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Questions and Answers of Statistics

Andy Lange, president of the University of South Wisconsin, is concerned with the declining business at the University Book Store. The students tell him that the prices are simply too high. Andy,
Hervis Rent-A-Car has three car rental locations in the greater Houston area: the Northside branch, the West End branch, and the Suburban branch. Customers can rent a car at any of these places and
A study of accounts receivables at the A&W Depart ment Store indicates that bills are either current, one month overdue, two months overdue, written off as bad debts, or paid in full. Of those that
The cellular phone industry is very competitive. Two companies in the greater Lubbock area, Horizon and Local Cellular, are constantly battling each other in an attempt to control the market. Each
The personal computer industry is very fast moving and technology provides motivation for customers to upgrade with new computers every few years. Brand loyalty is very important and companies try to
In Section 15.7, we investigated an accounts receivable problem. How would the paid category and the bad debt category change with the following matrix of transitionprobabilities?
Professor Green gives two-month computer programming courses during the summer term. Students must pass a number of exams to pass the course, and each student is given three chances to take the
Hicourt Industries is a commercial printing outfit in a medium-sized town in central Florida. Its only competitors are the Printing House and Gandy Printers. Last month, Hicourt Industries had
John Jones of Bayside Laundry has been providing cleaning and linen service for rental condominiums on the Gulf coast for over 10 years. Currently, John is servicing 26 condominium developments.
Set up both the vector of state probabilities and the matrix of transition probabilities given the following information: Store 1 currently has 40% of the market; store 2 currently has 60% of the
Find the equilibrium conditions for Problem 15-24. Explain what it means.
As a result of a recent survey of students at the University of South Wisconsin, it was determined that the university owned bookstore currently has 40% of the market. The other three bookstores,
Sandy Sprunger is part owner in one of the largest quick-oil-change operations for a medium-sized city in the Midwest. Currently, the firm has 60% of the market. There are a total of 10 quick
During a recent trip to her favorite restaurant, Sandy (owner of shop 1) met Chris Talley (owner of shop 7). After an enjoyable lunch, Sandy and Chris had a heated discussion about market share for
The first quick-oil-change store in Problem 15-28 retains 73% of its market share. This represents a probability of 0.73 in the first row and first column of the matrix of transition probabilities.
Jim Fox, an executive for Rentall Trucks, could not believe it. He had hired one of the town's best law firms, Folley, Smith, and Christensen. Their fee for drawing up the legal contracts was over
Why is inventory an important consideration for managers?
What is the purpose of inventory control?
Under what circumstances can inventory be used as a hedge against inflation?
Why wouldn't a company always store large quantities of inventory to eliminate shortages and stockouts?
What are some of the assumptions made in using the EOQ?
Discuss the major inventory costs that are used in determining the EOQ.
What is the ROP? How is it determined?
What is the purpose of sensitivity analysis?
What assumptions are made in the production run model?
Briefly describe what is involved in solving a quantity discount model.
When using safety stock, how is the standard deviation of demand during the lead time calculated if daily demand is normally distributed but lead time is constant? How is it calculated if daily
Briefly explain the marginal analaysis approach to the single period inventory problem.
Briefly describe what is meant by ABC analysis. What is the purpose of this inventory technique?
What is the overall purpose of MRP?
What is the difference between the gross and net material requirements plan?
What is the objective of JIT?
Lila Battle has determined that the annual demand for number 6 screws is 100,000 screws. Lila, who works in her brother's hardware store, is in charge of purchasing. She estimates that it costs $10
Lila's brother believes that she places too many orders for screws per year. He believes that an order should be placed only twice per year. If Lila follows her brother's policy, how much more would
Barbara Bright is the purchasing agent for West Valve Company. West Valve sells industrial valves and fluid control devices. One of the most popular valves is the Western, which has an annual demand
Ken Ramsing has been in the lumber business for most of his life. Ken's biggest competitor is Pacific Woods. Through many years of experience, Ken knows that the ordering cost for an order of plywood
Shoe Shine is a local retail shoe store located on the north side of Centerville. Annual demand for a popular sandal is 500 pairs, and John Dirk, the owner of Shoe Shine, has been in the habit of
In Problem 6-18 you helped Lila Battle determine the optimal order quantity for number 6 screws. She had estimated that the ordering cost was $10 per order. At this time, though, she believes that
Ross White's machine shop uses 2,500 brackets during the course of a year, and this usage is relatively constant throughout the year. These brackets are purchased from a supplier 100 miles away for
Ross White (see Problem 6-25) wants to reconsider his decision of buying the brackets and is considering making the brackets in-house. He has determined that setup costs would be $25 in machinist
Upon hearing that Ross White (see Problems 6-25 and 6-26) is considering producing the brackets in house, the vendor has notified Ross that the purchase price would drop from $15 per bracket to
After analyzing the costs of various options for obtaining brackets, Ross White (see Problems 6-25, 6-26, and 6-27) recognizes that although he knows that lead time is 2 days and demand per day
Douglas Boats is a supplier of boating equipment for the states of Oregon and Washington. It sells 5,000 White Marine WM-4 diesel engines every year.These engines are shipped to Douglas in a shipping
Northern Distributors is a wholesale organization that supplies retail stores with lawn care and household products. One building is used to store Neverfail lawn mowers. The building is 25 feet wide
Lisa Surowsky was asked to help in determining the best ordering policy for a new product. Currently, the demand for the new product has been projected to be about 1,000 units annually. To get a
Jan Gentry is the owner of a small company that produces electric scissors used to cut fabric. The annual demand is for 8,000 scissors, and Jan produces the scissors in batches. On the average, Jan
Jim Overstreet, inventory control manager for Itex, receives wheel bearings from Wheel-Rite, a small producer of metal parts. Unfortunately, Wheel-Rite can only produce 500 wheel bearings per day.
