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SAINT GBA334 full course [ all discussions all assignments all quizes midterm and final ]

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Question;module 1;Your organization is going to respond to a;request-for-proposals (RFP) to provide a high security courier service to a law;firm with four offices located in Tampa, Jacksonville, Orlando, and West Palm;Beach. Explain how you could use breakeven analysis to determine your bid;amount on the proposal.;Use the Profit Model to demonstrate your response. Ensure;you include a well considered discussion of the revenue and expenses. In all;discussion question responses ensure that you correctly reference sources you;used in researching and analyzing your response. Use appropriate scholarly;citation methods.;Respond to at least two of your classmates' responses no;later than Sunday, 11:59 PM EST/EDT.;module 2;Decision trees are used to graphically depict a decision;making situation. Propose a business decision in which you intend to use;Expected Monetary Value (EMV) as your decision making technique. Describe how;you would determine the best decision using the EMV criterion with a decision;tree.(If you have no experience with this type thing, then try to imagine a;situation in which EMV and Decision Trees could be used and propose an example);In all discussion question responses ensure that you;correctly reference sources you used in researching and analyzing your;response. Use appropriate scholarly citation methods.;Respond to at least two of your classmates' responses no;later than Sunday, 11:59 PM EST/EDT;=============================================================================================;Module 3 Discussion;================================;Respond to the following situation no later than Thursday;11:59 PM EST/EDT;Most businesses use some form of linear regression in;forecasting future conditions. Give an example of the use of regression;analysis at your organization. What were the independent and dependent;variables? How accurate were the estimates obtained from regression analysis?;Do you feel that this is a valid method of estimating future conditions?;In all discussion question responses ensure that you;correctly reference sources you used in researching and analyzing your;response. Use appropriate scholarly citation methods.;Respond to at least two of your classmates' responses no;later than Sunday, 11:59 PM EST/EDT.;module 4;Western Ranchman Outfitters;Western Ranchman outfitters (WRO), a family-owned and;operated mail order and retail store business in Cheyenne, Wyoming, bills itself;as "The Nation's Finest Western Store" and carries high-quality;western apparel and riding supplies. Its catalog is mailed all over the world;the store and its president, John Veta, have appeared in a short article in;Fortune magazine, and clothes from WRO were featured in the August 1980;Mademoiselle. One of WRO's staple items is the button front, shrink-to-fit blue;jean made by Levi Strauss (model no. 501). This is the original riveted denim;pant that cowboys shrunk by sitting in a tub of hot water. It is the epitome of;durability and fit and is still a popular jean. When Mr. Veta was asked his;stockout philosophy for this item, he answered, "Would you expect a;drugstore to have aspirin?" Further, Mr. Veta has had a pleasant;relationship with Levi Strauss for all the years of his business career.;Don Randell, director of merchandising, takes a physical;inventory of this item once a month. His records show annual usage, amount on;hand, quantity ordered, and quantity received (which has been averaging 185;pairs per month, except in January-March when it averages 150 pairs per month);all dated by the month. The store attempts to keep a safety stock adequate for;60 days for two reasons: production problems of the supplier and a hedge;against unusually large orders.;Mr. Randell described the problems of ordering. "The;rag business," as it is known, "is made up of the most disorganized;group of people I've ever had the opportunity to be associated with,;according to Randell. The problems he cited include not specifying a delivery;date, unexplained late deliveries, a general lack of productivity, and lead;times of up to six months.;Randell contrasted this situation with his experience in the;flexible packaging industry, where reliability was a hallmark, and a delay of a;single day warranted notification to the customer.;The most recent eight-month period is used to illustrate;WRO's ordering difficulties. While the sample figures in Table 1 may seem;peculiar, they reflect WRO's philosophy of offering a full range of sizes and;Mr. Randell's attempts to predict Levi Strauss' delivery pattern so that the;store is close to obtaining the stock it needs. For example, in the last eight;months, no one bought a pair sized 27 ? 