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Introduction to Management Science 11th Edition Bernard W. Taylor - Solutions

Place-Plus, a real estate development firm, is considering several alternative development projects. These include building and leasing an office park, purchasing a parcel of land and building an office building to rent, buying and leasing a warehouse, building a strip mall, and building and
The Oakland Bombers professional basketball team just missed making the playoffs last season and believes it needs to sign only one very good free agent to make the playoffs next season. The team is considering four players: Barry Byrd, Rayneal O€™Neil, Marvin Johnson, and Michael Gordan.
A machine shop owner is attempting to decide whether to purchase a new drill press, a lathe, or a grinder. The return from each will be determined by whether the company succeeds in getting a government military contract. The profit or loss from each purchase and the probabilities associated with
A concessions manager at the Tech versus A&M football game must decide whether to have the vendors sell sun visors or umbrellas. There is a 30% chance of rain, a 15% chance of overcast skies, and a 55% chance of sunshine, according to the weather forecast in College Junction, where the game is to
Allen Abbott has a wide-curving, uphill driveway leading to his garage. When there is a heavy snow, Allen hires a local carpenter, who shovels snow on the side in the winter, to shovel his driveway. The snow shoveler charges $30 to shovel the driveway. Following is a probability distribution of the
The Miramar Company is going to introduce one of three new products: a widget, a hummer, or a nimnot. The market conditions (favorable, stable, or unfavorable) will determine the profit or loss the company realizes, as shown in the following payoff table:a. Compute the expected value for each
The financial success of the Downhill Ski Resort in the Blue Ridge Mountains is dependent on the amount of snowfall during the winter months. If the snowfall averages more than 40 inches, the resort will be successful; if the snowfall is between 20 and 40 inches, the resort will receive a moderate
An investor must decide between two alternative investments€”stocks and bonds. The return for each investment, given two future economic conditions, is shown in the following payoff table:What probability for each economic condition would make the investor indifferent to the choice
In Problem 10, Ann Tyler, with the help of a financial newsletter and some library research, has been able to assign probabilities to each of the possible interest rates during the next year, as follows:Interest Rate (%) Probability5 ........ .26 ......... .37 ........ .38 ......... .19 .........
In Problem 11, the Tech coaches have reviewed game films and have determined the following probabilities that State will use each of its defenses:Defense ...... Probability54 .......... .4063 .......... .10Wide tackle ...... .20Nickel ....... .20Blitz ........ .10a. Using expected value, rank
A global economist hired by Microcomp, the U.S.-based computer manufacturer in Problem 12,estimates that the probability that the economic and political climate overseas and in Mexico will decline during the next 5 years is .40, the probability that it will remain approximately the same is .50,
In Problem 13, the Place-Plus real estate development firm has hired an economist to assign a probability to each direction interest rates may take over the next 5 years. The economist has determined that there is a .50 probability that interest rates will decline, a .40 probability that rates will
Fenton and Farrah Friendly, husband-and-wife car dealers, are soon going to open a new dealership. They have three offers: from a foreign compact car company, from a U.S.-producer of full-sized cars, and from a truck company. The success of each type of dealership will depend on how much gasoline
The Steak and Chop Butcher Shop purchases steak from a local meatpacking house. The meat is purchased on Monday at $2.00 per pound, and the shop sells the steak for $3.00 per pound. Any steak left over at the end of the week is sold to a local zoo for $.50 per pound. The possible demands for steak
The Loebuck Grocery must decide how many cases of milk to stock each week to meet demand. The probability distribution of demand during a week is shown in the following table:Demand (cases) ........ Probability15 .......... .2016 .......... .2517 .......... .4018 ........... .15
The manager of the greeting card section of Mazey’s department store is considering her order for a particular line of Christmas cards. The cost of each box of cards is $3; each box will be sold for $5 during the Christmas season. After Christmas, the cards will be sold for $2 a box. The card
The Palm Garden Greenhouse specializes in raising carnations that are sold to florists. Carnations are sold for $3.00 per dozen; the cost of growing the carnations and distributing them to the florists is $2.00 per dozen. Any carnations left at the end of the day are sold to local restaurants and
Assume that the probabilities of demand in Problem 28 are no longer valid; the decision situation is now one without probabilities. Determine the best number of boxes of cards to stock, using the following decision criteria.a. Maximinb. Maximaxc. Hurwicz (α = .4)d. Minimax regret
Federated Electronics, Ltd., manufactures display screens and monitors for computers and televisions, which it sells to companies around the world. It wants to construct a new warehouse and distribution center in Asia to serve emerging markets there. It has identified potential sites in the port
In Problem 31, Federated Electronics, Ltd., has hired a Washington, DCâ€“based global trade research firm to assess the probabilities of each combination of port and government conditions for the five ports. The research firm probability estimates for the five ports are as follows:a. Using
In Problem 14, the Bombers€™ management has determined the following probabilities of the occurrence of each future season outcome for each player:Compute the expected value for each player and indicate which player the team should try tosign.