North Manufacturing has a demand for 1,000 pumps each year. The cost of a pump is $50. It costs North Manufacturing $40 to place an order, and the carrying cost is 25% of the unit cost. If pumps are
Linda Lechner is in charge of maintaining hospital supplies at General Hospital. During the past year, the mean lead time demand for bandage BX-5 was 60. Furthermore, the standard deviation for BX-5
Linda Lechner has just been severely chastised for her inventory policy. Sue Surrowski, her boss, believes that the service level should be either 95% or 98%. Compute the safety stock levels for a
Ralph Janaro simply does not have time to analyze all of the items in his company's inventory. As a young manager, he has more important things to do.The following is a table of six items in
Thaarugo, Inc., produces a GPS device that is becoming popular in parts of Scandinavia. When Thaarugo produces one of these, a printed circuit board (PCB) is used, and it is populated with several
Dillard Travey receives 5,000 tripods annually from Quality Suppliers to meet his annual demand. Dillard runs a large photographic outlet, and the tripods are used primarily with 35-mm cameras. The
Quality Suppliers, Inc., has decided to extend its shipping option. Now, Quality Suppliers is offering to ship the amount ordered in five equal shipments, one each week. It will take five weeks for
The Hardware Warehouse is evaluating the safety stock policy for all its items, as identified by the SKU code. For SKU M4389, the company always orders 80 units each time an order is placed. The
For SKU A3510 at the Hardware Warehouse, the order quantity has been set at 150 units each time an order is placed. The daily demand is normally distributed, with a mean of 12 units and a standard
H & K Electronic Warehouse sells a 12-pack of AAA batteries, and this is a very popular item. Demand for this is normally distributed, with an average of 50 packs per day and a standard deviation
Xemex has collected the following inventory data for the six items that it stocks:Lynn Robinson, Xemex€™s inventory manager, does not feel that all of the items can be controlled. What
Georgia Products offers the following discount schedule for its 4- by 8-foot sheets of good-quality plywood:ORDER UNIT COST ($)9 sheets or less .......18.0010 to 50 sheets .......17.50More than 50
Sunbright Citrus Products produces orange juice, grapefruit juice, and other citrus-related items. Sunbright obtains fruit concentrate from a cooperative in Orlando consisting of approximately 50
John Lindsay sells CDs that contain 25 software packages that perform a variety of financial functions, including net present value, internal rate of return, and other financial programs typically
Teresa Granger is the manager of Chicago Cheese, which produces cheese spreads and other cheese-related products. E-Z Spread Cheese is a product that has always been popular. The probability of
Harry's Hardware does a brisk business during the year. During Christmas, Harry's Hardware sells Christmas trees for a substantial profit. Unfortunately, any trees not sold at the end of the season
In addition to selling Christmas trees during the Christmas holidays, Harry's Hardware sells all the ordinary hardware items. One of the most popular items is Great Glue HH, a glue that is made just
The marginal loss on Washington Reds, a brand of apples from the state of Washington, is $35 per case. The marginal profit is $15 per case. During the past year, the mean sales of Washington Reds in
Linda Stanyon has been the production manager for Plano Produce for over eight years. Plano Produce is a small company located near Plano, Illinois. One produce item, tomatoes, is sold in cases, with
Paula Shoemaker produces a weekly stock market report for an exclusive readership. She normally sells 3,000 reports per week, and 70% of the time her sales range from 2,900 to 3,100. The report costs
Emarpy Appliance produces all kinds of major appliances. Richard Feehan, the president of Emarpy, is concerned about the production policy for the company's best selling refrigerator. The demand for
Consider the Emarpy Appliance situation in Problem 6-54. If Richard Feehan wants to minimize the total annual inventory cost, how many refrigerators should be produced in each production run? How
This chapter presents a material structure tree for item A in Figure. Assume that it now takes 1 unit of item B to make every unit of item A. What impact does this have on the material structure tree
Given the information in Problem 6-56, develop a gross material requirements plan for 50 units of item A.
