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MGT 3410 Final Examination Spring 2014

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Question;MGT 3410 Final Examination Spring 2014;Answer;all questions (take-home examination) Academic;Honesty Policy:I understand that this is an open books/notes exam and I;may use a computer to perform computations as necessary. I have neither given;nor received help on this exam.;Due;Date: May 8 by 11:59pm;Submit;your solution electronically in a folder called ?Final Examination? under Dropbox on D2L.;1. Thomas Industries and Washburn;Corporation supply three firms (Zrox, Hewes, Rockwright) with customized;shelving for its offices. They both order shelving from the same two;manufacturers, Arnold Manufacturers and Supershelf, Inc.;Because of long standing contracts;based on past orders, unit costs from the manufacturers to the suppliers are;given below: Thomas;Washburn;Arnold;5;8;Supershelf;7;4;The chart below gives the cost to;install the shelving at the various locations: Zrox;Hewes;Rockwright;Thomas;1;5;8;Washburn;3;4;4;Currently weekly demand by the user;are 50 for Zorx, 60 for Hewes, and 40 for Rockwright. Both Arnold and;Supershelf can supply at most 75 units to its customers.;a.;Draw a network representation for;this problem. (6 points) b.;Formulate this problem as a LP model;and solve it. (12 points) MGT 3410 Final Examination Spring 2014;Answer;all questions (take-home examination) Academic;Honesty Policy:I understand that this is an open books/notes exam and I;may use a computer to perform computations as necessary. I have neither given;nor received help on this exam.;Due;Date: May 8 by 11:59pm;Submit;your solution electronically in a folder called ?Final Examination? under Dropbox on D2L.;1. Thomas Industries and Washburn;Corporation supply three firms (Zrox, Hewes, Rockwright) with customized;shelving for its offices. They both order shelving from the same two;manufacturers, Arnold Manufacturers and Supershelf, Inc.;Because of long standing contracts;based on past orders, unit costs from the manufacturers to the suppliers are;given below: Thomas;Washburn;Arnold;5;8;Supershelf;7;4;The chart below gives the cost to;install the shelving at the various locations: Zrox;Hewes;Rockwright;Thomas;1;5;8;Washburn;3;4;4;Currently weekly demand by the user;are 50 for Zorx, 60 for Hewes, and 40 for Rockwright. Both Arnold and;Supershelf can supply at most 75 units to its customers.;a.;Draw a network representation for;this problem. (6 points) b.;Formulate this problem as a LP model;and solve it. (12 points) 2. Bart?s Barometer Business (BBB) is a retail outlet;that deals exclusively with weather equipment. Currently BBB is trying to;decide on an inventory and reorder policy for home barometers. These cost BBB;$50 each and demand is about 500 per year distributed fairly evenly throughout;the year. Reordering costs are $80 per order and holding costs are figured at;20% of the cost of the item.;BBB is open 300 days a year (6 days a;week and closed two weeks in August).;Lead time is 60 working days.;a. Develop a total cost model for;this system. (7 points) b. What is the optimal reorder quantity? (7 points) c.;What is the cycle time? (7 points);d. What is the reorder policy for;BBB? (7 points) e. What total annual cost does the model give? (6 points) 3.;Given the following network with activities and times estimated in days, D;A;E;Start;B;F;I;K;Finish;C;G;H;J;2. Bart?s Barometer Business (BBB) is;a retail outlet that deals exclusively with weather equipment. Currently BBB is;trying to decide on an inventory and reorder policy for home barometers. These;cost BBB $50 each and demand is about 500 per year distributed fairly evenly throughout;the year. Reordering costs are $80 per order and holding costs are figured at;20% of the cost of the item.;BBB is open 300 days a year (6 days a;week and closed two weeks in August).;Lead time is 60 working days.;a. Develop a total cost model for;this system. (7 points) b. What