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Strayer MAT540 final exam

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Question;Question 1;A cycle is an up and down movement in demand that repeats itself in less;than 1 year.;Answer;True;False;Question 2;Excel can be used to simulate systems that can be represented by both;discrete and continuous random variables.;Answer;True;False;Question 3;In a total integer model, all decision variables have integer solution;values.;Answer;True;False.;Question 4;Validation of a simulation model occurs when the true steady state;average results have been reached.;Answer;True;False;Question 5;In an unbalanced transportation model, supply does not equal demand and;one set of constraints uses? signs.;Answer;True;False;Question 6;Fractional relationships between variables are not permitted in the;standard form of a linear program.;Answer;True;False;Question 7;A business owner is trying to decide whether to buy, rent, or lease;office space and has constructed the following payoff table based on whether;business is brisk or slow.;The conservative (maximin) strategy is;Answer;Buy;Rent;Lease;Brisk.;Question 8;Events that cannot occur at the same time in any trial of an experiment;are;Answer;exhaustive;dependent;independent;mutually exclusive;Question 9;The probability of observing x;successes in a fixed number of trials is a problem related to;Answer;the normal distribution;the binomial distribution;conditional probability;the Poisson distribution;Question 10;Using the maximin criterion to make a decision, you;Answer;Construct a table of regrets. Look at the;maximum regret for each decision. Select the decision with the smallest;maximum regret.;Look at the worst payoff for each possible;decision and select the decision with the largest worst payoff;Look at the best payoff for each possible;decision and select the decision with the largest best payoff;Consult an astrological table to forecast the;state of nature;Question 11;An equation or inequality that expresses a resource restriction in a;mathematical model is called _____________________.;Answer;a decision variable.;a parameter.;an objective function.;a constraint.;Question 12;Steinmetz furniture buys 2 products for resale: big shelves (B) and;medium shelves (M). Each big shelf costs $100 and requires 100 cubic feet of;storage space, and each medium shelf costs $50 and requires 80 cubic feet of;storage space. The company has $25000 to invest in shelves this week, and the;warehouse has 18000 cubic feet available for storage. Profit for each big shelf;is $85 and for each medium shelf is $75. What is the storage space constraint?;Answer;Max Z = 75B + 85M;100B + 50M? 25000;100B + 80M? 18000;100B + 80M = 18000;Question 13;Steinmetz furniture buys 2 products for resale: big shelves (B) and;medium shelves (M). Each big shelf costs $100 and requires 100 cubic feet of;storage space, and each medium shelf costs $50 and requires 80 cubic feet of;storage space. The company has $25000 to invest in shelves this week, and the;warehouse has 18000 cubic feet available for storage. Profit for each big shelf;is $85 and for each medium shelf is $75. What is the objective function?;Answer;Max Z = 75B + 85M;Max Z = 85B + 75M;100B + 50M? 25000;100B + 50M? 25000;100B + 80M? 18000;100B + 80M? 18000;Question 14;The following is an Excel ?Answer? and ?Sensitivity? reports of a linear;programming problem: The Answer Report:The Sensitivity Report;Which additional resources would you recommend to be increased?;Answer;mix/mold;kiln;paint and seal;Cannot tell from the information provided;Question 15;For a maximization problem, assume that a constraint is binding. If the;original amount of a resource is 4 lbs., and the range of feasibility;(sensitivity range) for this constraint is from 3 lbs. to 6 lbs., increasing;the amount of this resource by 1 lb. will result in the;Answer;same product mix, different total profit;different product mix, same total profit as;before;same product mix, same total profit;different product mix, different total;profit;Question 16;The owner of Black Angus Ranch is trying to determine the correct mix of;two types of beef feed, A and B which cost 50 cents and 75 cents per pound;respectively. Five essential ingredients are contained in the feed, shown;in the table below. The table also shows the minimum daily requirements;of each ingredient.;Ingredient;Percent per pound in Feed A;Percent per pound in Feed B;Minimum daily requirement (pounds);1;20;24;30;2;30;10;50;3;0;30;20;4;24;15;60;5;10;20;40;The constraint for ingredient 3 is;Answer;.5A +.75B = 20;.3B = 20;.3 B? 20;.3B? 20;uestion 17;Compared to transportation LP problems, assignment problems are unique;because;Answer;The supply at each source is limited to 1 unit.;The demand at each destination is limited to 1;unit.;Both of the above;None of the above.;Question 18;The Kirschner Company has a contract to produce garden hoses for a;customer. Kirschner has 5 different machines that can produce this kind of;hose. Write the constraint that indicates they have to use at least three of;the five machines in their production.;Answer;Y1 + Y2 + Y3 + Y4;+ Y5? 