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Quantitative Analysis For Management 11th Edition Barry Render, Ralph M. Stair, Michael E. Hanna - Solutions

H.R. Prewett Limited forecasts the demand for one component to average 18 a day over a 200-day working year. If there are any shortages, production will be disrupted with very high costs. The total cost of placing an order is £800 and holding costs are £400 a unit a year. What is the best
A company advertises a 95% cycle-service level for all stock items. Stock is replenished from a single supplier who guarantees a lead time of four weeks. What reorder level should the company use for an item that has a normally distributed demand with mean of 1,000 units a week and standard
An item of stock has a unit cost of £40, a reorder cost of £50 and a holding cost of £1 a unit a week. Demand for the item has a mean of 100 a week with a standard deviation of 10. Lead time is constant at three weeks.Design a stock policy that gives the item a service level of 95%. How would
Describe a periodic review system with an interval of two weeks for the company described in Problem 18.6.
A small store holds 10 categories of product with the following costs and annual demands:Do an ABC analysis of theseitems.
Annual demand for an item is 2,000 units, each order costs £10 to place and the annual holding cost is 40% of the unit cost. The unit cost depends on the quantity ordered as follows:For quantities less than 500, unit cost is £1For quantities between 500 and 1,000, unit cost is £0.80For
Virtually all inventory control systems are automated. Not surprisingly, there is a lot of software for the routine calculations. Figure shows the printout from a computer program that has done some basic calculations. How can managers use such information? What features would you expect to see in
A small company wants to control the stocks of 30 items. It seems extravagant to buy an inventory control system for this number of items, and there is no one in the company to write their own software. It has been suggested that a spreadsheet can record weekly sales and do related calculations. Do
Current thinking has managers trying to eliminate their stocks. This has been assisted by just-in-time operations, e-business, efficient customer response, point-of-sales equipment, electronic fund transfer, efficient transport and so on. Is this a sensible direction to move in? How do you think
1. If you were the recruit, how would you set about this job and what would you say in your report?William Purvis looked across his desk at the company's latest management recruit and said, 'Welcome to Westin Contractors. This is a good company to work for and I hope you settle in and will be very
A project has the activities shown in the following dependence table. Draw the network for this project.
(a) BiilsMoore Amateur Dramatic Society is planning its annual production and wants to use a network to coordinate the various activities. What activities do you think should be included in the network?(b) If discussions lead to the following activities, what would the network look like?Assess
Draw a network for the following dependencetable.
If each activity in Problem 19.3 has a duration of one week, find the earliest and latest start and finish times for each activity and the corresponding total floats.
Sven Sengler has divided a project into the following activities. What does the network for the project look like?(a) If each activity can be reduced by up to two weeks, what is the shortest duration of the project and which activities should he reduce?(b) Draw a Gantt chart for this project.(c) If
A project consists of ten activities with estimated durations (in weeks) and dependences shown in the following table.(a) What are the estimated duration of the project and the earliest and latest times for activities?(b) If activity B needs special equipment, when should this be hired?(c) A check
(a) Analyse the timing and resource use of the project described by the following values.(b) It costs â‚¬1,000 to reduce the duration of an activity by 1. If there is â‚¬12,000 available to reduce the duration, what is the shortest time the project can be completed within? What are the
A project is shown in the following dependence table.(a) What is the probability that the project will be completed before week 17?(b) By what time is there a probability of 0.95 that the project will befinished?
Most projects seem to finish late and over budget. But why should this happen, when there are many tools to help and a lot of experience and knowledge in the area? Find some examples of particularly bad projects and say what went wrong.
Project managers often say that their jobs consist of processing huge amounts of information, from supplier contacts through to customer delivery. What information is needed for successful project management?
1. How can you judge the current performance of the centre?2. Can you find the resources that the centre will need to maintain - or improve - the current level of service with increasing numbers of patients?Jane and Andrew Palmer run a business in Florida that they describe as an 'alternative
Describe the operating characteristics of a single-server queue with random arrivals at an average rate of 100 an hour and random service times at an average rate of 120 an hour.
A single-server queue has random arrivals at a rate of 30 an hour and random service times at a rate of 40 an hour. If it costs £20 for each hour a customer spends in the system and £40 for each hour of service time, how much does the queue cost?
