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Business Analytics 2nd Global Edition James R. Evans - Solutions
Timberland Inc. produces cars and has 4 plants and 6 sales depots. The data below depicts the transportation cost (of moving the car from plant to sales depot), fixed cost, and demand schedule:Plant 1 2 3 4 5 6 Production units Fixed costs 1 80 15 30 70 40 120 40 430 2 60 85 35 10 20 60 30 300 3 20
Cady Industries produces custom induction motors for specific customer applications. Each motor can be configured from different options for horsepower, the driveshaft forming process, spider bar component material, rotor plate process, type of bearings, tophat (a system of channels encased in a
For the General Appliance Corporation transportation model discussed in Chapter 14, suppose that the company wants to enforce a single sourcing constraint that each distribution center be served from only one plant. Assume that the capacity at the Marietta plant is 1,500. Set up and solve a model
For the Shafer Office Supplies problem (Problem 15 in Chapter 14), suppose that the company wants to enforce a single sourcing constraint that each retail store be served only from one distribution center. Set up and solve a model to find the minimum cost solution.
Chris Corry has a company-sponsored retirement plan at a major brokerage firm. He has the following funds available:Fund Risk Type Return 1 High Stock 11.98%2 High Stock 13.18%3 High Stock 9.40%4 High Stock 7.71%5 High Stock 8.35%6 High Stock 16.38%7 Medium Blend 4.10%8 Medium Blend 12.52%9 Medium
The Spurling Group is considering using magazine outlets to advertise their online Web site. The company has identified seven publishers. Each publisher breaks down its subscriber base into a number of groups based on demographics and location. These data are shown in the table.Publisher Groups
Tindall Bookstores is a major national retail chain with stores located principally in shopping malls. For many years, the company has published a Christmas catalog that was sent to current customers on file. This strategy generated additional mail-order business, while also attracting customers to
List the three elements needed to characterize decisions with uncertain consequences.
Construct a payoff table for a decision situation.
Apply average, aggressive, conservative, and opportunity-loss decision strategies for problems involving minimization and maximization objectives.
Assess risk in choosing a decision.
Apply expected values to a decision problem when probabilities of events are known.
Use Analytic Solver Platform to construct decision trees.
Incorporate Monte Carlo simulation in decision trees.
Find the risk profile for a decision strategy.
Compute the expected value of perfect information.
Incorporate sample information in decision trees and apply Bayes’s rule to compute conditional probabilities.
Construct a utility function and use it to make a decision.
State the properties of different types of utility functions.
The DoorCo Corporation is a leading manufacturer of garage doors. All doors are manufactured in their plant in Carmel, Indiana, and shipped to distribution centers or major customers. DoorCo recently acquired another manufacturer of garage doors, Wisconsin Door, and is considering moving its
Slaggert Systems is considering becoming certified to the ISO 9000 series of quality standards. Becoming certified is expensive, but the company could lose a substantial amount of business if its major customers suddenly demand ISO certification and the company does not have it. At a management
For the DoorCo Corporation decision in Problem 2, compute the standard deviation of the payoffs for each decision. What does this tell you about the risk in making the decision?
For the car-rental situation in Problem 3, compute the standard deviation of the payoffs for each decision.What does this tell you about the risk in making the decision?
For Slaggert Systems decision in Problem 4, compute the standard deviation of the payoffs for each decision. What does this tell you about the risk in making the decision?
What decisions should be made using the average payoff strategy in Problems 2, 3, and 4?
For the DoorCo Corporation decision in Problem 2, suppose that the probabilities of the three scenarios are estimated to be 0.15, 0.40, and 0.45, respectively.Find the best expected value decision.
For the car-rental situation described in Problem 3, assume that you researched insurance industry statistics and found out that the probability of a major accident is 0.05% and that the probability of a fender bender is 0.16%. What is the expected value decision?Would you choose this? Why or why
For the DoorCo Corporation decision in Problems 2 and 9, construct a decision tree and compute the rollback values to find the best expected value decision.
For the car-rental decision in Problems 3 and 10, construct a decision tree and compute the rollback values to find the best expected value decision.