Using the data from Figures 6.12-6.14, develop a net material requirements plan for 50 units of item A assuming that it only takes 1 unit of item B for each unit of item A.
The demand for product S is 100 units. Each unit of S requires 1 unit of T and 1/2 unit of U. Each unit of T requires 1 unit of V, 2 units of W, and 1 unit of X. Finally, each unit of U requires 1/2
The Webster Manufacturing Company produces a popular type of serving cart. This product, the SL72, is made from the following parts: 1 unit of Part A, 1 unit of Part B, and 1 unit of Subassembly C.
The lead time for each of the parts in the SL72 (Problem 6-60) is one week, except for Part B, which has a lead time of two weeks. Develop a net materials requirements plan for an order of 800 SL72s.
Refer to Problem 6-61. Develop a net material requirements plan assuming that there are currently 150 units of Part A, 40 units of Part B, 50 units of Subassembly C, and 100 units of Part F currently
Martin-Pullin Bicycle Corp. (MPBC), located in Dallas, is a wholesale distributor of bicycles and bicycle parts. Formed in 1981 by cousins Ray Martin and Jim Pullin, the firm's primary retail outlets
Discuss the similarities and differences between minimization and maximization problems using the graphical solution approaches of LP.
It is important to understand the assumptions underlying the use of any quantitative analysis model.What are the assumptions and requirements for an LP model to be formulated and used?
It has been said that each LP problem that has a feasible region has an infinite number of solutions. Explain.
You have just formulated a maximization LP problem and are preparing to solve it graphically. What criteria should you consider in deciding whether it would be easier to solve the problem by the
The production manager of a large Cincinnati manufacturing firm once made the statement, "I would like to use LP, but it's a technique that operates under conditions of certainty. My plant doesn't
The mathematical relationships that follow were formulated by an operations research analyst at the Smith-Lawton Chemical Company. Which ones are invalid for use in an LP problem, andwhy?
Discuss the role of sensitivity analysis in LP. Under what circumstances is it needed, and under what conditions do you think it is not necessary?
A linear program has the objective of maximizing profit = 12 X + 8Y. The maximum profit is $8,000.Using a computer we find the upper bound for profit on X is 20 and the lower bound is 9. Discuss the
A linear program has a maximum profit of $600. One constraint in this problem is 4X + 2Y ≤ 80. Using a computer we find the dual price for this constraint is 3, and there is a lower bound of 75 and
Develop your own original LP problem with two constraints and two real variables.(a) Explain the meaning of the numbers on the right-hand side of each of your constraints.(b) Explain the significance
Explain how a change in a technological coefficient can affect a problem's optimal solution. How can a change in resource availability affect a solution?
The Electrocomp Corporation manufactures two electrical products: air conditioners and large fans. The assembly process for each is similar in that both require a certain amount of wiring and
Electrocomp's management realizes that it forgot to include two critical constraints. In particular, management decides that there should be a minimum number of air conditioners produced in order to
A candidate for mayor in a small town has allocated $40,000 for last-minute advertising in the days preceding the election. Two types of ads will be used: radio and television. Each radio ad costs
The Outdoor Furniture Corporation manufactures two products, benches and picnic tables, for use in yards and parks. The firm has two main resources: its carpenters (labor force) and a supply of
The dean of the Western College of Business must plan the school's course offerings for the fall semester. Student demands make it necessary to offer at least 30 undergraduate and 20 graduate courses
MSA Computer Corporation manufactures two models of minicomputers, the Alpha 4 and the Beta 5. The firm employs five technicians, working 160 hours each per month, on its assembly line. Management
A winner of the Texas Lotto has decided to invest $50,000 per year in the stock market. Under consideration are stocks for a petrochemical firm and a public utility. Although a long-range goal is to
Referring to the Texas Lotto situation in Problem 7-20 suppose the investor has changed his attitude about the investment and wishes to give greater emphasis to the risk of the investment, now the
Consider this LP formulation:Graphically illustrate the feasible region and apply the isocost line procedure to indicate which corner point produces the optimal solution. What is the cost of this
The stock brokerage firm of Blank, Leibowitz, and Weinberger has analyzed and recommended two stocks to an investors' club of college professors.The professors were interested in factors such as
Woofer Pet Foods produces a low-calorie dog food for overweight dogs. This product is made from beef products and grain. Each pound of beef costs $0.90, and each pound of grain costs $0.60. A pound
The seasonal yield of olives in a Piraeus, Greece vineyard is greatly influenced by a process of branch pruning. If olive trees are pruned every two weeks, output is increased. The pruning process,

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