Piotr Banasiewicz is a self-employed plumber who offers a 24-hour emergency service. For most of the year, calls arrive randomly at a rate of six a day. The time he takes to travel to a call and do the repair is randomly distributed with a mean of 90 minutes.Forecasts for February suggest cold
Figure shows the printout from a program that analyses queues. The title 'M/M/3' is an abbreviation to show that the queue has random arrivals, random service time and three servers. What do the results show? How can you checkthem?
Customers arrive for a service at a rate of 100 an hour and each server can deal with 15 customers an hour. If customer time is valued at $20 an hour and server time costs $50 an hour, how can you identify the best number of servers?
A supermarket has an average of 240 customers an hour arriving at peak times. During these periods all 10 checkouts could be used with each serving an average of 35 customers an hour. Simulate this process to show the effects of actually opening different numbers of checkouts.
There are many specialised programs for simulation. Some of these are sophisticated simulation languages that include animation and many other features. If you were looking for a simulation program what features would you expect to see in a major package? Illustrate your answer with references to
The time that a tourist waits for a bus is uniformly distributed from zero to five minutes. How could you use random numbers to simulate the waiting times of a large number of customers?
The time for a fire engine to arrive at an emergency has a mean of 10 minutes and a standard deviation of 2.8 minutes. The fire service guarantees arrival within 15 minutes of an emergency phone call. If journey time follows a normal distribution, use random numbers to simulate arrivals.
A volunteer ambulance service handles from zero to five service calls on any given day. A summary of the number of calls made during the last 360 days is shown in the following table.How could you simulate the pattern ofcalls?
Parts leaving an assembly line are examined by two inspectors. Each inspector detects 85% of the defective parts, and 80% of the defective parts are detected by both inspectors.a. What is the probability that a defective part not detected by the first inspector will be detected by the second
A person with a lot of spare time spins a coin 10,000 times and gets 5,067 heads. Do you think the coin is fair?
You believe that the average weight of a piece of equipment is more than 3,500 pounds. To test this, you sample the weights of 15 of them, and find an average of 3,531 pounds. Assuming a Normal distribution with a population standard deviation of 70 pounds, test your belief with a significance
Describe how to set an appropriate significance level.
Lawyers are investigating the performance of some company directors and formulate the hypotheses Ho ‘the directors are honest’ and Ha ‘the directors are stealing from the company'. a. What does it mean if they find that p = 0.0125 and α = 0.01? b. What does it mean if p = 0.0045 and α =
Sales for Fast Kat, a 16-foot catamaran sailboat, have averaged 250 boats per month over the last five years, with a standard deviation of 25 boats. Assuming that the demand is about the same as past years and follows a normal curve, what is the probability sales will be less than 280 boats?
Refer to Problem. What is the probability that sales will be more than 265 boats during the next month? What is the probability that sales will be less than 250 boats next month?
Precision Parts is a job shop that specializes in producing electric motor shafts. The average shaft size for the E300 electric motor is 0.55 inch, with a standard deviation of 0.10 inch. It is normally distributed. What is the probability that a shaft selected at random will be between 0.55 and
Refer to Problem. What is the probability that a shaft size will be greater than 0.65 inch? What is the probability that a shaft size will be between 0.53 and 0.59 inch? What is the probability that a shaft size will be under 0.45 inch?
