DEVRY BSOP 209 Week 8 Final Exam

DEVRY BSOP 209 Week 8 Final Exam
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1. (TCO 8) What are the three parts of a wait-line system? (Points : 15)
2. (TCO 9) What is the objective function of LP? (Points : 15)
3. (TCO 11 & 12) What are two of the steps in a simplex maximization problem?
(Points : 15)
4. (TCO 10) What will happen if the right-hand side of a constraint is changed?
(Points : 15)
5. (TCO 15 & 16) What are three of the basic steps that both PERT and CPM
follow? (Points : 15)
6. (TCO 16) What is a “dummy activity?” (Points : 15)
7. (TCO 3, 4, & 5) What is the formula for linear regression? Define each part.
(Points : 15)
8. (TCO 1) What are the four qualitative forecasting approaches that are
available to us? (Points : 15)

9. (TCO 6) Describe the “revenue junction.” (Points : 15)
10. (TCO 8) What are the three parts of a typical queuing system? (Points : 15)
11. (TCO 8) When designing a waiting line system, what “qualitative” concerns
need to be considered? (Points : 15)
12. (TCO 8) What is the expected value with perfect information? (Points : 15)
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)
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? (Points : 30)
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? (Points : 30)
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………..Using the criterion of
expected monetary value, which production alternative should be chosen? (Points :
30)