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Quantitative Analysis for Management MCQs

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Question;1 of 7Complete problem 15 on page 274 in the Quantitative Analysis for Management textbook using Excel Solvermethod 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 shouldbe produced, what would be the optimal solution?o 25 air conditioners and 65 fanso 35 air conditioners and 75 fanso 40 air conditioners and 60 fanso 20 air conditioners and 80 fans2. If Electrocomp decides that at least 20 air conditioners should be produced, but no more than 80 fans shouldbe produced, how much slack is there for each of the two resources (i.e., wiring and drilling)?o 5 wiring and 0 drillingo 0 wiring and 0 drillingo 0 wiring and 5 drillingo 5 wiring and 5 drilling3. If Electrocomp decides that at least 20 air conditioners should be produced, but no more than 80 fans shouldbe produced, what is the total profit Electrocomp would earn for the optimal solution?o $2,500o $2,350o $1,900o $1,7654. If Electrocomp decides that at least 30 air conditioners should be produced, but no more than 50 fans shouldbe produced, what would be the optimal solution?o 15 air conditioners and 65 fanso 35 air conditioners and 75 fanso 40 air conditioners and 50 fanso 45 air conditioners and 50 fans5. If Electrocomp decides that at least 30 air conditioners should be produced, but no more than 50 fans shouldbe produced, how much slack is there for each of the two resources (i.e., wiring labor and drilling labor)?o 5 wiring and 0 drillingo 0 wiring and 0 drillingo 0 wiring and 5 drillingo 5 wiring and 5 drilling6. If Electrocomp decides that at least 30 air conditioners should be produced, but no more than 50 fans shouldbe produced, what is the total profit Electrocomp would earn for the optimal solution?o $2,300o $2,050o $1,700o $1,875Woodworking Company (Original Scenario)A certain new woodworking company manufactures and sells dining room tables and chairs. The owner hasassumed that his customers are interested in buying tables and chairs individually rather than having to buy2 of 7them in pre-defined sets, as is the case with most furniture manufacturers. The owner has established thefollowing 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 offabrication labor.Fabrication of each table requires 2 units of assembly labor and each chair requires 4 units of assemblylabor.Fabrication of each table requires 12 units of finishing labor and each chair requires 8 units of finishinglabor.Fabrication of each table requires 1 unit of packaging labor and each chair requires 1 unit of packaginglabor.Producing partially manufactured (i.e., partially fabricated, assembled, finished and/or packaged) tablesand/or chairs is acceptable during any given production period since they can be completed during thesubsequent production cycle. However, potential profit for a given production cycle shall be calculatedbased 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 alsobe sold during the same production period.For the current production cycle, the owner anticipates having 750 units of wood, 5,000 units of fabricationlabor, 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 answerthe questions 7 through 14.The following hints apply:Do not forget to consider whether or not a non-negativity constraint would be appropriate for inclusionin your model.Do not forget to consider whether or not an integer constraint would be appropriate for inclusion in yourmodel.A given resource is fully consumed only if all of the resource has been used. If even a fractionof the resource remains unused (e.g., a fraction of a unit of wood or a fraction of a unit of labor), thenthe resource has not been fully consumed. The fact that the portion remaining may be insufficient tomanufacture another complete or partial table or chair is irrelevant. Although you might not be able touse this surplus resource to make another complete or partial table or chair, it is nonetheless availableand could be reallocated elsewhere within the company where it could possibly be put to use during thecurrent production period to manufacture other products or could possibly be held in reserve for use infuture production periods.7. What is the optimal number of tables the company should produce during the current production cycle?o 163.25o 142.86o 121.89o 71.118. What is the optimal number of chairs the company should produce during the current production cycle?o 178.57o 191.273 of 7o 134.96o 89.679. What is the total amount of profit that the company would earn for producing the optimal number of tablesand chairs during the current production cycle (keeping in mind that partially manufactured tables and/orchairs do not contribute to profit earned during the current production cycle)?o $58,255o $42,135o $31,280o $47,32110. Which resources will be fully used in producing the optimal number of tables and chairs?o Wood and fabrication laboro Fabrication labor and assembly laboro Assembly laboro Wood and finishing laboro Finishing laboro None of the aboveShortly after beginning production and sales operations the owner discovers that his assumption regardingcustomers being interested in buying tables and chairs individually rather than in sets is incorrect. The vastmajority of his customers are indicating that they are only interested in purchasing table and chair in sets, witheach set consisting of one table and four chairs.11. Without revising the previously stated general guidelines for the companys production effort, how manycomplete table and chair sets can the company assemble from the optimal number of tables and chairsproduced during the current production cycle?o 36o 44o 51o 6412. 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 52.89o 44.00o 76.34o 98.8613. 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 2.57o 0.57o 11.02o 36914. 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 excesstables or chairs do not contribute to profit earned during the current production cycle)?4 of 7oooo$40,178$39,970$22,440$28,980Woodworking Company (Revised Scenario)Revise your linear programming model for the preceding Woodworking Company (Original Scenario) to takeinto account the following additional general guidelines for production in order to answer questions 15 through21:Tables and chairs shall only be sold in complete sets consisting of one table and four chairs (i.e., tablesand chairs may not be sold indivually).Profit for a given production period shall be calculated based upon the number of complete table andchair sets produced during the production period. Tables and chairs associated with partial table andchair sets shall not be considered when calculating profit.Partially manufactured tables and/or chairs do not contribute to profit earned during a given productioncycle.The company must manufacture a minimum of 50 complete table and chair sets during any givenproduction cycle in order to satisfy estimated customer demand.In addition to the hints previously provided for the Woodworking Company (Original Scenario), the followingadditional hints apply:You do not need to create a separate variable to represent a table and chair set. You can create asimple algebraic equation using only the two variables that represent the number of tables to beproduced and the number of chairs to be produced that describes the ratio in which tables and chairsmust 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 oftable and chair sets.15. Can the company produce the required minimum number of complete table and chair sets during the currentproduction cycle?o Yeso No16. What is the optimal number of tables the company should produce during the current production cycle inorder to produce the optimal number of complete table and chair sets?o 62.25o 65.18o 68.06o 71.1117. What is the optimal number of chairs the company should produce during the current production cycle inorder to produce the optimal number of complete table and chair sets?o 287.12o 272.22o 254.87o 244.935 of 718. What is the total amount of profit that the company will potentially earn for producing the optimal numberof complete table and chair sets?o $33,890o $37,649o $34,680o $41,13619. Which resource will be fully used in producing the optimal number of tables and chairs?o Woodo Fabrication laboro Assembly laboro Finishing laboro Packaging laboro None of the above20. How many excess complete tables would the company have remaining in inventory at the end of theproduction cycle (assuming the company sells all complete table and chairs sets produced during theproduction cycle)?o 0.81o 0.00o 1.12o 4.2921. How many excess complete chairs would Willis have remaining in inventory at the end of the productioncycle (assuming the company sells all complete table and chairs sets produced during the production cycle)?o 0.00o 11.29o 2.76o 7.12Use the graphical solution method to complete problem 27 on page 276 in the Quantitative Analysis forManagement textbook in order to answer questions 22 through 25.22. Which formulation has more than one optimal solution?o Formulation 1o Formulation 2o Formulation 3o Formulation 423. Which formulation is unbounded?o Formulation 1o Formulation 2o Formulation 3o Formulation 424. Which formulation has no feasible solution?o Formulation 1o Formulation 2o Formulation 36 of 7o Formulation 425. Which formulation is correct as is?o Formulation 1o Formulation 2o Formulation 3o Formulation 4

 

Paper#53353 | Written in 18-Jul-2015

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