BSOP
209 Final Exam 100% Correct Answers
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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?
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?
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)
Feb. Mar. Apr. May Jun. Jul.
30 35 22 27 33 40
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)
Feb. Mar. Apr. May Jun. Jul.
30 35 22 27 33 40
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.
Consumer Acceptance Level (states of nature)
1 2 3 4
Alternative A 35 55 85 165
Alternative B -105 -5 155 225
Alternative c 75 85 75 65
Alternative D 55 55 75 65
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.
Consumer Acceptance Level (states of nature)
1 2 3 4
Alternative A 35 55 85 165
Alternative B -105 -5 155 225
Alternative c 75 85 75 65
Alternative D 55 55 75 65
Using the criterion of expected
monetary value, which production alternative should be chosen?
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