A company distributes repair parts for high-end appliances. The annual demand is
81,000 and the company operates 300 days per year. The annual carrying cost is 20% of
the item cost, which is $500. The ordering cost is estimated at $60 and the shortage cost
is $150.
What is the maximum inventory level?
Simple exponential smoothing is being used to forecast demand. The previous forecast
of 66 turned out to be four units less than actual demand. If the next forecast is 66.6,
what is the value of the smoothing constant, α?
In most real-world cases, the supply capacity and demanded amounts result in a(n)
________ transportation model.
William ran the original model in Excel and discovered that he was walking away from
significant income. He reformulated the model with a new profit constraint of 16R +
24W + d2
+ + d2
– = 550.
All of the other constraints and priorities remained the same. Based on this snippet of
the sensitivity report, what should happen during this production run?
Markov analysis is a ________ technique.
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
Determine the shortest route for a carpet delivery truck from the carpet plant in
Valparaiso, Indiana, to retail outlets in Portage, Highland, and Lansing. State the total
completion time in minutes or each route.
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 probability that each strategy will be used by each player.
The Wiethoff Company has a contract to produce 10,000 garden hoses for a customer.
Wiethoff has four Different machines that can produce this kind of hose. Because these
machines are from Different manufacturers and use Differing technologies, their
specifications are not the same.
Write a constraint to ensure that if machine 4 is used, then machine 1 will not be used.
Refer to the table below to answer the question(s) that follow:
What is the probability that the critical path for this project will be completed within 80
weeks?
In choosing four electives from the dazzling array offered by the Decision Sciences
Department next semester, the students that had already taken the management science
class were able to craft a model using a ________ constraint.
Given the following random number ranges and the following random number
sequence: 62, 13, 25, 40, 86, 93, determine the average demand for the following
distribution of demand.
The gentleman farmer kept chickens for the eggs, the splash of color in the yard, and
because he found their gentle clucking to relax him as he worked on his laptop on his
deck. Their movements around his yard gave meaning to the term random walk you
literally could not predict their location from one minute to the next. His collection of
birds is neatly summarized in this table.
A Rhode Island Red just joined him up on the deck; what is the probability it is a
rooster?
________, a measure of correlation between returns on investment i and returns on
investment j is used to reflect risk.
An online sweepstakes has the following payoffs and probabilities. Each person is
limited to one entry.
The probability of winning at least $1000 is ________.
The ________ form of a linear program is used to determine how much one should pay
for additional resources.
The tour group has three days remaining in Paris and the opportunity to do three
cultural events. It is important to soak up as much culture as possible, so Saba decides
to model this as a 0-1 integer program mandating that the group does three events. A
couple of students object, not to the integer program, but to the set of cultural events
that they have to choose from. They would rather have the option to do up to three
events but perhaps only one or two and spend the rest of their time doing some “retail
benchmarking.” What was Saba’s original constraint and how does that constraint
change to cater to the whims of the students?
A croissant shop produces two products: bear claws (B) and almond-filled croissants
(C). Each bear claw requires 6 ounces of flour, 1 ounce of yeast, and 2 TS (tablespoons)
of almond paste. An almond-filled croissant requires 3 ounces of flour, 1 ounce of yeast,
and 4 TS of almond paste. The company has 6600 ounces of flour, 1400 ounces of
yeast, and 4800 TS of almond paste available for today’s production run. The shop must
produce at least 400 almond-filled croissants due to customer demand. Bear claw
profits are 20 cents each, and almond-filled croissant profits are 30 cents each.
This represents what type of linear programming application?
Figure Delivery Routes
Consider the network diagram given in Figure 1. Assume that the amount on each
branch is the distance in miles between the respective nodes. What is the shortest route
from the source node (node 1) to nodes 5 and 6? Indicate the total distance for each
route.
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 2Student score 84 75
Mean 75 60
Standard deviation 7 8
The weight of a loaf of bread is normally distributed with a mean of 22 oz and a
standard deviation of 0.5 oz. What is the probability that a loaf is more than 24 oz?