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The ________ determines when an order should be placed for a continuous review
inventory system.
List the four properties of linear programming models and provide an example of a
violation of each.
Two psychology majors, in two different sections of Clinical Psychology, were
comparing test scores. The following gives the students' scores, class mean, and
standard deviation for each section:
Section 1 Section 2
Student score 84 75
Mean 75 60
Standard deviation 7 8
What is the z-score of the student from section 1 and what is the probability that a
student in section 1 will score higher than 84?
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 objective function?
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
With alpha = 0.2, what is the simple exponential smoothing forecast for October?
Assume the forecast for July was 80 rooms.
In a ________ game each player adopts a single strategy as an optimal strategy.
A newsboy sells newspapers and his goal is to maximize profit. He kept a record of his
sales for 125 days with the following result:
His ordering policy is to order an amount each day that is equal to the previous day's
demand.
A newspaper costs the carrier 50 cents and he sells it for $1.00. Unsold papers are
returned and he receives 25 cents (for a loss of 25 cents).
Use the information and random numbers given in the table below to simulate the sale
of newspapers for 10 days.
After completing the simulation, determine his total revenue for the ten days as well as
monetary losses that result from unmet demand and unsold papers.
Project Sand Mandala
Carrie meticulously calculated the early and late start and finish times for her latest
project and recorded them using different colors of sand on a pristine slab of white
marble. She used red for late start and late finish times and green for early start and
early finish times. Activity durations and their identifiers were written with black sand.
She finished her task and had an opportunity to admire her work only briefly before a
colleague came by and swept most of it away. Sadly, this was before Carrie could
record the numbers on a more permanent medium, so now she turns to you to help.
Fill in all of the missing information for activity A and for activity K.
A company produces item Y, and uses the basic EOQ model for managing its inventory.
Lead time to obtain item Y is two weeks. Demand is normally distributed with a mean
of 400 units per week and a standard deviation of 40 units per week. The desired
service level is 98.5%. The ordering cost is $20, and carrying cost is 20% of the items
cost, which is $10.Determine the reorder point for product Y.
Daily operations are assisted by ________-range forecasting.
A partial solution to this problem is shown below, where the number 1 indicates when a
reviewer is assigned to an applicant. Assign two reviewers to Applicant B and 1
additional reviewer to Applicant C.
Applicant
Simulation models must be ________ to make sure they are accurately replicating the
system being simulated.
Consider a capital budgeting example with five projects from which to select. Let x1 = 1
if project a is selected, 0 if not, for a = 1, 2, 3, 4, 5. Projects cost $100, $200, $150, $75,
and $300, respectively. The budget is $450.
Write the appropriate constraint for the following condition: Choose no fewer than 3
projects.
The Vacation
Final exams are almost here and once they are done, it will be time to reward myself
with a well-deserved vacation. As a state employee, I haven't seen a raise since... well,
ever. Thus an important criterion, in fact the most important criterion is to find an exotic
region that can be visited inexpensively. There are three states of nature that could
impact costs in these five areas of interest, and they correspond to the relative strength
of the US Dollar against that region's dominant currency. Rather than squander my time
doing any actual publishable research, instead I have determined the average cost per
day to visit each region under each of the possible states of nature. This table, which
should not be construed as actual vacation advice, appears below.
I'm a pessimistic person, perhaps it has to do with the twenty years in my chosen
profession. Where should I recommend we travel and why?
For the normal distribution, the mean plus and minus 1.96 standard deviations will
include what percent of the observations?
A manufacturer buys peas for vegetable pies from two cooperatives. The price per unit
is $6 from cooperative A and $5.50 per unit from cooperative B. Define variables that
would tell how many units to purchase from each source.
Pro-Carpet company manufactures carpets in Northwest Indiana and delivers them to
warehouses and retail outlets. The network diagram given in the figure below shows the
possible routes and travel times (in minutes) from the carpet plant to the various
warehouses or retail outlets.
V = Valparaiso, P=Portage, G=Gary, Ha=Hammond, Hi=Highland, M =
Merillville, L = Lansing
Write the constraint associated with the Lansing (destination) node for the 0-1 integer
linear programming formulation of the shortest route problem.
Companies A, B, and C supply components to three plants (F, G, and H) via two
crossdocking facilities (D and E). It costs $4 to ship from D regardless of final
destination and $3 to ship to E regardless of supplier. Shipping to D from A, B, and C
costs $3, $4, and $5, respectively, and shipping from E to F, G, and H costs $10, $9, and
$8, respectively. Suppliers A, B, and C can provide 200, 300 and 500 units respectively
and plants F, G, and H need 350, 450, and 200 units respectively. Crossdock facilities D
and E can handle 600 and 700 units, respectively. Logistics Manager, Aretha Franklin,
had previously used "Chain of Fools" as her supply chain consulting company, but now
turns to you for some solid advice.
Sketch the network for this problem and label all nodes and arrows with the appropriate
information.
The ________ method is a solution approach that partitions the feasible solution space
into smaller subsets of solutions.