36. Nevertheless, six were ordered and;received so that should such a customer appear, WRO would be able to satisfy;his needs. For size 27 X 34, 33 were ordered, but only 21 were received, which;is very close to the 18 sold in the eight months of the previous year. The;27-inch and 28-inch waist sizes shown in the exhibit are but two of the many;available waist sizes, of course-waist sizes up to 60 inches are produced and;sold.;Randell places an order for Levi blue jeans every month;doing his best to ensure an adequate supply for the business. Normally, WRO customers;are not disappointed when requesting the Levi 501. However, in the past two;months, the Wyoming Game and Fish Department has been requiring extra pairs of;this jean, and WRO has not always had this exact jean in stock. Since there are;at least four styles that satisfy the state requirements, the problem is;usually overcome with other styles or brands.;Annual demand at WRO for the Levi 501 is 2,000 pair. The;cost of placing an order is about $10, the carrying cost is 12 percent, and the;cost of the Levi to WRO is $10.05 per pair.;Evaluate Randell's ordering policy. How does it compare with;formal mathematical approaches?;In all discussion question responses ensure that you;correctly reference sources you used in researching and analyzing your response.;Use appropriate scholarly citation methods.;Respond to at least two of your classmates' responses no;later than Sunday, 11:59 PM EST/EDT.;module 5;Haygood Brothers Construction Company;George and Harry Haygood are building contractors who;specialize in the construction of private home dwellings, storage warehouses;and small businesses (less than 20,000 sq. ft. of floor space). Both George and;Harry entered a carpenter union?s apprenticeship program in the early 1990s;and, upon completion of the apprenticeship, became skilled craftsmen in 1996.;Before going into business for themselves, they worked for several local;building contractors in the Detroit area.;Typically, the Haygood Brothers submit competitive bids for;the construction of proposed dwellings. Whenever their bids are accepted;various aspects of the construction (electrical wiring, plumbing, brick laying;painting, and so forth) are subcontracted. George and Harry, however, perform;all carpentry work. In addition, they plan and schedule all construction;operations, frequently arrange interim financing, and supervise all;construction activities.;The philosophy under which the Haygood Brothers have always;operated can be simply stated: ?Time is money.? Delays in construction increase;the costs of interim financing and postpone the initiation of their building;projects. Consequently, they deal with all bottlenecks promptly and avoid all;delays whenever possible. To minimize the time consumed in a construction;project, the Haygood Brothers use PERT.;First, all construction activities and events are itemized;and properly arranged (in parallel and sequential combinations) in a network.;Then time estimates for each activity are made, the expected time for;completing each activity is determined, and the critical (longest) path is;calculated. Finally, earliest times, latest times, and slack values are;computed. Having made these calculations, George and Harry can place their;resources in the critical areas to minimize the time of completing the project.;The following are the activities that constitute an upcoming;project (home dwelling) of the Haygood Brothers;Arrange financing (A);Let subcontracts (B);Set and pour foundations (C);Plumbing (D);Framing (E);Roofing (F);Electrical wiring (G).;Installation of windows and doors (H);Ductwork and insulation (including heating and cooling;units) (I);Sheetrock, paneling, and paper hanging (J);Bricking (K);Installation of cabinets (L);Inside trim (including fixtures) (M);Outside trim (N);Painting (O);Flooring (P);The immediate predecessors and the optimistic (a), most;likely (m), and pessimistic (b) time estimates, are shown in Table 1.;TABLE 1. Haygood Brothers Construction Co.;DAYS;ACTIVITY;nificance of the critical path?;Compute the amount of time that the completion of each;activity can be delayed without affecting the overall project.;The project was begun August 1. What is the probability that;the project can be completed by September 30? (Note: Scheduled completion time;= 60 days.);In all discussion question responses ensure that you;correctly reference sources you used in researching and analyzing your;response. Use appropriate scholarly