Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
Knowledgeable individuals bring their opinions to bear in ________, a qualitative
method of forecasting.
The first step in solving a linear programming model manually with the simplex method
is to convert the model into ________ form.
The Excel LP model for this scenario shows the following sensitivity report for the
variable cells . Comment on the salient features.
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 maximin criterion?
The Deadbeats
After months of broken promises, partial payments, and general stupidity, the landlord
had no choice but to evict the long term tenants that had become little more than
squatters in his first rental property. As he surveyed the damage and pondered a mix of
repairs an upgrades, he scoured the latest statistics on what Different upgrades might be
worth in terms of increased rent. Beautifully refinished wood floors could increase the
monthly rent about $100 and an upgrade to the kitchen would fetch $80 per month. The
garage door needed replacement, but even though it would receive daily use, it was
almost an order qualifier, and wouldn't net more than $20 per month. The house had
always suffered from lack of a back door you had to access the backyard through the
garage, so taking out a window and replacing it with a safety door would cost $250 and
add only $15 to the monthly rent. The garage door would cost $350, the kitchen update
would cost $1000 if he went with granite, and the floor refinish job would cost $400 to
rent the buffer and buy the chemicals. It wouldn't be easy doing these upgrades; the
garage door would take a half week, the back door one week, the floors two weeks and
the tile three weeks.
There was another way around these jobs though; instead of doing them himself, the
landlord could always hire a professional in each field that could finish the job in half
the time but would charge a pretty penny for that speed. Refinishing floors would cost
$2700, upgrading the kitchen would cost $2500, replacing the back window with a door
would cost $600, and installing a garage door opener would cost $350. Formulate an
appropriate objective function for this scenario.
What are the salient performance statistics for the simple regression model that predicts
the level of Pounds by the number of the month the company is in (with January = 1)?
Provide an interpretation.
Steady state probabilities can be computed by developing a set of equations using
________ operations and solving them simultaneously.
The only car dealership in a community stocks cars from two manufacturers, Fret and
Cessy. The following transition matrix shows the probabilities of a customer purchasing
each brand of car in the next year given that he or she purchased that car in the current
year.
Given that a customer purchased the brand Fret in the present year (year 1), determine
the probability that a customer will purchase Cessy in year 3.
In the Monte Carlo process, values for a random variable are generated by sampling
from a(n) ________.
Movement by customers between two or more queues in a system is called ________.
A Venn diagram depicting two circles that do not overlap or touch in any way
represents events that are ________.
A group of professors struggles to craft a set of assessment questions for their
operations management intro class. They want to cover four topic areas with at least
four questions each and have no more than twenty questions total for the assessment.
What would a set of constraints look like if they chose an optimization approach to the
assessment?
The ________ measure of distance between two points on a set of X and Y coordinates
is the hypotenuse of a right triangle.
Investment problems maximize ________.
The two solution methods for transportation problems that do not require the use of a
computer are ________ and ________.
People who forgo a high expected value to avoid a disaster with a low probability are
________.
________ types of linear programming problems often result in fractional relations
between variables which must be eliminated.
Assume that a decision maker has to make a choice between three types of cars. Chevy,
Honda, and Ford. Based on three criteria: comfort, MPG, and style.
The row averages for criteria is summarized in the following column vector:
The preference matrix for the three types of cars is given as follows:
Compute the overall score for each decision alternative (car).
Comedy Pasture II
A horse and two llamas are discussing the key areas of their domain on a lazy summer
afternoon. The llamas favor the pond and shade and like to browse the fruit trees and
oaks on the property, making their way to the barn only when their owner favors them
with some oats. The horse prefers to graze the grass and hay for food and drink from the
pond but will race up to the barn when the owner is handing out oats up there. Between
the three of them, they have stepped off the distances between many of these key points
several times and believe that they have developed an accurate map, shown below. This
map shows the number of loads that can be hauled between all connected points on the
property. As incredible as it may seem, neither the horse nor the llamas have had any
training in management science, which is where you come in.
The llamas took pride in the centuries old use as pack animals in the South American
Andes. They decided to join forces with their grazing buddy the horse and lug hay from
the Barn down to the area designated as Hay for long term storage. Use the capacities
indicated on each of the branches to determine the maximal flow from the Barn down to
Hay.
Tim! airlines procurement division works with their linear programming algorithm to
secure contracts for gasoline for the coming year. After twenty minutes of thinking, the
computer suggests that they secure 425.8125 contracts with their suppliers. This value
illustrates the assumption of ________ in linear programming models.