3;Y1 + Y2 + Y3 + Y4;+ Y5 = 3;Y1 + Y2 + Y3 + Y4;+ Y5? 3;none of the above;Question 19;In a capital budgeting problem, if either project 1 or project 2 is;selected, then project 5 cannot be selected. Which of the alternatives listed;below correctly models this situation?;Answer;x1 + x2 + x5? 2;x1 + x5? 1;x2 + x5? 1;x1 + x2 + x5?1;x1 - x5? 1;x2 -?x5? 1;Question 20;The following table represents the cost to ship from Distribution Center;1, 2, or 3 to Customer A, B, or C.;The constraint that represents the quantity demanded by Customer B is;Answer;6X1B + 2X2B + 8X3B? 350;6X1B + 2X2B + 8X3B = 350;X1B + X2B + X3B? 350;X1B + X2B + X3B = 350;Question 21;The following table represents the cost to ship from Distribution Center;1, 2, or 3 to Customer A, B, or C.;The constraint that represents the quantity supplied by DC 1 is;Answer;4X1A + 6X1B + 8X1C? 500;4X1A + 6X1B + 8X1C = 500;X1A + X1B + X1C? 500;X1A + X1B + X1C?500;Question 22;Jack is considering pursuing an MS in Information Systems degree. He has;applied to two different universities. The acceptance rate for applicants with;similar qualifications is 30% for University X and 60% for University Y. The;decisions of each university have no effect on each other. This means;that they are;Answer;mutually exclusive;independent;controlled by the central limit theorem;all of the above;Question 23;Assume that it takes a college student an average of 5 minutes to find a;parking spot in the main parking lot. Assume also that this time is;normally distributed with a standard deviation of 2 minutes. What percentage of;the students will take between 2 and 6 minutes to find a parking spot in the;main parking lot?;Answer;11.13%;47.72%;43.32%;62.47%;Question 24;A bakery is considering hiring another clerk to better serve;customers. To help with this decision, records were kept to determine;how many customers arrived in 10-minute intervals. Based on 100;ten-minute intervals, the following probability distribution and random;number assignments developed.;Number of Arrivals;Probability;Random numbers;6;.1;.01 -.10;7;.3;.11 -.40;8;.3;.41 -.70;9;.2;.71 -.90;10;.1;.91 -.00;Suppose the next three random numbers were.18,.89 and.67. How many;customers would have arrived during this 30-minute period?;Answer;23;24;22;25;Question 25;In the Monte Carlo process, values for a random variable are generated;by __________ a probability distribution.;Answer;sampling from;running;integrating;implementing;Question 26;__________ moving averages react more slowly to recent demand changes;than do __________ moving averages.;Answer;Longer-period, shorter-period;Shorter-period, longer-period;Longer-period, longer-period;Shorter-period, shorter-period;Question 27;Given an actual demand of 59, a previous forecast of 64, and an alpha of;.3, what would the forecast for the next period be using simple exponential;smoothing?;Answer;36.9;57.5;60.5;62.5;5 points;Question 28;Students are organizing a "Battle of the Bands" contest.;They know that at least 100 people will attend. The rental fee for the;hall is $200 and the winning band will receive $500. In order to;guarantee that they break even, how much should they charge for each;ticket? (Note: Write your answer with two significant places after the;decimal and do not include the dollar ?$? sign. For instance, for five;dollars, write your answer as 5.00).;Question 29;Suppose that a production process requires a fixed cost of $50,000. The;variable cost per unit is $10 and the revenue per unit is projected to be;$50. Find the break-even point.;Question 30;Ford?s Bed & Breakfast breaks even if they sell 50 rooms each;month. They have a fixed cost of $6500 per month. The variable cost;per room is $30. For this model to work, what must be the revenue per;room? (Note: The answer is a whole dollar amount.;Give the answer as a whole number, omitting the decimal point. For;instance, use 105 to write $105.00).;Answer;Question 31;Tracksaws, Inc. makes tractors and lawn mowers. The firm makes a profit;of $30 on each tractor and $30 on each lawn mower, and they sell all they can;produce. The time requirements in the machine shop, fabrication, and tractor;assembly are given in the table.;Formulation;Let;x = number of tractors produced per period;y = number of lawn mowers produced per period;MAX 30x + 30y;subject to 2 x + y? 60;2 x + 3y? 120;x? 45;x, y? 0;The graphical solution is shown below.;What is the shadow price for assembly? Write your answers with two significant;places after the decimal and do not include the dollar ?