citation methods.;Respond to at least two of your classmates' responses no;later than Sunday, 11:59 PM EST/EDT.;module 6;Post your initial response to the discussion question no later than Thursday 11:59 PM EST/EDT.;Post your responses to at least two classmates no later than Sunday 11:59 PM EST/EDT.;If you're the first to enter the Discussion, there will only;be a Respond button.;Otherwise, you will see others' postings below. Click on the;+ Expand All button to view all of the entries made by your fellow learners or;click each one, one at a time.;=============================================================================================================================;Respond to the following situation no later than Thursday;11:59 PM EST/EDT;What are the components of the following systems? Explain;the configuration of each.;? barbershop;? car wash;? Laundromat;? small grocery store;In all discussion question responses ensure that you;correctly reference sources you used in researching and analyzing your;response. Use appropriate scholarly citation methods.;Respond to at least two of your classmates' responses no;later than Sunday, 11:59 PM EST/EDT.;module 7;=============================================================================================================================;Respond to the following situation no later than Thursday;11:59 PM EST/EDT;The production manager of a large Cincinnati manufacturing;firm once made the following statement: "I would like to use Linear;Programming, but it's a technique that operates under conditions of certainty.;My plant doesn't have that certainty, it's a world of uncertainty. So, Linear;Programming cannot be used here." Do you think this statement has any;merit? Explain why the manager may have said it.;In all discussion question responses ensure that you;correctly reference sources you used in researching and analyzing your;response. Use appropriate scholarly citation methods.;Respond to at least two of your classmates' responses no;later than Sunday, 11:59 PM EST/EDT.;module 8;Respond to the following situation no later than Thursday;11:59 PM EST/EDT;Explain how the Central Limit Theorem and Empirical Rule are;used in the design and implementation of control charts.;In all discussion question responses ensure that you;correctly reference sources you used in researching and analyzing your;response. Use appropriate scholarly citation methods.;GBA 334 Application Assignment 1 Instructions;Application assignments require solving problems from the;textbook. Most of the;If you need any assistance, please do not hesitate to;contact your instructor. He or she;will be happy to assist.;For this module, you will complete the following problems;from the textbook;? Chapter 1, page 18, Problems 22 and 23 using Excel;? Chapter 2, page 63, Problems 43 and 45 using Excel;(disregard instructions to;use Appendix C in Problem 43 Part a, use Excel instead);Submit Application Assignment 1 to the Dropbox no later than;Sunday 11:59 EST/EDT;of Module 1. Remember, the required formats are Microsoft;Word and Mic;GBA 334 Application Assignment 2 Instructions;your instructor. He or she;will be happy to assist.;For this module, you will complete the following problems;from the textbook: Chapter 3;page 107, Problem 24 using Excel/Excel QM and page 110;Problem 37 using;TreePlan.;Submit Application Assignment 2 to the Dropbox no later than;Sunday 11:59 EST/EDT;of Module 2. Remember, the required formats are Microsoft;Word and Microsoft Excel.;GBA 334 Application Assignment 3 Instructions;For this module, you will complete the following problems;from the textbook;? Chapter 4, pages 146-147, Problems 30, 31, and 32 using;the Data Analysis;Add-In for Microsoft Excel;? Chapter 5, pages 188-189, Problems 25 and 31 using either;Excel?s Data;Analysis Add-In or Excel QM;Submit Application Assignment 3 to the Dropbox no later than;Sunday 11:59 EST/EDT;of Module 3. Remember, the required formats are Microsoft;Word and Microsoft Excel.;GBA 334 Application Assignment 4 Instructions;NOTE: QM files should not be sent through the online system.;If using QM for your;solution, run the file in QM and then copy and paste the;solution into a MS Excel file;(within QM there is an option tab at bottom of the screen to;save as MS Excel.) If you;cannot do this, with the QM solution file open on your;screen, select alt-print screen and;then paste the image into a MS Excel file.;If you need any assistance, please do not hesitate to;contact your instructor. He or she;will be happy to assist.;For this module, you will complete the following problems;from the textbook: ?Inventory;Control Models,? pages 231-233, Problems 31 (Part a only);and 