Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
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
If the probabilities of each economic condition are 0.5, 0.1, 0.35, and 05, respectively,
what is the expected value of perfect information?
Mary Schultz is the incumbent senator from Ohio and John Henderson is her opponent
in the upcoming election. Since Mr. Henderson is seeking to unseat Ms. Schultz, he is
on the offensive, while Ms. Schultz hopes to minimize his gains or her losses in the
election. The following payoff table shows the various percentage point gains/losses in
the polls for the two candidates based on their selection of certain political strategies.
Based on the information above, use the expected gain and loss method and determine
the equilibrium point.
Given the following information for a project, draw the AOA (Activity-On-Arrow)
project network.
If at least one constraint in a linear programming model is violated, the solution is said
to be ________.
The department chair is eager to motivate the senior faculty to consider retirement and
wants to burden them as much as possible. What should the model look like that
otherwise meets departmental objectives?
If events A and B are independent, then P(A|B) = ________.
Spring is right around the corner and that can mean only one thing: it's time to incubate
some eggs for a fresh crop of chickens to supplement the existing flock for the year.
There are three breeds that are popular: Leghorns, Buff Orpingtons, and Cochins, and
each has its own strengths and weaknesses. The Leghorns, for example, are superb
layers but easily excitable. The Cochins, on the other hand, are very even-tempered but
not the best layers. They do have marvelous plumage, with feathers that extend down to
their feet. The Buff Orpingtons are good layers, have interesting plumage, and are
mid-range in their temperament.
The chicken farmer would like this crop of chickens to produce as many eggs as
possible while keeping the noise to a dull roar and having a nice array of birds
free-ranging on his lawn during those lazy summer days. He has put the relevant data in
table form. Plumage numbers are on a scale from 1-10, with 10 being the most
desirable. The egg output is not on a scale, but is instead the average output for the
breed, based on years of collecting eggs.
Temperament is actually measured by the average volume of cackling, clucking, and
crowing and is measured in decibels per bird. Appetite is measured in ounces of layer
pellets per week consumed by each of the breeds, while fertilizer is measured as the
output in ounces per week.
Formulate the objective function and constraints for this scenario.
The ________ step in formulating a linear programming model is to define the decision
variables.
If average demand for an inventory item is 200 units per day, lead time is 3 days, and
safety stock is 100 units, what is the reorder point?
The expected project completion time is assumed to be ________ distributed based on
the central limit theorem.
Consider the following network, which shows the location of various facilities within a
youth camp and the distances (in tens of yards) between each facility. There is a
swampy area between facilities A and E.
A clean-up crew is stationed at facility F and wants to take the shortest route to each
site. They usually clean up facilities B and A on the same day and therefore want the
shortest route from F to each facility. Recommend a route for the crew to leave from F,
clean up each facility A and B, and then return to facility F. (Assume all paths are
accessible.)
If λ = 24 and μ = 30, then utilization is equal to ________.
Given the following linear programming problem:
maximize 4x1 + 3x2
subject to 4x1 + 3x2 ≤23
5x1 - x2 ≤ 5
x1, x2 ≥ 0
How many iterations did we have to perform before reaching the final tableau?
In Markov analysis, once the system moves into a(n) ________ state, it is trapped and
cannot leave.
The local operations manager for the IRS must decide whether to hire one, two, or three
temporary workers. He estimates that net revenues will vary with how well taxpayers
comply with the new tax code.
If he thinks the chances of low, medium, and high compliance are 20%, 30%, and 50%,
respectively, what are the expected net revenues for the number of workers he will
decide to hire?
Andy Tyre manages Tyre's Wheels, Inc. Andy has received an order for 1000 standard
wheels and 1200 deluxe wheels for next month, and for 750 standard wheels and 1000
deluxe wheels the following months. He must fill all the orders. The cost of regular
time production for standard wheels is $25 and for deluxe wheels, $40. Overtime
production costs 50% more. For each of the next two months there are 1000 hours of
regular time production and 500 hours of overtime production available. A standard
wheel requires .5 hour of production time and a deluxe wheel, .6 hour. The cost of
carrying a wheel from one month to the next is $2.
Define the decision variables and objective function for this problem.