For the car-rental decision in Problems 3 and 10, suppose that the cost of a minor fender bender is normally distributed with a mean of $2000 and standard deviation of $100, and the cost of a major accident is triangular with a minimum of $10,000, maximum of $25,000, and most likely value
IM Retail deals in retail of all items of a popular cosmetic brand Beau. For a particular item, the price of stocking, selling, and cost price varies with the season.The cost price of the item in season is $12, while its selling price in season is $18. After the season, the bargain price is $9 and
Bev’s Bakery specializes in sourdough bread. Early each morning, Bev must decide how many loaves to bake for the day. Each loaf costs $1.25 to make and sells for $3.50. Bread left over at the end of the day can be sold the next day for $1.00. Past data indicate that demand is distributed as
Ravex Yacht has developed a new cabin cruiser which they have earmarked for the medium to large boat market. A market analysis suggests a 30% probability of annual sales being 5000 boats, 40% probability of 4000 annual sales, and 30% probability of 3000 annual sales. The firm can go into limited
Midwestern Hardware must decide how many snow shovels to order for the coming snow season.Each shovel costs $15.00 and is sold for$29.95. No inventory is carried from one snow season to the next. Shovels unsold after February are sold at a discount price of $10.00. Past data indicate that sales are
Drilling decisions by oil and gas operators involve intensive capital expenditures made in an environment characterized by limited information and high risk. A well site is dry, wet, or gushing. Historically, 50% of all wells have been dry, 30% wet, and 20%gushing. The value (net of drilling costs)
MJ Logistics has decided to build a new warehouse to support its supply chain activities. They have the option of building either a large warehouse or a small one. Construction costs for the large facility are $8 million versus $3 million for the small facility. The profit (excluding construction
Consider the car-rental insurance scenario in Problems 3 and 10. Use the approach described in this chapter to develop your personal utility function for the payoffs associated with this decision.Determine the decision that would result using the utilities instead of the payoffs. Is the decision
Apply the four-step process to develop a mathematical model for an optimization problem.
Recognize different types of constraints in problem statements.
State the properties that characterize linear optimization models.
Implement linear optimization models on spreadsheets.
Use the standard and premium Solver add-ins to solve linear optimization models in Excel.
Interpret the Solver Answer Report.
Illustrate and solve two-variable linear optimization problems graphically.
Explain how Solver works.
List the four possible outcomes when solving a linear optimization model and recognize them from Solver messages.
Use Solver for conducting what-if analysis of optimization models.
Interpret the Solver Sensitivity Report.
Use the Sensitivity Report to evaluate scenarios.
One of PLE’s manufacturing facilities produces metal engine housings from sheet metal for both mowers and tractors. Production of each product consists of five steps:stamping, drilling, assembly, painting, and packaging to ship to its final assembly plant. The production rates in hours per unit
Valencia Products makes automobile radar detectors and assembles two models: LaserStop and SpeedBuster. The firm can sell all it produces. Both models use the same electronic components. Two of these can be obtained only from a single supplier.For the next month, the supply of these is limited to
A brand manager for ColPal Products must determine how much time to allocate between radio and television advertising during the next month.Market research has provided estimates of the audience exposure for each minute of advertising in each medium, which it would like to maximize. Costs per
A business student has $2,500 available from a summer job and has identified three potential stocks in which to invest. The cost per share and expected return over the next 2 years is given in the table.Stock A B C Price/share $25 $15 $30 Return/share ╇ $8 $7 $11a. Identify the decision
Implement the linear optimization model that you developed for Valencia Products in Problem 1 in Excel and use Solver to find an optimal solution.Interpret the Solver Answer report and identify the binding constraints and verify the values of the slack variables by substituting the optimal solution
Implement the linear optimization model that you developed for ColPal Products in Problem 2 in �Excel and use Solver to find an optimal solution. Interpret the Solver Answer report and identify the binding constraints and verify the values of the slack variables by substituting the optimal
A farmer has 1000 acres of land on which he can grow corn, wheat, and soybean. The following table lists the cost of preparation for each acre, man-days of work required and profit yielded in $.Cost ($) Work Days Profit ($)Corn 100 ╇ 7 30 Wheat 120 10 40 Soyabean ╇ 70 ╇ 8 20
Implement the linear optimization model that you developed for the investment scenario in Problem 4 in Excel and use Solver to find an optimal solution.Save the Answer and Sensitivity reports in your Excel workbook. Interpret the Solver Answer report and identify the binding constraints and verify
For the Valencia Products model in Problem 1, graph the constraints and identify the feasible region. Then identify each of the corner points and show how�increasing the objective function value identifies the optimal solution.