37 using Excel QM.;Submit Application Assignment 4 to the Dropbox no later than;Sunday 11:59 EST/EDT;of Module 4. Remember, the required formats are Microsoft;Word and Microsoft Excel.;GBA 334 Application Assignment 5 Instructions;If you need any assistance, please do not hesitate to;contact your instructor. He or she;will be happy to assist.;For this module, you will complete the following problems;from the textbook: Chapter 6;pages 280-282, Problems 20, 22, 30, and 35 using Excel QM/POM;QM. NOTE: For;Problem 30, there is no need to solve the problem using;linear programming;methods. Instead, you should focus on solving using the;project management;capabilities within Excel QM/POM QM. Linear programming will;be covered in Module 7.;Submit Application Assignment 5 to the Dropbox no later than;Sunday 11:59 EST/EDT;of Module 5. Remember, the required formats are Microsoft;Word and Microsoft Excel.;GBA 334 Application Assignment 6 Instructions;If you need any assistance, please do not hesitate to;contact your instructor. He or she;will be happy to assist.;For this module, you will complete the following problems;from the textbook;? Chapter 7, pages 309 and 311, Problems 9, 11, and 19 using;Excel QM/POM;QM);? Chapter 8, pages 353-354, Problem 34 using Excel QM (to;get to the queuing;models in Excel QM, click on the Excel QM tab? Alphabetical;? Waiting;Lines);Submit Application Assignment 6 to the Dropbox no later than;Sunday 11:59 EST/EDT;of Module 6. Remember, the required formats are Microsoft;Word and Microsoft Excel.;GBA 334 Application Assignment 7 Instructions;If you need any assistance, please do not hesitate to;contact your instructor. He or she;will be happy to assist.;For this module, you will complete the following problems;from the textbook;? Chapter 10, page 488, Problem 40 using Excel QM;? Chapter 11, pages 539-544, Problems 19, 37, and 41 using;Excel QM;Submit Application Assignment 7 to the Dropbox no later than;Sunday 11:59 EST/EDT;of Module 7. Remember, the re;GBA 334 Application Assignment 8 Instructions;If you need any assistance, please do not hesitate to;contact your instructor. He or she;will be happy to assist.;For this module, you will complete the following problems;from the textbook: Chapter;12, page 569, Problem 11.;Submit Application Assignment 8 to the Dropbox no later than;Sunday 11:59 EST/EDT;of Module 8. Remember, the required formats are Microsoft;Word and Microsoft Excel.;Consider the following payoff table that represents the;profits earned for each alternative (A, B, and C) under the states of nature;S1, S2, and S3.;S1 S2 S3;A $60 $145 $120;B $75 $125 $110;C $95 $85 $130;Using the Laplace criterion, what would be the highest;expected payoff?;$103.3;$108.3;$120;$125;$145;Question 2. Question: ABC Inc. must make a decision on its;current capacity for next year. Estimated profits (in $000s) based on next;year's demand are shown in the table below.;Next Year's Demand;Alternative Low High;Expand $100 $200;Subcontract $50 $120;Do nothing $40 $50;Using the information above, which alternative should be;chosen based on the minimax regret criterion?;Expand;Subcontract;Do nothing;Question 3. Question: A plant manager is considering buying;additional stamping machines to accommodate increasing demand. The alternatives;are to buy 1 machine, 2 machines, or 3 machines. The profits realized under;each alternative are a function of whether their bid for a recent defense;contract is accepted or not. The payoff table below illustrates the profits;realized (in $000's) based on the different scenarios faced by the manager.;Alternative Bid Accepted Bid Rejected;Buy 1 machine $10 $5;Buy 2 machines $30 $4;Buy 3 machines $40 $2;Using the information above, which alternative should be;chosen based on the minimax regret criterion?;Buy 1 machine;Buy 2 machines;Buy 3 machines;Points Received: 0 of 3;Comments;Question 4. Question: ABC Inc. must make a decision on its;current capacity for next year. Estimated profits (in $000s) based on next;year's demand are shown in the table below.;Next Year's Demand;Alternative Low High;Expand $100 $200;Subcontract $50 $120;Do nothing $40 $50;Using the information above, which alternative should be;chosen based on the criterion of realism with alpha = 0.7?;Expand;Subcontract;Do nothing;Question 5. Question: ABC Inc. must make a decision on its;current capacity for next year. Estimated profits (in $000s) based on next;year's demand are shown in the table below.;Next Year's Demand;Alternative Low High;Expand $100 $200;Subcontract $50 $120;Do nothing $40 $50;Refer to the information above. Assume that ABC Inc. has;hired a marketing research firm that provided additional information