This year Jan Rich, who is ranked number one in women's singles in tennis, and Marie Wacker, who is ranked number three, will play 4 times. If Marie can beat Jan 3 times, she will be ranked number one. The two players have played 20 times before, and Jan has won 15 games. It is expected that this
Over the last two months, the Wilmington Phantoms have been encountering trouble with one of their star basketball players. During the last 30 games, he has fouled out 15 times. The owner of the basketball team has stated that if this player fouls out 2 more times in their next 5 games, the player
Wisconsin Cheese Processor, Inc., produces equipment that processes cheese products. Ken Newgren is particularly concerned about a new cheese processor that has been producing defective cheese crocks. The piece of equipment produces 5 cheese crocks during every cycle of the equipment. The
Natway, a national distribution company of home vacuum cleaners, recommends that its salespersons make only two calls per day, one in the morning and one in the afternoon. Twenty-five percent of the time a sales call will result in a sale and the profit from each sale is $125. Develop the
Chris Dunphy, executive vice president for marketing and sales of Sumu Electronics, is considering the possibility of introducing a new line of inexpensive wrist watches, which would be oriented primarily toward young adults. The watch would have a plastic faceplate and wristband and a variety of
Helen Murvis, hospital administrator for Portland General Hospital, is trying to determine whether to build a large wing onto the existing hospital, a small wing, or no wing at all. If the population of Portland continues to grow, a large wing could return $150,000 to the hospital each year. If the
Hardie Lord, Helen Murvis's boss, is not convinced that Helen used the correct decision technique. Hardie believes that Helen should use a coefficient of realism of 0.75 in determining the best alternative. Hardie thinks of himself as a realist.(a) Develop a decision table for this problem.(b)
Dorothy Stanyard has three major routes to take to work. She can take Tennessee Street the entire way, she can take several back streets to work, or she can use the expressway. The traffic patterns are very complex, however. Under good conditions, Tennessee Street is the fastest route. When
After buying a computer system, Sim Thomas must decide whether to purchase(1) A complete maintenance (or service) policy at a cost of $500, which would cover all maintenance costs;(2) A partial maintenance policy at a cost of $300, which would cover some of the costs of maintenance;(3) No
Bob Welch, a famous divorce attorney, is facing a decision with four options (alternatives) and four scenarios (states of nature). The options relate to furniture in his client's house. The options range from a cash settlement for the furniture (Options 1) to aggressively litigating the issue
Drink-At-Home, Inc. (DAH, Inc.), develops, processes, and markets mixes to be used in nonalcoholic cocktails and mixed drinks for home consumption. Mrs. Lee, who is in charge of research and development at DAH, Inc., this morning notified Mr. Dick Jones, the president, that exciting developments in
Ruth Jones, a robust 50-year-old insurance adjuster living in the northern suburbs of Chicago, has been diagnosed by a University of Illinois cardiologist as having a defective heart valve. Although otherwise healthy, Jones' heart problem could prove fatal if left untreated.Firm research data are
After retiring as a physician, Bob Guthrie became an avid downhill skier on the steep slopes of the Utah Rocky Mountains. As an amateur inventor, Bob was always looking for something new. With the recent deaths of several celebrity skiers, Bob knew he could use his creative mind to make skiing
Raquel Covington is a graduate student majoring in environmental management. In one particular class, Raquel has maintained a low A average throughout the semester, and she needs an A or a high B on the final exam to receive an A as the final grade in the course. In this course, three cases were
George Lyon is about to buy a compact stereo cassette player. He is currently considering three brands—Sun, Hitek, and Surgo. The important factors to George are the price, color, warranty, size of the unit, and brand name. George has determined factor weights of 0.4, 0.1, 0.1, 0.1, and 0.3,
Linda Frieden is thinking about buying a new car. She is considering three different car models: car 1, car 2, and car 3. An important factor for Linda is the price. She has determined that car 1 is equal to moderately preferred to car 2. Car 1 is very strongly preferred to car 3, and car 2 is
Linda Frieden is also concerned about the warranty for the three cars she is considering. The second car is moderately preferred to the first car in terms of warranty. The third car is very to extremely strongly preferred over the first car, and the third car is strongly preferred over the second
Linda Frieden would like to consider style as an important factor in making a decision to purchase a new car. Car 2 is moderately preferred to car 1 in terms of style, but car 1 is moderately preferred to car 3 in terms of style. Furthermore, car 2 is very to extremely strongly preferred over car
Linda Frieden now must determine the relative weights for the three factors of price, warranty, and style. She believes that the price is equally to moderately preferred over warranty and that price is extremely preferred to style. She also believes that the car warranty is strongly to very
Gina Fox is a student who will be graduating soon, and she is planning to attend graduate school to work toward an MBA. Gina has been accepted into the graduate programs at three universities. Now she must decide which one to attend. Gina has rated each one on the cost, reputation of the program,
Upon reevaluating the situation, Gina Fox (see Problem) is not comfortable with her ratings. Therefore, she has decided to compare the universities two at a time. On cost, B is strongly preferred to A; B is moderately preferred to C; and C is moderately preferred to A. On reputation, A is very
Jim Locke, an undergraduate student in the ESU College of Business, is trying to decide which microcomputer to purchase with the money his parents gave him for Christmas. He has reduced the number of computers he has been considering to three, calling them system 1 (S1), system 2 (S2), and system 3
What is the purpose of conducting break-even analysis?
