Math 540 final exam new spring 2016

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MATH 540 FINAL EXAM NEW SPRING 2016 1. A cycle is an up and down movement in demand that repeats itself in less than 1 year.

2. In an unbalanced transportation model, supply does not equal demand and one set of constraints uses ? signs.

3. In a transshipment problem, items may be transported from destination to destination and from source to source.

4. Adjusted exponential smoothing is an exponential smoothing forecast adjusted for seasonality.

5. Validation of a simulation model occurs when the true steady state average results have been reached.

6. If we are solving a 0-1 integer programming problem, the constraint x1 = x2 is a conditional constraint.

7. Using the minimax regret criterion to make a decision, you 8. In a break-even model, if all of the costs are held constant, how does an increase in price affect the model?

9. 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.

10. An equation or inequality that expresses a resource restriction in a mathematical model is called _____________________.

11. 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.

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?

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?

14. The production manager for Beer etc. produces 2 kinds of beer: light (L) and dark (D). Two resources used to produce beer are malt and wheat. He can obtain at most 4800 oz of malt per week and at most 3200 oz of wheat per week respectively. Each bottle of light beer requires 12 oz of malt and 4 oz of wheat, while a bottle of dark beer uses 8 oz of malt and 8 oz of wheat. Profits for light beer are $2 per bottle, and profits for dark beer are $1 per bottle. What is the optimal weekly profit?

15. Given the following linear programming problem that minimizes cost.

Min Z = 2x + 8y Subject to 8x + 4y ? 64 2x + 4y ? 32 y?2 What is the sensitivity range for the third constraint, y ? 2?

16. In a portfolio problem, X1, X2, and X3 represent the number of shares purchased of stocks 1, 2, an 3 which have selling prices of $15, $47.25, and $110, respectively. The investor has up to $50,000 to invest.

An appropriate part of the model would be 17. Let xij = gallons of component i used in gasoline j. Assume that we have two components and two types of gasoline.

There are 8,000 gallons of component 1 available, and the demands for gasoline types 1 and 2 are 11,000 and 14,000 gallons respectively. Write the supply constraint for component 1.

18. 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?

19. 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 a constraint to ensure that if machine 4 is used, machine 1 will not be used.

20. Consider the following network representation of shipment routes between plants, a distribution center, and retail outlets. The numbers next to the arcs represent shipping costs. For example, the cost of shipping from plant 1 to

distribution center 3 is equal to 2.

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: 22. The metropolitan airport commission is considering the establishment of limitations on noise pollution around a local airport. At the present time, the noise level per jet takeoff in one neighborhood near the airport is approximately normally distributed with a mean of 100 decibels and a standard deviation of 3 decibels. What is the probability that a randomly selected jet will generate a noise level of more than 105 decibels? Note: please provide your answer to 2 places past the decimal point, rounding as appropriate.

23. Professor Truman would like to assign grades such that 10% of students receive As. If the exam average is 62 with a standard deviation of 13, what grade should be the cutoff for an A? (Round your answer.)

24. In the Monte Carlo process, values for a random variable are generated by __________ a probability distribution.

25. 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.

26. __________ moving averages react more slowly to recent demand changes than do __________ moving averages.

27. Consider the following graph of sales.

Which of the following characteristics is exhibited by the data?

28. Carter’s Bed & Breakfast breaks even every month if they book 30 rooms over the course of a month. Their fixed cost is $1050 per month and the revenue they receive from each booked room is $150. What is the variable cost per occupied 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).

29. 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).

30. Joseph 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. What is the probability that Jim will not be accepted at either university? (Note: write your answer as a probability, with two decimal places. If necessary, round to two decimal places. For instance, a probability of 0.252 should be written as 0.25).

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.

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) 33. Kalamazoo 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: 34. Find the optimal Z value for the following problem. Do not include the dollar “$” sign with your answer.

35. Let’s say that 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 72 years and a standard deviation of 5 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.

36. Ms. James 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.

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.

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.

39. Recent past demand for product ABC is given in the following table.

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.