The director of career advising at Orange Community College wants to use decision analysis to provide information to help students decide which 2-year degree program they should pursue. The director has set up the following payoff table for six of the most popular and successful degree programs at
In Problem 34, the director of career advising at Orange Community College has paid a small fee to a local investment firm to indicate a probability for each future economic condition over the next 5 years. The firm estimates that there is a .20 probability of a recession, a .40 probability that
The Blue Sox American League baseball team is going to enter the free-agent market over the winter to sign a new starting pitcher. They are considering five prospects who will enter the freeagent market. All five pitchers are in their mid-20s, have been in the major leagues for approximately 5
In Problem 36, the Blue Sox general manager has asked a superscout to assign a probability to each of the three states of nature for the pitchers during the next 10 years. The scout estimates there is a .10 probability that these pitchers at this stage of their careers will have no injuries, a .60
Construct a decision tree for the decision situation described in Problem 25 and indicate the best decision.
Given the following sequential decision tree, determine which is the optimal investment, A orB:
The management of First American Bank was concerned about the potential loss that might occur in the event of a physical catastrophe such as a power failure or a fire. The bank estimated that the loss from one of these incidents could be as much as $100 million, including losses due to interrupted
The Americo Oil Company is considering making a bid for a shale oil development contract to be awarded by the federal government. The company has decided to bid $112 million. The company estimates that it has a 60% chance of winning the contract with this bid. If the firm wins the contract, it can
The machine shop owner in Problem 15 is considering hiring a military consultant to ascertain whether the shop will get the government contract. The consultant is a former military officer who uses various personal contacts to find out such information. By talking to other shop owners who have
The Miramar Company in Problem 18 is considering contracting with a market research firm to do a survey to determine future market conditions. The results of the survey will indicate either positive or negative market conditions. There is a .60 probability of a positive report, given favorable
The Friendlys in Problem 25 are considering hiring a petroleum analyst to determine the future availability of gasoline. The analyst will report that either a shortage or a surplus will occur. The probability that the analyst will indicate a shortage, given that a shortage actually occurs is .90;
Jeffrey Mogul is a Hollywood film producer, and he is currently evaluating a script by a new screenwriter and director, Betty Jo Thurston. Jeffrey knows that the probability of a film by a new director being a success is about .10 and that the probability it will flop is .90. The studio accounting
Tech is playing State in the last conference game of the season. Tech is trailing State 21 to 14, with 7 seconds left in the game, when Tech scores a touchdown. Still trailing 21 to 20, Tech can either go for 2 points and win or go for 1 point to send the game into overtime. The conference
Jay Seago is suing the manufacturer of his car for $3.5 million because of a defect that he believes caused him to have an accident. The accident kept him out of work for a year. The company has offered him a settlement of $700,000, of which Jay would receive $600,000 after attorneys’ fees. His
Tech has three health care plans for its faculty and staff to choose from, as follows:Plan 1—monthly cost of $32, with a $500 deductible; the participants pay the first $500 of medical costs for the year; the insurer pays 90% of all remaining expenses.Plan 2—monthly cost of $5 but a deductible
The Valley Wine Company purchases grapes from one of two nearby growers each season to produce a particular red wine. It purchases enough grapes to produce 3,000 bottles of the wine. Each grower supplies a certain portion of poor-quality grapes, resulting in a percentage of bottles being used as
Kroft Food Products is attempting to decide whether it should introduce a new line of salad dressings called Special Choices. The company can test market the salad dressings in selected geographic areas or bypass the test market and introduce the product nationally. The cost of the test market is
In Problem 50, determine the expected value of sample information (EVSI) (i.e., the test market value) and the expected value of perfect information (EVPI).