regarding;next year's demand. Suppose that the probabilities of low and high demand are;assessed as follows: P(Low) = 0.4 and P(High) = 0.6.;What is the expected value under certainty?;0;140;160;200;Question 6. Question: Consider the following payoff table;that represents the profits earned for each alternative (A, B, and C) under the;states of nature S1, S2, and S3.;S1 S2 S3;A $60 $145 $120;B $75 $125 $110;C $95 $85 $130;What is the expected value of perfect information (EVPI)?;Assume P(S1) = 0.5 and P(S2) = 0.25.;$0;$11.25;$15;$20;$35;Question 7. Question: If the coefficient of realism alpha;equals 1, then the criterion of realism will yield the same result as the;maximax criterion.;True;False;Question 8. Question: A plant manager is considering buying;additional stamping machines to accommodate increasing demand. The alternatives;are to buy 1 machine, 2 machines, or 3 machines. The profits realized under;each alternative are a function of whether their bid for a recent defense;contract is accepted or not. The payoff table below illustrates the profits;realized (in $000's) based on the different scenarios faced by the manager.;Alternative Bid Accepted Bid Rejected;Buy 1 machine $10 $5;Buy 2 machines $30 $4;Buy 3 machines $40 $2;Refer to the information above. Assume that based on;historical bids with the defense contractor, the plant manager believes that;there is a 65% chance that the bid will be accepted and a 35% chance that the;bid will be rejected.;What is the expected value under certainty?;1.05;1.95;17.25;27.75;Question 9. Question: A bakery must decide how many pies to;prepare for the upcoming weekend. The bakery has the option to make 50, 100, or;150 pies. Assume that demand for the pies can be 50, 100, or 150. Each pie;costs $5 to make and sells for $7. Unsold pies are donated to a nearby charity;center. Assume that there is no opportunity cost for lost sales.;Using the information above, which alternative should be;chosen based on the maximin criterion?;Make 50 pies;Make 100 pies;Make 150 pies;Question 10. Question: A plant manager is considering;buying additional stamping machines to accommodate increasing demand. The;alternatives are to buy 1 machine, 2 machines, or 3 machines. The profits;realized under each alternative are a function of whether their bid for a;recent defense contract is accepted or not. The payoff table below illustrates;the profits realized (in $000's) based on the different scenarios faced by the;manager.;Alternative Bid Accepted Bid Rejected;Buy 1 machine $10 $5;Buy 2 machines $30 $4;Buy 3 machines $40 $2;Using the information above, which alternative should be;chosen based on the criterion of realism with alpha = 0.8?;Buy 1 machine;Buy 2 machines;Buy 3 machines;B 2;C 4;D 5;E 3;F 2;G 4;H 2;Considering the information above, what is the earliest;finish time for activity F?;10 days;12 days;14 days;16 days;3 of 3;Question 8. Question;Consider the following set of activities that must be;completed in order to prep a new home for painting;Immediate;Activity Predecessors;A -;B -;C A, B;D C;E C;F D, E;G E;H F, G;Also assume that the painters were able to estimate the;activity times as shown in the table below;Activity Time (Days);A 3;B 2;C 4;D 5;E 3;F 2;G 4;H 2;Considering the information above, what is the critical;path?;ACDFH;IN ACEFH;BCDFH;BCEGH;0 of 3;Question 9. Question;Francisco is planning a vacation to Germany. A variety of;activities must be completed before his departure. The following table;describes the relationships between these activities;Immediate;Activity Predecessors;A -;B -;C -;D A, B;E C;F D, E;G E;H F, G;I F;J I, H;Francisco was also able to estimate the activity times as;shown in the table below;Activity Time (Days);A 3;B 4;C 5;D 3;E 2;F 1;G 4;H 3;I 2;J 5;Considering the information above, what is the slack for;activities F and G respectively?;0 days, 0 days;3 days, 0 days;4 days, 3 days;4 days, 0 days;3 of 3;Question 10. Question;Francisco is planning a vacation to Germany. A variety of;activities must be completed before his departure. The following table;describes the relationships between these activities;Immediate;Activity Predecessors;A -;B -;C -;D A, B;E C;F D, E;G E;H F, G;I F;J I, H;Francisco was also able to estimate the activity times as;shown in the table below;Activity Time (Days);A 3;B 4;C 5;D 3;E 2;F 1;G 4;H 3;I 2;J 5;Considering the information above, what is the earliest;finish time for activity E?;5 days;6 days;7 days;8 days;3 of 3;Question 1. 1. Given the following distances between;destination nodes, what is the minimum distance that connects all the nodes?;Click here to view a Word version of the table.;From;To;Distance;1;2;120;2;3;100;1;3;200;2;4;150;3;5;90;4;5;170;(Points: 3);290;310;620;460;None of the above;Question 2. 