) and the level of Sales to forecast Pounds?
In the basic EOQ model, if D = 100 per month, Co = $20, and Cc = $15 per unit per
month, what is the EOQ?
A crew of mechanics at the Department of Transportation garage make minor repairs to
snowplows during the winter. The snowplows break down at an average rate of 4
vehicles per day and breakdowns are distributed according to the Poisson distribution.
The mechanic can service an average of 7 vehicles per day with a repair time
distribution that approximates a negative exponential distribution. Assume an 8 hour
day.
What is the utilization rate for the mechanic?
In game theory, each player seeks to minimize maximum possible losses with the
________ criterion.
The ________ for the computer solution of a linear programming problem requires all
variables on the left side, and all numerical values on the right side of the inequality or
equality sign.
The Exorbitant Course Fees. The $75 per credit hour course fee tacked on to all the
MBA classes has generated a windfall of $56,250 in its first semester. “Now we just
need to make sure we spend it all,” the Assistant Dean cackled. She charged the
Graduate Curriculum Committee with generating a shopping list before their next
meeting. Four months later, the chairman of the committee distributed the following. As
the professor for the quantitative modeling course, he tended to think in terms of
decision variables, so he added the left-most column for ease of use.
What is a full set of constraints for this problem if there are 30 MBA students enrolled
this semester?
The service time can most often be described by the ________ distribution.
The local grocery store consists of two cashiers. The customers arrive at the checkout
according to the Poisson distribution and the service times are based on negative
exponential distribution. The average customer service time is 4 minutes and the
average time between the arrivals of successive customers is 3 minutes. Assume that
customers equally divide themselves between the two cashiers.
How much time is a customer expected to spend waiting in line and being checked out?
Sonny Lawler’s law office uses EOQ models to manage their office supplies. They’ve
been ordering ink refills for their printers in quantities of 60 units. The firm estimates
carrying cost at 40% of the $10 unit cost and that annual demand is about 240 units per
year. The assumptions of the basic EOQ model are thought to apply. For what value of
ordering cost would its action be optimal?
It was a house with seven cats, four female and three male, and the litterbox was busier
than O’Hare Airport during the week of Thanksgiving. The beleaguered husband’s home
office was right around the corner from the laundry room, where the litterbox was kept,
and heard four separate instances of use. What is the likelihood that half of the instances
were the work of the male cats?
Costs involved in a typical inventory model include ________ and ________.
The owner of a seafood market determined that the average weight for a crab is 1.6
pounds with a standard deviation of 0.4 pound. Assuming the weights of crabs are
normally distributed, what is the probability that a randomly selected crab will weigh
between 1 and 2 pounds?
The quality control manager for ENTA Inc. must decide whether to accept (A1), further
analyze (A2), or reject (A3) a lot of incoming material. Assume the following payoff
table is available. Historical data indicates that there is 30% chance that the lot is poor
quality (S1), 50 % chance that the lot is fair quality (S2), and 20% chance that the lot is
good quality (S3).
What action would you choose according to maximax criterion?
In a network flow problem, the values assigned to ________ typically represent
distance, time, or cost.
Quarterly sales is given for the past 3 years. Determine the seasonal factors for each
quarter.
Consider the following normalized matrix for car comfort that was computed using the
analytical hierarchy process:
Which car is the most preferred based on comfort?
Consider the following linear programming problem and the corresponding final
tableau.
MAX Z = 3 + 5
s.t. ≤ 4
2 ≤ 12
3 + 2 ≥ 18
What is the shadow price for each constraint?
Generally, ________ problems match people to an equal number of tasks at a minimum
cost.