Ellie Daniels has $200,000 and is considering three mutual funds for investment—a global fund, an index fund, and an Internet stock fund. During the first year of investment, Ellie estimates that there is a .70 probability that the market will go up and a .30 probability that the market will go
Blue Ridge Power and Light is an electric utility company with a large fleet of vehicles, including automobiles, light trucks, and construction equipment. The company is evaluating four alternative strategies for maintaining its vehicles at the lowest cost: (1) do no preventive maintenance at all
In Problem 53, the decision analysis is for automobiles and light trucks. Blue Ridge Power and Light would like to reformulate the problem for its heavy construction equipment. Emergency maintenance is much more expensive for heavy equipment, costing $15,000. Required preventive maintenance costs
In Problem 14, the management of the Oakland Bombers is considering hiring superscout Jerry McGuire to evaluate the team’s chances for the coming season. McGuire will evaluate the team, assuming that it will sign one of the four free agents. The team’s management has determined the probability
The Place-Plus real estate development firm in Problem 24 is dissatisfied with the economist’s estimate of the probabilities of future interest rate movement, so it is considering having a financial consulting firm provide a report on future interest rates. The consulting firm is able to cite a
Annie Hays recently sold a condominium she had bought and lived in while she was a college student over 15 years ago. She received $150,000 for the condominium and is considering two investment alternatives. Annie can invest the entire amount in a bank money market for 1 year at 8% interest and
Labran Jones has played for the Cleveland professional basketball team for the past eight seasons and has established himself as one of the top players in the league. He has recently become a free agent, meaning he can sign a new contract with Cleveland or sign a contract with any other team in the
Steeley Associates, Inc., a property development firm, purchased an old house near the town square in Concord Falls, where State University is located. The old house was built in the mid-1800s, and Steeley Associates restored it. For almost a decade, Steeley has leased it to the university for
Mountain States Electric Service is an electrical utility company serving several states in the Rocky Mountains region. It is considering replacing some of its equipment at a generating substation and is attempting to decide whether it should replace an older, existing PCB transformer.(PCB is a
The Carolina Cougars is a major league baseball expansion team beginning its third year of operation. The team had losing records in each of its first 2 years and finished near the bottom of its division. However, the team was young and generally competitive. The team's general manager, Frank Lane,
WestCom Systems Products Company develops computer systems and software products for commercial sale.Each year it considers and evaluates a number of different R&D projects to undertake. It develops a road map for each project, in the form of a standardized decision tree that identifies the
For each of the following queuing systems, indicate whether it is a single- or multiple-server model, the queue discipline, and whether its calling population is infinite or finite.a. Hair salonb. Bankc. Laundromatd. Doctor’s officee. Adviser’s officef. Airport runwayg. Service stationh. Copy
Why do waiting lines form at a service facility even though there may be more than enough service capacity to meet normal demand in the long run? Discuss.
A single-server queuing system with an infinite calling population and a first-come, first-served queue discipline has the following arrival and service rates (poisson distributed):λ = 16 customers per hourµ = 24 customers per hourDetermine P0, P3 L, Lq, W, Wq and U.
The ticket booth on the Tech campus is operated by one person, who is selling tickets for the annual Tech versus State football game on Saturday. The ticket seller can serve an average of 12 customers per hour; on average, 10 customers arrive to purchase tickets each hour (poisson distributed).
The Petroco Service Station has one pump for regular unleaded gas, which (with an attendant) can service 10 customers per hour. Cars arrive at the regular unleaded pump at a rate of 6 per hour. Determine the average queue length, the average time a car is in the system, and the average time a car
The Dynaco Manufacturing Company produces a particular product in an assembly line operation. One of the machines on the line is a drill press that has a single assembly line feeding into it. A partially completed unit arrives at the press to be worked on every 7.5 minutes, on average. The machine
The management of Dynaco Manufacturing Company (see Problem 10) likes to have its operators working 90% of the time. What must the assembly line arrival rate be for the operators to be as busy as management would like?
The Peachtree Airport in Atlanta serves light aircraft. It has a single runway and one air traffic controller to land planes. It takes an airplane 12 minutes to land and clear the runway. Planes arrive at the airport at the rate of four per hour.a. Determine the average number of planes that will
The First American Bank of Rapid City has one outside drive-up teller. It takes the teller an average of 4 minutes to serve a bank customer. Customers arrive at the drive-up window at a rate of 12 per hour. The bank operations officer is currently analyzing the possibility of adding a second
During registration at State University every semester, students in the college of business must have their courses approved by the college adviser. It takes the adviser an average of 2 minutes to approve each schedule, and students arrive at the adviser’s office at the rate of 28 per hour.a.
All trucks traveling on Interstate 40 between Albuquerque and Amarillo are required to stop at a weigh station. Trucks arrive at the weigh station at a rate of 200 per 8-hour day, and the station can weigh, on the average, 220 trucks per day.a. Determine the average number of trucks waiting, the
In Problem 15, suppose passing truck drivers look to see how many trucks are waiting to be weighed at the weigh station. If they see four or more trucks in line, they will pass by the station and risk being caught and ticketed. What is the probability that a truck will pass by the station?
