Question;BSOP 209 Final Exam;Page 1;1. (TCO 8) What are the three parts of a wait-line system?;2.;(TCO 9) What is the objective function;of LP?;3.;(TCO 11 & 12) What are two of the;steps in a simplex maximization problem?;4. (TCO 10) What will happen if the right-hand side of a constraint is;changed?;5.;(TCO 15 & 16) What are three of the;basic steps that both PERT and CPM follow?;6.;(TCO 16) What is a "dummy;activity?;7.;(TCO 3, 4, & 5) What is the formula;for linear regression? Define each part.;8.;(TCO 1) What are the four qualitative;forecasting approaches that are available to us? (Points;9.;(TCO 6) Describe the "revenue;junction.;10. (TCO 8) What are the three parts of a typical queuing system?;11.;(TCO 8) When designing a waiting line;system, what "qualitative" concerns need to be considered?;12.;(TCO 8) What is the expected value with;perfect information?;Page;2;1.(TCO 1 &2) What is the forecast for Aug based on a weighted moving;average applied to the following past demand data and using the weights: 5, 3;1.5? (largest weight is for most recent data);2.(TCO 3, 4, and 5) The;XYZ Paint Shop owns and operates a dozen shops in southern Iowa. Their;signature paint is black epoxy. Sales (X, in millions of dollars) is related to;Profits (Y, in hundreds of thousands of dollars) by the regression equation Y =;6.321 + 0.65X. What is your forecast of profit for a store with sales of $25;million? $65 million?;3.(TCO 6 and 7) A product is currently made in a job shop, where fixed;costs are $4,500 per year and variable cost is $10 per unit. The firm sells the;product for $70 per unit. What is the break-even point for this operation? What;is the profit (or loss) on a demand of 220 units per year?;4.(TCO 13, 14) XYZ coating company has reviewed four new processes for;improving their coating line. The four processes labeled A, B, C, and D use;different technology and have different capacities. All the processes have the;same level of production and the lifetime. The four states of nature represent;four levels of consumer acceptance of the firm's products. Values in the table;are net present value of future profits in millions of dollars. Forecasts;indicate that there is a 0.4 probability of acceptance level 1, 0.3 chance of;acceptance level 2, 0.6 chance of acceptance level 3, and 0.5 change of acceptance;level 4.
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