2. A point in the network that is at the;beginning or end of a route is called a(n) __________. (Points: 3);arc;branch;line;node;source;Question 3. 3. The shortest-route technique would best be;used to: (Points: 3);plan the routes for a;vacation driving tour.;plan the route for a;school bus.;determine the path;for a truck making frequent runs from a factory to a warehouse.;All of the above;None of the above;Question 4. 4. A technique that allows a researcher to;determine the greatest amount of material that can move through a network is called;(Points: 3);maximal-flow;maximal-spanning;shortest-route;maximal-tree;Question 5. 5. Assume that we are using a waiting line model;to analyze the number of service technicians required to maintain machines in a;factory. Our goal should be to: (Points: 3);maximize productivity;of the technicians.;minimize the number;of machines needing repair.;minimize the downtime;for individual machines.;minimize the percent;of idle time of the technicians.;minimize the total;cost (cost of maintenance plus cost of downtime).;Question 6. 6. A vendor selling newspapers on a street;corner is an example of a: (Points: 3);single-channel;multiphase system.;single-channel;single-phase system.;multichannel;multiphase system.;multichannel;single-phase system.;None of the above is;correct.;Question 7. 7. Which of the following is not an assumption;in common queuing mathematical models? (Points: 3);Arrivals come from an;infinite, or very large, population.;Arrivals are Poisson;distributed.;Arrivals are treated;on a first-in, first-out basis and do not balk or renege.;Service rates follow;the normal distribution.;The average service;rate is faster than the average arrival rate.;Question 8. 8. The term queue "discipline;describes the: (Points: 3);degree to which;members of the queue renege.;sequence in which;members of the queue arrived.;degree to which;members of the queue are orderly and quiet.;sequence in which;members of the queue are serviced.;All of the above are;correct.;Question 9. 9. An arrival in a queue that reneges is one;who: (Points: 3);after joining the;queue, becomes impatient and leaves.;refuses to join the;queue because it is too long.;goes through the;queue, but never returns.;jumps from one queue;to another, trying to get through as quickly as possible.;None of the above is;correct.;Question 10. 10. The customer who arrives at a bank, sees a;long line, and leaves to return another time is __________. (Points: 3);balking;cropping;reneging;blithering;none of the above;A plant manager is considering buying additional stamping;machines to accommodate increasing demand. The alternaties are to buy 1;machine, 2 machines, or 3 machines. The profits realized under each alternatie;are a function of whether their bid for a recent defense contract is accepted;or not. The payoff table below illustrates the profits realized (in $000's);based on the different scenarios faced by the manager.;Alternatie Bid Accepted Bid Rejected;Buy 1 machine $10 $5;Buy 2 machines $30 $4;Buy 3 machines $40 $2;Using the information aboe, which alternatie should be;chosen based on the maximax criterion?;Buy 1 machine;Buy 2 machines;Buy 3 machines;2 of 2;Question 2. Question: A plant manager is considering buying;additional stamping machines to accommodate increasing demand. The alternaties;are to buy 1 machine, 2 machines, or 3 machines. The profits realized under;each alternatie are a function of whether their bid for a recent defense;contract is accepted or not. The payoff table below illustrates the profits;realized (in $000's) based on the different scenarios faced by the manager.;Alternatie Bid Accepted Bid Rejected;Buy 1 machine $10 $5;Buy 2 machines $30 $4;Buy 3 machines $40 $2;Refer to the information aboe. Assume that based on;historical bids with the defense contractor, the plant manager beliees that;there is a 65% chance that the bid will be accepted and a 35% chance that the;bid will be rejected.;What is the expected alue under certainty?;1.05;1.95;17.25;27.75;2 of 2;Question 3. Question: ?The probability of eent B, gien that;eent A has occurred? is known as a __________ probability.;continuous;marginal;simple;joint;conditional;2 of 2;Question 4. Question: Assume that you hae an urn containing;10 balls of the following description;4 are white (W) and lettered (L);2 are white (W) and numbered (N);3 are yellow (Y) and lettered (L);1 is yellow (Y) and numbered (N);If you draw a numbered ball (N), the probability that this;ball is white (W) is 0.60.;True;False;2 of 2;Question 5. Question: What is the formula for the break-een;point of a simple profit model?;Fixed