In Problem 14, the dean of the college of business at State University is considering the addition of a second adviser in the college advising office to serve students waiting to have their schedules approved. This new adviser could serve the same number of students per hour as the present adviser.
The Dynaco Manufacturing Company has an assembly line that feeds two drill presses. As partially completed products come off the line, they are lined up to be worked on as drill presses become available. The units arrive at the workstation (containing both presses) at the rate of 100 per hour. Each
The Acme Machine Shop has five machines that periodically break down and require service. The average time between breakdowns is 4 days, distributed according to an exponential distribution.The average time to repair a machine is 1 day, distributed according to an exponential distribution. One
McBurger’s fast-food restaurant has a drive-through window with a single server who takes orders from an intercom and also is the cashier. The window operator is assisted by other employees who prepare the orders. Customers arrive at the ordering station prior to the drive through window every
Game World, a video game arcade at Tanglewood Mall, has just installed a new virtual reality battle game. It requires exactly 2.7 minutes to play. Customers arrive, on average, every 2.9 minutes (Poisson distributed) to play the game. How long will the line of customers waiting to play the game be,
Drivers who come to get their licenses at the Department of Motor Vehicles have their photograph taken by an automated machine that develops the photograph onto the license card and laminates the complete license. The machine requires a constant time of 4.5 minutes to prepare a completed license.
A vending machine at City Airport dispenses hot coffee, hot chocolate, or hot tea, in a constant service time of 20 seconds. Customers arrive at the vending machine at a mean rate of 60 per hour (Poisson distributed). Determine the average length of the waiting line and the average time a customer
Norfolk, Virginia, a major seaport on the East Coast, has a ship coal-loading facility. Coal trucks filled with coal arrive at the port facility at the mean rate of 149 per day (Poisson distributed). The facility operates 24 hours a day. The coal trucks are unloaded one at a time, on a first-come,
The Bay City Police Department has eight patrol cars that are on constant call 24 hours per day. A patrol car requires repairs every 20 days, on average, according to an exponential distribution. When a patrol car is in need of repair, it is driven into the motor pool, which has a repair person on
The Rowntown Cab Company has four cabs that are on duty during normal business hours. The cab company dispatcher receives requests for service every 8 minutes, on average, according to an exponential distribution. The average time to complete a trip is 20 minutes (exponentially
In Problem 14, in addition to course approvals, suppose that the advisor also answers questions and provides course counseling, such that the service time can no longer be assumed to be exponentially distributed. Instead, the service time distribution is undefined (i.e., general), with a mean of 2
The College Avenue Sub Shop is located in a small college town. Virtually all of its phone delivery orders are in the evening, between 5:00 P.M. and 1:00 A.M., so the shop has a delivery person for that time period. It receives an average of about 3 orders per hour (Poisson distributed). However,
The Riverton Post Office has four stations for service. Customers line up in single file for service on a FIFO basis. The mean arrival rate is 40 per hour, Poisson distributed, and the mean service time per server is 4 minutes, exponentially distributed. Compute the operating characteristics for
In Problem 18, the Dynaco Company has found that if more than three units (average) are waiting to be processed at any one workstation, then too much money is being tied up in work-inprocess inventory (i.e., units waiting to be processed). The company estimates that (on average) each unit waiting
Cakes baked by the Freshfood Bakery are transported from the ovens to be packaged by one of three wrappers. Each wrapper can wrap an average of 200 cakes per hour. The cakes are brought to the wrappers at the rate of 500 per hour. If a cake sits longer than 5 minutes before being wrapped, it will
The associate dean of the college of business at Tech is determining which of two copiers he should lease for the college’s administrative suite. A regular copier leases for $8 per hour, and it takes an employee an average of 6 minutes (exponentially distributed) to complete a copying job. A
The Quick Wash 24-hour Laundromat has 16 washing machines. A machine breaks down every 20 days (exponentially distributed). The repair service with which the Laundromat contracts takes an average of 1 day to repair a machine (exponentially distributed). A washing machine averages $5 per hour in
The Regency Hotel has enough space at its entrance for six taxicabs to line up, wait for guests, and then load passengers. Cabs arrive at the hotel every 8 minutes; if a taxi drives by the hotel and the line is full, it must drive on. Hotel guests require a taxi every 5 minutes, on average. It
The local Burger Doodle fast-food restaurant has a drive-through window. Customers in cars arrive at the window at the rate of 10 per hour (Poisson distributed). It requires an average of 4 minutes (exponentially distributed) to take and fill an order. The restaurant chain has a service goal of an
