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

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

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Module 3 Discussion

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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.

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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

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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 th

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