MG 556 Quiz | Course Paper

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In a database, information is stored and maintained in ________.

A) fields

B) measurements

C) entities

D) attributes

Pickson Luthiers Corporation makes four models of electric guitars, ScarCT, Dela Mort,

Warax, and Invazen. Each guitar must flow through five departments, assembly,

painting, sound testing, inspection, and packaging. The table below shows the relevant

data. Production rates are shown in units/hour. (ScarCT is assembled elsewhere).

Pickson wants to determine how many guitars to make to maximize monthly profit.

According to the linear optimization model, what is the total number of ScarCTs

produced?

A) 2500

B) 750

C) 0

D) 100

Which of the following formulas is used to calculate the total studio recording cost?

A) =SUM(B6:B12)-B10

B) (B6+B7-B16)B12

C) B6+B7*B12

D) B6+B7*B12-B16

Below is a payoff table that lists four mortgage options:

What is the average payoff for the 5-year ARM?

A) $ 49,514

B) $ 52,015

C) $ 53,395

D) $ 51,641

Below is a spreadsheet for Trance Electronics.

Suppose that the project manager of Trance Electronics has identified the following

uncertain variables in the model and the distributions and parameters that describe

them, as follows: Market size: normal with mean of 20,000,000 units and standard

deviation of 4,000,000 units. R&D costs: uniform between $600,000,000 and

$800,000,000.

Clinical trial costs: lognormal with mean of $150,000,000 and standard deviation

$30,000,000. Annual market growth factor: triangular with minimum = 2%,

maximum = 6%, and most likely = 3%.

Annual market share growth rate: triangular with minimum = 15%, maximum =

25%, and most likely = 20%.

The number of trials per simulation is equal to 10,000 at a Sim. Random Seed of 2. Run

the simulation and answer the following questions using the Risk Solver Platform.

With reference to the trend chart, which year shows the highest mean net cumulative

profit?

A) Year 1

B) Year 2

C) Year 4

D) Year 5

The Atlas Movies Theater is planning to reprice their ticket rates to maximize revenues.

They have three classes of tickets: Classic, Silver, and Gold. The table below provides

information on the average ticket sales, revenue and price elasticity on demand. They

have a total seating capacity of 300. The table also provides the price range within

which they plan to reduce their ticket rates.

According to the nonlinear model, which of the following is the projected revenue

figure for Silver tickets based on its new price?

A) $1,163.02

B) $1,132.08

C) $1,224.63

D) $1,316.92

The sort buttons in Excel can be found under:

A) the Data tab in the Sort & Filter group.

B) the Home tab in the Styles group.

C) the Insert tab in the Sort group.

D) the Sort tab in the Filter group.

Below is a spreadsheet for a hotel overbooking model.

Answer the following question(s) using multiple parameterized simulations. The range

of historical customer demand is 400-430. Assume a uniform integer distribution for

customer demand, and run parameterized simulations for different reservation limits.

Use 5,000 trials and 1 for random seed.

If 425 reservations are made, and there are 20 cancellations, what is the mean net

revenue generated by the simulation?

A) $ 58,000

B) $ 58,500

C) $ 59,000

D) $58,995

Middle managers in operations:

A) develop staffing plans.

B) determine product mix.

C) develop advertising plans.

D) make pricing decisions.

Below is the profit model spreadsheet for the Lazarus Shoe Company producing their

latest model of shoes for the month of January.

Calculate the variable cost of production.

A) $1,786,000

B) $836,000

C) $600,000

D) $1,436,000

Pickson Luthiers Corporation makes four models of electric guitars, ScarCT, Dela Mort,

Warax, and Invazen. Each guitar must flow through five departments, assembly,

painting, sound testing, inspection, and packaging. The table below shows the relevant

data. Production rates are shown in units/hour. (ScarCT is assembled elsewhere).

Pickson wants to determine how many guitars to make to maximize monthly profit.

According to the linear optimization model, what is the total profit contribution by the

Invazen model?

A) $205,200

B) $20,000

C) $10,000

D) $4,000

Which of the following best defines constraints in an optimization problem?

A) They are limitations, requirements, or other restrictions that are imposed on any

solution.

B) They are quantities that an optimization model seeks to maximize or minimize.

C) They are quantities for which no feasible solutions exist.

D) They are unknown values that the model seeks to determine.

Which of the following approaches provided by the Analytic Solver Platform can

automatically run multiple optimizations while varying model parameters within a

predefined range?

