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Quantitative Analysis for Management MCQs

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1 of 7;Complete problem 15 on page 274 in the Quantitative Analysis for Management textbook using Excel Solver;method in order to answer questions 1 through 6. Problem 15 is an extension of problem 14 on page 274.;1. If Electrocomp decides that at least 20 air conditioners should be produced, but no more than 80 fans should;be produced, what would be the optimal solution?;o 25 air conditioners and 65 fans;o 35 air conditioners and 75 fans;o 40 air conditioners and 60 fans;o 20 air conditioners and 80 fans;2. If Electrocomp decides that at least 20 air conditioners should be produced, but no more than 80 fans should;be produced, how much slack is there for each of the two resources (i.e., wiring and drilling)?;o 5 wiring and 0 drilling;o 0 wiring and 0 drilling;o 0 wiring and 5 drilling;o 5 wiring and 5 drilling;3. If Electrocomp decides that at least 20 air conditioners should be produced, but no more than 80 fans should;be produced, what is the total profit Electrocomp would earn for the optimal solution?;o $2,500;o $2,350;o $1,900;o $1,765;4. If Electrocomp decides that at least 30 air conditioners should be produced, but no more than 50 fans should;be produced, what would be the optimal solution?;o 15 air conditioners and 65 fans;o 35 air conditioners and 75 fans;o 40 air conditioners and 50 fans;o 45 air conditioners and 50 fans;5. If Electrocomp decides that at least 30 air conditioners should be produced, but no more than 50 fans should;be produced, how much slack is there for each of the two resources (i.e., wiring labor and drilling labor)?;o 5 wiring and 0 drilling;o 0 wiring and 0 drilling;o 0 wiring and 5 drilling;o 5 wiring and 5 drilling;6. If Electrocomp decides that at least 30 air conditioners should be produced, but no more than 50 fans should;be produced, what is the total profit Electrocomp would earn for the optimal solution?;o $2,300;o $2,050;o $1,700;o $1,875;Woodworking Company (Original Scenario);A certain new woodworking company manufactures and sells dining room tables and chairs. The owner has;assumed that his customers are interested in buying tables and chairs individually rather than having to buy;2 of 7;them in pre-defined sets, as is the case with most furniture manufacturers. The owner has established the;following general guidelines for the companys production effort;The companys objective is to maximize profit during each production cycle.;Fabrication of each table requires 4 units of wood and each chair requires 1 unit of wood.;Fabrication of each table requires 20 units of fabrication labor and each chair requires 12 units of;fabrication labor.;Fabrication of each table requires 2 units of assembly labor and each chair requires 4 units of assembly;labor.;Fabrication of each table requires 12 units of finishing labor and each chair requires 8 units of finishing;labor.;Fabrication of each table requires 1 unit of packaging labor and each chair requires 1 unit of packaging;labor.;Producing partially manufactured (i.e., partially fabricated, assembled, finished and/or packaged) tables;and/or chairs is acceptable during any given production period since they can be completed during the;subsequent production cycle. However, potential profit for a given production cycle shall be calculated;based only upon the number of complete tables and/or chairs produced during the production cycle;since partially manufactured tables or chairs cannot be sold.;The company will earn a potential profit of $250 for each table sold and $65 for each chair sold.;It is assumed that all complete tables and chairs manufactured during a given production period will also;be sold during the same production period.;For the current production cycle, the owner anticipates having 750 units of wood, 5,000 units of fabrication;labor, 1,225 units of assembly labor, 3,250 units of finishing labor and 500 units of packaging labor available.;Create a linear programming model for the preceding scenario using the Excel Solver method in order to answer;the questions 7 through 14.;The following hints apply;Do not forget to consider whether or not a non-negativity constraint would be appropriate for inclusion;in your model.;Do not forget to consider whether or not an integer constraint would be appropriate for inclusion in your;model.;A given resource is fully consumed only if all of the resource has been used. If even a fraction;of the resource remains unused (e.g., a fraction of a unit of wood or a fraction of a unit of labor), then;the resource has not been fully consumed. The fact that the portion remaining may be insufficient to;manufacture another complete or partial table or chair is irrelevant. Although you might not be able to;use this surplus resource to make another complete or partial table or chair, it is nonetheless available;and could be reallocated elsewhere within the company where it could possibly be put to use during the;current production period to manufacture other products or could possibly be held in reserve for use in;future production periods.;7. What is the optimal number of tables the company should produce during the current production cycle?;o 163.25;o 142.86;o 121.89;o 71.11;8. What is the optimal number of chairs the company should produce during the current production cycle?;o 178.57;o 191.27;3 of 7;o 134.96;o 89.67;9. What is the total amount of profit that the company would earn for producing the optimal number of tables;and chairs during the current production cycle (keeping in mind that partially manufactured tables and/or;chairs do not contribute to profit earned during the current production cycle)?;o $58,255;o $42,135;o $31,280;o $47,321;10. Which resources will be fully used in producing the optimal number of tables and chairs?;o Wood and fabrication labor;o Fabrication labor and assembly labor;o Assembly labor;o Wood and finishing labor;o Finishing labor;o None of the above;Shortly after beginning production and sales operations the owner discovers that his assumption regarding;customers being interested in buying tables and chairs individually rather than in sets is incorrect. The vast;majority of his customers are indicating that they are only interested in purchasing table and chair in sets, with;each set consisting of one table and four chairs.;11. Without revising the previously stated general guidelines for the companys production effort, how many;complete table and chair sets can the company assemble from the optimal number of tables and chairs;produced during the current production cycle?;o 36;o 44;o 51;o 64;12. If the company is only able to sell tables and chairs in complete sets during the current production cycle;how many excess tables will the company have left in inventory at the end of the current production cycle?;o 52.89;o 44.00;o 76.34;o 98.86;13. If the company is only able to sell tables and chairs in complete sets during the current production cycle;how many excess chairs will the company have left in inventory at the end of the current production cycle?;o 2.57;o 0.57;o 11.02;o 369;14. If the company is only able to sell tables and chairs in complete sets during the current production cycle;what is the total amount of profit that the company would potentially earn (keeping in mind that excess;tables or chairs do not contribute to profit earned during the current production cycle)?;4 of 7;o;o;o;o;$40,178;$39,970;$22,440;$28,980;Woodworking Company (Revised Scenario);Revise your linear programming model for the preceding Woodworking Company (Original Scenario) to take;into account the following additional general guidelines for production in order to answer questions 15 through;21;Tables and chairs shall only be sold in complete sets consisting of one table and four chairs (i.e., tables;and chairs may not be sold indivually).;Profit for a given production period shall be calculated based upon the number of complete table and;chair sets produced during the production period. Tables and chairs associated with partial table and;chair sets shall not be considered when calculating profit.;Partially manufactured tables and/or chairs do not contribute to profit earned during a given production;cycle.;The company must manufacture a minimum of 50 complete table and chair sets during any given;production cycle in order to satisfy estimated customer demand.;In addition to the hints previously provided for the Woodworking Company (Original Scenario), the following;additional hints apply;You do not need to create a separate variable to represent a table and chair set. You can create a;simple algebraic equation using only the two variables that represent the number of tables to be;produced and the number of chairs to be produced that describes the ratio in which tables and chairs;must be manufactured to produce only complete sets (i.e., no excess tables or chairs).;Do not forget to account for the constraint requiring that you produce a specific minimum number of;table and chair sets.;15. Can the company produce the required minimum number of complete table and chair sets during the current;production cycle?;o Yes;o No;16. What is the optimal number of tables the company should produce during the current production cycle in;order to produce the optimal number of complete table and chair sets?;o 62.25;o 65.18;o 68.06;o 71.11;17. What is the optimal number of chairs the company should produce during the current production cycle in;order to produce the optimal number of complete table and chair sets?;o 287.12;o 272.22;o 254.87;o 244.93;5 of 7;18. What is the total amount of profit that the company will potentially earn for producing the optimal number;of complete table and chair sets?;o $33,890;o $37,649;o $34,680;o $41,136;19. Which resource will be fully used in producing the optimal number of tables and chairs?;o Wood;o Fabrication labor;o Assembly labor;o Finishing labor;o Packaging labor;o None of the above;20. How many excess complete tables would the company have remaining in inventory at the end of the;production cycle (assuming the company sells all complete table and chairs sets produced during the;production cycle)?;o 0.81;o 0.00;o 1.12;o 4.29;21. How many excess complete chairs would Willis have remaining in inventory at the end of the production;cycle (assuming the company sells all complete table and chairs sets produced during the production cycle)?;o 0.00;o 11.29;o 2.76;o 7.12;Use the graphical solution method to complete problem 27 on page 276 in the Quantitative Analysis for;Management textbook in order to answer questions 22 through 25.;22. Which formulation has more than one optimal solution?;o Formulation 1;o Formulation 2;o Formulation 3;o Formulation 4;23. Which formulation is unbounded?;o Formulation 1;o Formulation 2;o Formulation 3;o Formulation 4;24. Which formulation has no feasible solution?;o Formulation 1;o Formulation 2;o Formulation 3;6 of 7;o Formulation 4;25. Which formulation is correct as is?;o Formulation 1;o Formulation 2;o Formulation 3;o Formulation 4

 

Paper#20410 | Written in 18-Jul-2015

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