is the optimal reorder quantity? (7 points) c.;What is the cycle time? (7 points);d. What is the reorder policy for;BBB? (7 points) e. What total annual cost does the model give? (6 points) 3.;Given the following network with activities and times estimated in days, D;A;E;Start;B;F;I;K;Finish;C;G;H;J;Most;Activity;Optimistic;Probable;Pessimistic;A;2;5;6;B;1;3;7;C;6;7;10;D;5;12;14;E;3;4;5;F;8;9;12;G;4;6;8;H;3;6;8;I;5;7;12;J;12;13;14;K;1;3;4;a. Fill in all the blanks in the;following table. (15 points);Note;i);To reduce the computation load, please round the expected activity time (t) up to an integer if the computed expected activity time is not an;integer. For example, if tA=4.15, round it up to 5.;ii);For variance (?2) in activity time;keep two decimal places.;Precedence;Expected;Varianc;Critical;Activity;Activities;Time t (days);e?2;ES;LS;EF;LF;Slack;Path?;A;B;C;D;E;F;G;H;I;J;K;b. What is the expected time and;variance to complete the project? (8 points) c. What is the probability the;project will take more than 28 days to complete? (8;points);Most;Activity;Optimistic;Probable;Pessimistic;A;2;5;6;B;1;3;7;C;6;7;10;D;5;12;14;E;3;4;5;F;8;9;12;G;4;6;8;H;3;6;8;I;5;7;12;J;12;13;14;K;1;3;4;a. Fill in all the blanks in the;following table. (15 points);Note;i);To reduce the computation load, please round the expected activity time (t) up to an integer if the computed expected activity time is not an;integer. For example, if tA=4.15, round it up to 5.;ii);For variance (?2) in activity time;keep two decimal places.;Precedence;Expected;Varianc;Critical;Activity;Activities;Time t (days);e?2;ES;LS;EF;LF;Slack;Path?;A;B;C;D;E;F;G;H;I;J;K;b. What is the expected time and;variance to complete the project? (8 points) c. What is the probability the;project will take more than 28 days to complete? (8;points);d. Suppose activity G were delayed;for 7 days. By how much would the entire project be delayed? (5 points);4. Suzie?s Sweatshirts is a;home-based company that makes upscale, hand-painted sweatshirts for children.;Forecasts of sales for the next year are Autumn: 125;Winter: 350;Spring: 75;Each Shirt is sold for $15. The holding;cost per shirt is 6% of the selling price per quarter. The shirts are painted;by part-time workers who earn $4.50 per hour during the autumn. Because of the;high demand for part-time help during the winter holiday season, labor rates;are higher in the winter, and Suzie must pay the workers $6.00 per hour. In the;spring, labor is more difficult to keep, and Suzie finds that she must pay;$5.50 per hour to get qualified help. Each shirt takes 1.5;hours to complete. Formulate the;problem to a LP model to help Suzie plan production over the three quarters to;minimize the combined production and inventory holding cost. Suppose there is;no inventory at the beginning of the autumn. (12 points);(Note: You do not need to solve the;model.) d. Suppose activity G were delayed for 7 days. By how much would the;entire project be delayed? (5 points);4. Suzie?s Sweatshirts is a;home-based company that makes upscale, hand-painted sweatshirts for children.;Forecasts of sales for the next year are Autumn: 125;Winter: 350;Spring: 75;Each Shirt is sold for $15. The;holding cost per shirt is 6% of the selling price per quarter. The shirts are;painted by part-time workers who earn $4.50 per hour during the autumn. Because;of the high demand for part-time help during the winter holiday season, labor;rates are higher in the winter, and Suzie must pay the workers $6.00 per hour.;In the spring, labor is more difficult to keep, and Suzie finds that she must;pay $5.50 per hour to get qualified help. Each shirt takes 1.5;hours to complete. Formulate the;problem to a LP model to help Suzie plan production over the three quarters to;minimize the combined production and inventory holding cost. Suppose there is;no inventory at the beginning of the autumn. (12 points);(Note: You do not need to solve the;model.)

 

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