$? sign.;Question 32;Consider the following linear program, which maximizes profit for two;products, regular (R), and super (S);MAX;50R + 75S;s.t.;1.2R +;1.6 S? 600 assembly (hours);0.8R +;0.5 S? 300 paint (hours);.16R +;0.4 S? 100 inspection (hours) Sensitivity Report;Final;Reduced;Objective;Allowable;Allowable;Cell;Name;Value;Cost;Coefficient;Increase;Decrease;$B$7;Regular =;291.67;0.00;50;70;20;$C$7;Super =;133.33;0.00;75;50;43.75;Final;Shadow;Constraint;Allowable;Allowable;Cell;Name;Value;Price;R.H. Side;Increase;Decrease;$E$3;Assembly (hr/unit);563.33;0.00;600;1E+30;36.67;$E$4;Paint (hr/unit);300.00;33.33;300;39.29;175;$E$5;Inspect (hr/unit);100.00;145.83;100;12.94;40;If downtime reduced the available capacity for painting by 40 hours (from 300;to 260 hours), profits would be reduced by __________. Write your answers with;two significant places after the decimal and do not include the dollar ?$?;sign.;Question 33;Klein Kennels provides overnight lodging for a variety of pets. An;attractive feature is the quality of care the pets receive, including well;balanced nutrition. The kennel?s cat food is made by mixing two types of cat;food to obtain the ?nutritionally balanced cat diet.? The data for the two cat;foods are as follows;Cat Food;Cost/oz;protien (%);fat (%);Partner's;Choice;$0.20;45;20;Feline;Excel;$0.15;15;30;Klein Kennels wants to be sure that the cats receive at least 5 ounces of;protein and at least 3 ounces of fat per day. What is the optimal cost of this;plan? Note: Please write your answers with two significant places;after the decimal and do not include the dollar ?$? sign. For instance;$9.45 (nine dollars and fortyfive cents) should be written as 9.45;Answer;Question 34;Find the optimal Z value for the following problem. Do not include the;dollar ?$? sign with your answer.;Max Z = x1 + 6x2;Subject to: 17x1 + 8x2? 136;3x1 + 4x2? 36;x1, x2? 0 and integer;Answer;Question 35;A life insurance company wants to update its actuarial tables. Assume;that the probability distribution of the lifetimes of the participants is;approximately a normal distribution with a mean of 68 years and a standard;deviation of 4 years. What proportion of the plan participants are expected to;survive to see their 75th birthday? Note;Round your answer, if necessary, to two places after the decimal. Please;express your answer with two places after the decimal.;Answer;5 points;Question 36;Mr. Sartre is considering four different opportunities, A, B, C, or;D. The payoff for each opportunity will depend on the economic;conditions, represented in the payoff table below.;Investment;Economic Conditions;Poor;(S1);Average;(S2);Good;(S3);Excellent;(S4);A;38;25;33;10;B;10;15;20;85;C;20;100;20;-25;D;25;25;100;25;Suppose all states of the world are equally likely (each state has a;probability of 0.25). What is the expected value of perfect information? Note;Report your answer as an integer, rounding to the nearest integer, if;applicable;Answer;Question 37;The local operations manager for the IRS must decide whether to hire 1;2, or 3 temporary workers. He estimates that net revenues will vary with how;well taxpayers comply with the new tax code. The probabilities of low, medium;and high compliance are 0.20, 0.30, and 0.50 respectively. What is the expected;value of perfect information? Do not include the dollar ?$? sign with your;answer. The following payoff table is given in thousands of dollars (e.g. 50 =;$50,000). Note: Please express your answer as a whole;number in thousands of dollars (e.g. 50 = $50,000). Round to the nearest;whole number, if necessary.;Answer;5 points;Question 38;The local operations manager for the IRS must decide whether to hire 1;2, or 3 temporary workers. He estimates that net revenues will vary with how;well taxpayers comply with the new tax code. The probabilities of low, medium;and high compliance are 0.20, 0.30, and 0.50 respectively. What are the;expected net revenues for the number of workers he will decide to hire? The;following payoff table is given in thousands of dollars (e.g. 50 =;$50,000). Note: Please express your answer as a whole;number in thousands of dollars (e.g. 50 = $50,000). Round to the nearest;whole number, if necessary.;Answer;Question 39;Recent past demand for product ABC is given in the following table.;Month;Actual Demand;May;33;June;32;July;39;August;37;The forecasted demand for May, June, July and August were 25, 30, 33, and;38 respectively. Determine the value of MAD. Note: Please express;the result as a number with 2 decimal places. If necessary, round your;result accordingly. For instance, 9.146, should be expressed as 9.15;Answer;Question 40;Consider the following decision tree. The objective is to choose the;best decision among the two available decisions A and B. Find the expected;value of the best decision. Do not include the dollar ?$? sign with your;answer.;Answer

 

Paper#60319 | Written in 18-Jul-2015

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