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BSOP 209 Final Exam 100% Correct Answers<br />
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BSOP 209 Final Exam 100% Correct Answers<br />
1. (TCO 8) What are the three parts of a wait-line system?<br />
2. (TCO 9) What is the objective function of LP?<br />
3. (TCO 11 & 12) What are two of the steps in a simplex maximization problem?<br />
4. (TCO 10) What will happen if the right-hand side of a constraint is changed?<br />
5. (TCO 15 & 16) What are three of the basic steps that both PERT and CPM follow?<br />
6. (TCO 16) What is a “dummy activity?”<br />
7. (TCO 3, 4, & 5) What is the formula for linear regression? Define each part.<br />
8. (TCO 1) What are the four qualitative forecasting approaches that are available to us?<br />
9. (TCO 6) Describe the “revenue junction.”<br />
10. (TCO 8) What are the three parts of a typical queuing system?<br />
11. (TCO 8) When designing a waiting line system, what “qualitative” concerns need to be<br />
considered?<br />
12. (TCO 8) What is the expected value with perfect information?<br />
1. (TCO 1 &2) What is the forecast for Aug based on a weighted moving average applied to<br />
the following past demand data and using the weights: 5, 3, 1.5? (largest weight is for most<br />
recent data)<br />
Feb. Mar. Apr. May Jun. Jul.<br />
30 35 22 27 33 40<br />
2. (TCO 3, 4, and 5) The XYZ Paint Shop owns and operates a dozen shops in southern<br />
Iowa. Their signature paint is black epoxy. Sales (X, in millions of dollars) is related to<br />
Profits (Y, in hundreds of thousands of dollars) by the regression equation Y = 6.321 +<br />
0.65X. What is your forecast of profit for a store with sales of $25 million? $65 million?<br />
3. (TCO 6 and 7) A product is currently made in a job shop, where fixed costs are $4,500<br />
per year and variable cost is $10 per unit. The firm sells the product for $70 per unit. What<br />
is the break-even point for this operation? What is the profit (or loss) on a demand of 220<br />
units per year?<br />
4. (TCO 13, 14) XYZ coating company has reviewed four new processes for improving<br />
their coating line. The four processes, labeled A, B, C, and D use different technology and<br />
have different capacities. All the processes have the same level of production and the<br />
lifetime.<br />
The four states of nature represent four levels of consumer acceptance of the firm’s<br />
products. Values in the table are net present value of future profits in millions of dollars.<br />
Forecasts indicate that there is a 0.4 probability of acceptance level 1, 0.3 chance of<br />
acceptance level 2, 0.6 chance of acceptance level 3, and 0.5 change of acceptance level 4.<br />
Consumer Acceptance Level (states of nature)
1 2 3 4<br />
Alternative A 35 55 85 165<br />
Alternative B -105 -5 155 225<br />
Alternative c 75 85 75 65<br />
Alternative D 55 55 75 65<br />
Using the criterion of expected monetary value, which production alternative should be<br />
chosen?
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