cost / ariable cost per unit;(Selling price per unit ? ariable cost per unit) / fixed;cost;Fixed cost / (selling price per unit ? ariable cost per;unit);Fixed cost / (ariable cost per unit ? selling price per;unit);Selling price per unit ? (fixed cost / ariable cost per;unit);2 of 2;Question 6. Question: Arrials in a uniersity adising office;during the week of registration are known to follow a Poisson distribution with;an aerage of four people arriing each hour. What is the probability that;exactly four people will arrie in the next hour?;0.1813;0.1865;0.1923;0.1954;2 of 2;Question 7. Question: The economic order quantity (EOQ);formula assumes that all input data are known with certainty.;True;False;2 of 2;Question 8. Question: The use of "expert opinion;is one way to approximate subjectie probability alues.;True;False;2 of 2;Question 9. Question: Properties of the normal distribution;include;a continuous bell-shaped distribution.;a discrete probability distribution.;the number of trials is known and is either 1, 2, 3, 4, 5;etc.;the random ariable can assume only a finite or limited set;of alues.;use in queuing.;2 of 2;Question 10. Question: Expressing profits through the;relationship among unit price, fixed costs, and ariable costs is an example of;a sensitiity analysis model.;a quantitatie analysis model.;a postoptimality relationship.;a parameter specification model.;none of the aboe.;2 of 2;Question 11. Question: A bakery buys sugar in 15-pound;bags. The bakery uses 5000 bags of sugar each year. Carrying costs are $20 per;bag per year. Ordering costs are estimated at $5 per order. Assume that the;bakery is open 250 days a year and its daily demand is estimated at 20 bags. It;takes 5 days for each order of sugar to be filled. What are the total annual;holding costs?;$500;$1000;$20;$750;$250;2 of 2;Question 12. Question: A plant manager is considering;buying additional stamping machines to accommodate increasing demand. The;alternaties are to buy 1 machine, 2 machines, or 3 machines. The profits;realized under each alternatie are a function of whether their bid for a recent;defense contract is accepted or not. The payoff table below illustrates the;profits realized (in $000's) based on the different scenarios faced by the;manager.;Alternatie Bid Accepted Bid Rejected;Buy 1 machine $10 $5;Buy 2 machines $30 $4;Buy 3 machines $40 $2;Using the information aboe, which alternatie should be;chosen based on the Laplace criterion?;Buy 1 machine;Buy 2 machines;Buy 3 machines;2 of 2;Question 13. Question: Determining the aerage payoff for;each alternatie and choosing the one with the best payoff is the approach;called;maximax;maximin;Laplace;minimax regret;expected monetary alue;2 of 2;Question 14. Question: Bob White is conducting research on;monthly expenses for medical care, including oer-the-counter medicine. His;dependent ariable is monthly expenses for medical care while his independent;ariable is number of family members. Below is his Excel output.;Click here to iew an Excel ersion of this output;Referring to the information aboe, based on his model, each;additional family member increases the predicted costs by how much?;$110.47;$16.83;$93.64;$127.30;2 of 2;Question 15. Question: A controllable ariable is also;called;a parameter.;a decision ariable.;a mathematical model.;a measurable quantity.;none of the aboe.;2 of 2;Question 16. Question: A seasonal index of;indicates that the season is aerage.;10;100;0.5;0;1;2 of 2;Question 17. Question: In the exponential smoothing with;trend adjustment forecasting method, missing something is the;slope of the trend line.;new forecast.;Y-axis intercept.;independent ariable.;trend smoothing constant.;0 of 2;Question 18. Question: Assume that you hae an urn;containing 10 balls of the following description;4 are white (W) and lettered (L);2 are white (W) and numbered (N);3 are yellow (Y) and lettered (L);1 is yellow (Y) and numbered (N);If you draw a lettered ball (L), the probability that this;ball is white (W) is 0.571.;True;False;2 of 2;Question 19. Question: The condition of improper data;yielding misleading results is referred to as;garbage in, garbage out.;break-een point.;uncontrollable ariable.;postoptimality.;none of the aboe.;2 of 2;Question 20. Question: Bob White is conducting research on;monthly expenses for medical care, including oer-the-counter medicine. His dependent;ariable is monthly expenses for medical care while his independent ariable is;number of family members. Below is his Excel output.;Click here to iew an Excel ersion of this output;Referring to the information aboe, what percent of the;ariation in medical expe

 

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