From 3:00 P.M. to 8:00 P.M. the local K-Star Supermarket has a steady stream of customers. Customers finish shopping and arrive at the checkout area at a rate of 70 per hour (Poisson distributed). It is assumed that when customers arrive at the cash registers, they will divide themselves relatively
Customers arrive to check in at the exclusive and expensive Regency Hotel’s lobby at a rate of 40 per hour (Poisson distributed). The hotel normally has three clerks available at the desk to check in guests. The average time for a clerk to check in a guest is 4 minutes (exponentially
The Riverview Clinic has two general practitioners who see patients daily. An average of six patients arrive at the clinic per hour. Each doctor spends an average of 15 minutes with a patient. The patients wait in a waiting area until one of the two doctors is able to see them. However, because
The Footrite Shoe Company is going to open a new branch at a mall, and company managers are attempting to determine how many salespeople to hire. Based on an analysis of mall traffic, the company estimates that customers will arrive at the store at a rate of 10 per hour, and from past experience at
When customers arrive at Gilley’s Ice Cream Shop, they take a number and wait to be called to purchase ice cream from one of the counter servers. From experience in past summers, the store’s staff knows that customers arrive at a rate of 40 per hour on summer days between 3:00 P.M. and 10:00
Moore’s television repair service receives an average of six TV sets per 8-hour day to be repaired. The service manager would like to be able to tell customers that they can expect 1-day service. What average repair time per set will the repair shop have to achieve to provide 1-day service, on
In Problem 41, suppose that Moore’s television repair service cannot accommodate more than 30 TV sets at a time. What is the probability that the number of TV sets on hand (under repair and waiting for service) will exceed the shop capacity?
Maggie Attaberry is a nurse on the evening shift from 10:00 P.M. to 6:00 A.M. at Community Hospital. She has 15 patients for whom she is responsible in her area. She averages two calls from each of her patients every evening, on average (Poisson distributed), and she must spend an average of 10
The Escargot is a small French restaurant with six waiters and waitresses. The average service time at the restaurant for a table (of any size) is 85 minutes (Poisson distributed). The restaurant does not take reservations, and parties arrive for dinner (and stay and wait) every 18 minutes
Hudson Valley Books is a small, independent publisher of fiction and nonfiction books. Each week the publisher receives an average of seven unsolicited manuscripts to review (Poisson distributed). The publisher has 12 freelance reviewers in the area who read and evaluate manuscripts. It takes a
Amanda Fall is starting up a new house painting business, Fall Colors. She has been advertising in the local newspaper for several months. Based on inquiries and informal surveys of the local housing market, she anticipates that she will get painting jobs at the rate of four per week (Poisson
Partially completed products arrive at a workstation in a manufacturing operation at a mean rate of 40 per hour (Poisson distributed). The processing time at the workstation averages 1.2 minutes per unit (exponentially distributed). The manufacturing company estimates that each unit of
The Atlantic Coast Shipping Company has a warehouse terminal in Spartanburg, South Carolina. The capacity of each terminal dock is three trucks. As trucks enter the terminal, the drivers receive numbers; and when one of the three dock spaces becomes available, the truck with the lowest number
The Waterfall Buffet in the lower level of the National Art Gallery serves food cafeteria-style daily to visitors and employees. The buffet is self-service. From 7:00 A.M. to 9:00 A.M. customers arrive at the buffet at a rate of 10 per minute; from 9:00 A.M. to noon, at 4 per minute; from noon to
The Clip Joint is a hairstyling salon at University Mall. Four stylists are always available to serve customers on a first-come, first-served basis. Customers arrive at an average rate of five per hour, and the stylists spend an average of 35 minutes on each customer.a. Determine the average number
The Delacroix Inn in Alexandria is a small, exclusive hotel with 20 rooms. Guests can call housekeeping from 8:00 A.M. to midnight for any of their service needs. Housekeeping keeps one person on duty during this time to respond to guest calls. Each room averages 0.7 call per day to housekeeping
Jim Carter builds custom furniture, primarily cabinets, bookcases, small tables, and chairs. He works on only one piece of furniture for a customer at a time. It takes him an average of 5 weeks (exponentially distributed) to build a piece of furniture. An average of 14 customers approach Jim to
Judith Lewis is a doctoral student at State University, and she also works full-time as an academic tutor for 10 scholarshiped student athletes. She took the job, hoping it would leave her free time between tutoring to devote to her own studies. An athlete visits her for tutoring an average of
TSA security agents at the security gate at the Tri-Cities Regional Airport are able to check passengers and process them through the security gate at a rate of 50 per hour (Poisson distributed).Passengers arrive at the gate throughout the day at a rate of 40 per hour (Poisson distributed).

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