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
cheese and meat constraints as it appears below.
Given the following data on hotel check-ins for a 6-month period:
July: 70 rooms
August: 105 rooms
September: 90 rooms
October: 120 rooms
November: 110 rooms
December: 115 rooms
If the forecast is 33 and the actual value is 44, then the error this period is ________.
A long-term wave in a demand pattern that undulates gracefully over a period of greater
than a year is a(n) ________.
Given the following payoff table:
A B
1 20 10
2 4 15
What is the value of the game?
The owner of Chips etc. produces two kinds of chips: lime (L) and vinegar (V). He has
a limited amount of the three ingredients used to produce these chips available for his
next production run: 4800 ounces of salt, 9600 ounces of flour, and 2000 ounces of
herbs. A bag of lime chips requires 2 ounces of salt, 6 ounces of flour, and 1 ounce of
herbs to produce; while a bag of vinegar chips requires 3 ounces of salt, 8 ounces of
flour, and 2 ounces of herbs. Profits for a bag of lime chips are $0.40, and for a bag of
vinegar chips $0.50.The production combination of 450 bags of lime and 800 bags of
vinegar is not feasible because one resource is exceeded. Which resource is exceeded
and how much more is needed to produce this combination?
The ________ is the frequency at which the customers arrive at a waiting line
according to a probability distribution.
Formulate an appropriate model for this scenario if the variables are assigned as in the
table:
Atwitter
The college director of global activities was hopeful that the print ads in the school
newspaper and 30 second spots on the campus radio station would spur some interest in
the array of study tour and study abroad options he had secured. The communications
director for the college had other ideas; she favored a social media campaign consisting
of tweets and facebook postings. “This is the most ridiculous thing I ever heard of,” he
whined to the dean.
The communications director’s market research revealed the following:
The advertising budget is $3500, but there is no requirement that all the money be spent.
The newspaper has only four issues before the end of the semester, but the radio is a 24/7
operation and has two dozen 30 second slots available. Facebook postings must be
alternated with the rest of the mindless drivel posted on the college page; thus there is
space for only three postings before the end of the semester. Twitter is complicated by the
140 character requirement. The communications director feels she needs five tweets to
convey a single message about tours and semesters abroad, so for one message, the cost
would be $25 for each of the five components of the single ad. Due to thumb fatigue, she
feels that she has only 2800 characters left in her thumbs before the end of the semester. (A
side note – During the intersession period, she plans to embark on a strict regimen of
thumb yoga to prepare for the coming semester.)
Formulate the appropriate objective function for this scenario.
Formulate the lawyer constraint for this scenario.
Napoleon is contemplating four institutions of higher learning as options for a Masters
in Business Administration. Each university has strong and weak points and the demand
for MBA graduates is uncertain. The availability of jobs, student loans, and financial
support will have a significant impact on Napoleon’s ultimate decision. Vanderbilt and
Seattle University have comparatively high tuition, which would necessitate Napoleon
take out student loans resulting in possibly substantial student loan debt. In a tight
market, degrees with that cachet might spell the difference between a hefty paycheck
and a piddling unemployment check. Northeastern State University and Texas Tech
University hold the advantage of comparatively low tuition but a more regional appeal
in a tight job market. Napoleon gathers his advisory council of Kip and Pedro to assist
with the decision. Together they forecast three possible scenarios for the job market and
institutional success and predict annual cash flows associated with an MBA from each
institution. All cash flows in the table are in thousands of dollars.
Kip tends to be extremely optimistic. Which decision making criterion would he
naturally select and what conclusion would he recommend to Napoleon? Why?
An investor is consider four different opportunities, A, B, C, or D. The payoff for each
opportunity will depend on the economic conditions, represented in the payoff table
below.
Economic ConditionPoor Average Good Excellent
Investment (S1) (S2) (S3) (S4)
A 50 75 20 30
B 80 15 40 50
C -100 300 -50 10
D 25 25 25 25
What decision would be made under maximin?
A ________ is the probability of occurrence of a single event.
The owner of Chips etc. produces two kinds of chips: lime (L) and vinegar (V). He has
a limited amount of the three ingredients used to produce these chips available for his
next production run: 4800 ounces of salt, 9600 ounces of flour, and 2000 ounces of
herbs. A bag of lime chips requires 2 ounces of salt, 6 ounces of flour, and 1 ounce of
herbs to produce; while a bag of vinegar chips requires 3 ounces of salt, 8 ounces of
flour, and 2 ounces of herbs. Profits for a bag of lime chips are $0.40, and for a bag of
vinegar chips $0.50.For the production combination of 800 bags of lime and 600 bags
of vinegar, which resource is not completely used up and how much is remaining?
The objective of the basic EOQ model is to ________.
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 Northwest Corner method, the initial solution would have a total
transportation cost of ________.