Under what circumstances can the normal distribution be used in break-even analysis? What does it usually represent?
What assumption do you have to make about the relationship between EMV and a state of nature when you are using the mean to determine the value of EMV?
Describe how EVPI can be determined when the distribution of the states of nature follows a normal distribution.
A publishing company is planning on developing an advanced quantitative analysis book for graduate students in doctoral programs. The company estimates that sales will be normally distributed, with mean sales of 60,000 copies and a standard deviation of 10,000 books. The book will cost $16 to
Refer to Problem M3-5.(a) What is the opportunity loss function?(b) Compute the expected opportunity loss.(c) What is the EVPI?(d) What is the probability that the new book will be profitable?(e) What do you recommend that the firm do?
Barclay Brothers Company, the firm discussed in this module, thinks it underestimated the mean for its game Strategy. Rudy Barclay thinks expected sales may be 9,000 games. He also thinks that there is a 20% chance that sales will be less than 6,000 games and a 20% chance that he can sell more than
True-Lens, Inc., is considering producing longwearing contact lenses. Fixed costs will be $24,000, with a variable cost per set of lenses of $8. The lenses will sell to optometrists for $24 per set.(a) What is the firm's break-even point?(b) If expected sales are 2,000 sets, what should True-Lens
Leisure Supplies produces sinks and ranges for travel trailers and recreational vehicles. The unit price on its double sink is $28 and the unit cost is$20. The fixed cost in producing the double sink is $16,000. Mean sales for the double sinks have been 35,000 units, and the standard deviation has
Belt Office Supplies sells desks, lamps, chairs, and other related supplies. The company's executive lamp sells for $45, and Elizabeth Belt has determined that the break-even point for executive lamps is 30 lamps per year. If Elizabeth does not make the break-even point, she loses $10 per lamp.The
Elizabeth Belt is not completely certain that the loss per lamp is $10 if sales are below the breakeven point (refer to Problem). The loss per lamp could be as low as $8 or as high as $15. What effect would these two values have on the expected opportunity loss?
Leisure Supplies is considering the possibility of using a new process for producing sinks. This new process would increase the fixed cost by $16,000.In other words, the fixed cost would double (Problem). This new process will improve the quality of the sinks and reduce the cost it takes to produce
Quality Cleaners specializes in cleaning apartment units and office buildings. Although the work is not too enjoyable, Joe Boyett has been able to realize a considerable profit in the Chicago area. Joe is now thinking about opening another Quality Cleaners in Milwaukee. To break even, Joe would
Diane Kennedy is contemplating the possibility of going into competition with Primary Pumps, a manufacturer of industrial water pumps. Diane has gathered some interesting information from a friend of hers who works for Primary. Diane has been told that the mean sales for Primary are 5,000 units and
Jack Fuller estimates that the break-even point for EM5, a standard electrical motor, is 500 motors. For any motor that is not sold, there is an opportunity loss of $15. The average sales have been 700 motors, and 20% of the time sales have been between 650 and 750 motors. Jack has just been
Jack Fuller believes that he has made a mistake in his sales figures for EM5 (Problem for details). He believes that the average sales are 750 instead of 700 units. Furthermore, he estimates that 20% of the time, sales will be between 700 and 800 units. What effect will these changes have on your
Patrick's Pressure Wash pays $4,000 per month to lease equipment that it uses for washing sidewalks, swimming pool decks, houses, and other things.Based on the size of a work crew, the cost of the labor used on a typical job is $80 per job. However, Patrick charges $120 per job, which results in a
Determine the EVPI for Patrick's Pressure Wash in Problem if the average monthly demand is 120 jobs, with a standard deviation of 15.
If Patrick (Problem) charged $150 per job while his labor cost remained at $80 per job, what would be the break-even point?