A) sensitivity analysis

B) breakdown analysis

C) parameter analysis

D) uncertainty analysis

Misty Inc. launches a new range of perfumes for men and women. The probability of

high consumer demand for the product is 0.6 and low consumer demand is 0.4. The

probability of a favorable survey response given high consumer demand is 0.9 and the

probability of a favorable survey response given low consumer demand is 0.2.

If the marketing report is unfavorable, what is the probability of low demand?

A) 84%

B) 90%

C) 87%

D) 80%

Shirley Templeton is a real estate agent for Paralol Realty. Shirley is given the

responsibility to manage potential customers for 5 of the Realty’s bungalows. These 5

bungalows are situated in close proximity. In order to make traveling easier, Shirley

decides to move to a location closer to the 5 bungalows. The table below gives the

location (X and Y coordinates) of the 5 bungalows along with the number of trips she

would have to make to each bungalow. Create a nonlinear model based on the data

given in the table below noting that the objective is to reduce the weighted distance

between Shirley’s accommodation and the 5 bungalows.

According to the model, what is the distance between Shirley’s new accommodation

and Bungalow 1?

A) 36.53

B) 14.53

C) 98.21

D) 23.12

In an event X, the probability of rolling a sum of 8 on two dice is 5/36 while the

probability of

rolling an 11 is 2/36. In another event Y, the probability of rolling a 2 is 1/36, the

probability of

rolling a 9 is 4/36, and the probability of rolling a 4 is 3/36.

What is the probability that either event X or Y occurs?

A) 8/36

B) 15/36

C) 7/36

D) 1/36

Which decision model incorporates the uncertainty element?

A) predictive

B) normative

C) prescriptive

D) descriptive

While rolling two dice, what is the probability of rolling a sum of 7 or more?

A) 7/12

B) 5/9

C) 1/6

D) 5/36

Fiberia Accessories, a clothing retailer, is planning to introduce a new line of sweaters

as part of the winter collection for $65 with an inventory of 1500. The main selling

season is 60 days between November and December. The store then sells the remaining

units in a clearance sale at 65 percent discount. Out of the 60 main retail days, Fiberia

sells the sweaters at full retail price for only 45 days, while giving a discount of 25

percent for the remaining 15 days. The demand functions a, and b are given as 79.5 and

1.1 respectively.

Calculate the total revenue during the discount sales period.

A) $4,478.91

B) $18,921.09

C) $10,042.73

D) $43,321.09

Pickson Luthiers Corporation makes four models of electric guitars, ScarCT, Dela Mort,

Warax, and Invazen. Each guitar must flow through five departments, assembly,

painting, sound testing, inspection, and packaging. The table below shows the relevant

data. Production rates are shown in units/hour. (ScarCT is assembled elsewhere).

Pickson wants to determine how many guitars to make to maximize monthly profit.

According to the linear optimization model, what would be the total time spent for

packaging the Invazen models?

A) 8

B) 16

C) 20

D) 10

The Riviera Transport Company (RTC) produces car accessories at two plants: Dallas

and Atlanta. They ship them to major distribution centers in Houston, San Jose,

Jacksonville, and Memphis. The accounting, production, and marketing departments

have provided the information in the table below, which shows the unit cost of shipping

between any plant and distribution center, plant capacities over the next planning

period, and distribution center demands. RTC’s supply chain manager faces the problem

of determining how much to ship between each plant and distribution center to

minimize the total transportation cost, not exceed available capacity, and meet customer

demand.

Assume Xij = amount shipped from plant i to distribution center j, where i = 1

represents Dallas, i = 2 represents Atlanta, j = 1 represents Houston, and so on.

Which of the following is the objective function for cost minimization?

A) minimize cost = 13 X11 +15.25 X12 +10.99 X13 +18.48 X14 / 10.75 X21 +15.16

X22 +9.65 X23 +18.5 X24

B) minimize cost = 13 X11 +15.25 X12 +10.99 X13 +18.48 X14 + 10.75 X21 +15.16

X22 +9.65 X23 +18.5 X24

C) minimize cost = 13 X11 +15.25 X12 +10.99 X13 +18.48 X14 – 10.75 X21 +15.16

X22 +9.65 X23 +18.5 X24

D) minimize cost = (13 X11 +15.25 X12 +10.99 X13 +18.48 X14 – 10.75 X21 +15.16

X22 +9.65 X23 +18.5 X24 )(1,250 / 750)

Which option in Risk Solver Platform allows you to choose the number of times that

random values can be generated for the uncertain cells in the model?

A) Trials per Simulation

B) Simulations to Run

C) Only Run

D) Sim.Random Seed