The gross domestic product (GDP) of the United States from 1993 to 2003 is given in the table below. The numbers are in billions of U.S. dollars. Develop forecasts for the GDP of 2004 using exponential smoothing with smoothing constants of 0.4 and 0.6. Assume the forecast is $6,657 for 1993. Which
Using the GDP data in problem 5-42, develop a trend line for forecasting GDP in the future. Use this to forecast GDP for 2004.
Jerilyn Ross, a New York City psychologist, specializes in treating patients who are phobic and afraid to leave their homes. The following table indicates how many patients Dr. Ross has seen each year for the past ten years. It also indicates what the robbery rate was in New York City during the
Using trend analysis for the data in problem, predict the crime rate in years 11, 12, and 13? How well does the model fit the data?
Using the data in Problem 5-44, apply linear regression to study the relationship between the crime rate and Dr. Ross's patient load. If the robbery rate increases to 131.2 in year 11, how many phobic patients will Dr. Ross treat? If the crime rate drops to 90.6, what is the patient projection?
Smith Savings and Loan is proud of its long tradition in Apopka, Florida. Begun by Laurie Shader-Smith thirteen years after World War II, the S&L has bucked the trend of financial and liquidity problems that have plagued the industry since 1988. Deposits have increased slowly but surely over
Using exponential smoothing with α = 0.6 for the data in problem, predict GSP for 2003. Assume that the forecast for 1959 was 0.40. Compare this model with an exponential smoothing model with α = 0.2. Which model is better?
Using the data in problem 5-47, develop a trend line and predict deposits in 2003, 2004, and 2005. Develop a trend line and predict GSP in 2003, 2004, and 2005.
Using the data in problem, develop a regression line to predict deposits based on GSP. Examine the data carefully. Can you make a case for excluding a portion of the information? Why?
A company has decided to order 360 units whenever the on-hand inventory falls to 90 units. There appears to be no seasonal fluctuation to the demand, but it does fluctuate daily and is approximately normally distributed. Historically, the lead time has been four days, and the average sales during
The demand for a product is normally distributed, but all of the other EOQ assumptions are met. The annual demand is 10,000 units, and there are 250 working days per year. The ordering cost is $48 per order and the holding cost is $6 per unit per year. Sales during the 6-day lead time are normally
Rob Roller has been in charge of inventory policy at Cyclorama, a large retail bicycle shop in Orlando, Florida. He now orders Chrome-Moly frames from Frameco, a local frame supplier. Cyclorama builds each bike by adding different Shimano component groups to each frame. Currently, cyclorama's
Barry's hardware store carries 20 different types of ladders. Some are used for industrial purposes and are quite expensive. Others, intended for household use only, are very inexpensive. Barry has given each ladder an item number. The following table shows each ladder by item number, the demand in
Annual demand for the Doll two-drawer filing cabinet is 50,000 units. Bill Doll, president of Doll Office Suppliers, controls one of the largest office supply stores in Nevada. He estimates that the ordering cost is $10 per order. The carrying cost is $4 per unit per year. It takes 25 days between
Bill Doll (See Problem) now believes that the carrying cost may be as high as $16 per unit per year. Furthermore, Bill estimates that the lead time is 35 days instead of 25 days. Resolve Problem using $16 for the carrying cost with a lead-time of 35 days.
Pampered Pet, Inc., is a large pet store located in Eastwood Mall. Although the store specializes in dogs, it also sells fish, turtle, and bird supplies. Everlast Leader, which is a leather lead for dogs, costs Pampered Pet $7 each. There is an annual demand for 6,000 Everlast Leaders. The manager
Melinda Sholer has spent the past few weeks determining inventory costs for Toco, a toy manufacturer located near Taos, New Mexico. She knows that the annual demand will be 20,000 units per year and that carrying cost will be $0.50 per unit per year. Ordering cost, on the other hand, can vary from
Drake Radio got its start during World War I by manufacturing radio communications equipment for the military. By the start of World War II, Drake was one of the largest suppliers of military communications equipment. After World War II, Drake diversified into the following three market
The Southeastern Division of LaPlace Power and Light Company is responsible for providing dependable electric service to customers in and around the areas of Metairie, Kenner, Destreban, LaPlace, Lutcher, Hammond, Pontchatoula, Amite, and Bogalusa, Louisiana. One material used extensively to

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