For ColPal model in Problem 2, graph the constraints and identify the feasible region. Then identify each of the corner points and show how increasing the objective function value identifies the optimal solution.
For the Burger Office Equipment model in Problem 3, graph the constraints and identify the feasible region.Then identify each of the corner points and show how increasing the objective function value identifies the optimal solution.
Use Solver to determine if the problem below has optimal solution or not:Maximize Z = a + 2b, given the constraints -2a +b + c 6 = 2; - a + b - c 6 = 1, anda, b, c�satisfy non negativity constraint.
A firm produces three products P, Q and R using two raw materials A, B and labor L. The requirements per unit are:P Q R availability/day a 1 2 2 ╇ 8 b 3 2 6 12 l 2 3 4 12 Profit/unit ($) 3 2 5 Using Solver, determine if the solution is unique. If not, what is the alternate solution?
For the given mathematical LPP problem, use Solver to find out whether the solution is feasible or not:Maximize Z = 4A + 3B, subject to A + B 6= 50;A + 2B 7= 80 and 3A + 2B 7= 140 and all variables satisfy non-negativity constraints.
Figure 13.31 shows the sensitivity report after solving the Crebo Manufacturing model (Example 13.12)using Solver. Using only the information in the sensitivity report, answer the following questions.a. Explain the value of the reduced cost (-0.3) for the number of plugs to produce.b. If the gross
Figure 13.33 shows the Solver sensitivity report for the ColPal Products scenario in Problem 2.Using only the information in the sensitivity report, answer the following questions.a. Suppose that the exposure for TV advertising was incorrectly estimated and should have been 875.How would the
Figure 13.34 shows the Solver sensitivity report for the Burger Office Equipment scenario in Problem 3.Using only the information in the sensitivity report, answer the following questions.a. Explain the reduced cost associated with deluxe desks.b. If 25% of the pine is deemed to be cosmetically
Figure 13.35 shows the Solver sensitivity report for the investment scenario in Problem 4.Using only the information in the sensitivity report, answer the following questions.a. How much would the return on stock A have to increase to invest fully in that stock?b. How much would the return on stock
Conduct a Solver parameter analysis for the unit profit of Deercrest skis in the SSC model. Define the parameter range from $65 to $80 in increments of $5.
Conduct a Solver parameter analysis for the number of components A available in the Valencia Products model in Problem 1.Define the parameter range from 4,000 to 4,500 in increments of 100.
The Morton Supply Company produces clothing, footwear, and accessories for dancing and gymnastics.They produce three models of pointe shoes used by ballerinas to balance on the tips of their toes. The shoes are produced from four materials: cardstock, satin, plain fabric, and leather. The number of
Describe the elements of a sampling plan.
Explain the difference between subjective and probabilistic sampling.
State two types of subjective sampling.
Explain how to conduct simple random sampling and use Excel to find a simple random sample from an Excel database.
Explain systematic, stratified, and cluster sampling, and sampling from a continuous process.
Explain the importance of unbiased estimators.
Describe the difference between sampling error and nonsampling error.
Explain how the average, standard deviation, and distribution of means of samples changes as the sample size increases.
Define the sampling distribution of the mean.
Calculate the standard error of the mean.
Explain the practical importance of the central limit theorem.
Use the standard error in probability calculations.
Explain how an interval estimate differs from a point estimate.
Define and give examples of confidence intervals.
Calculate confidence intervals for population means and proportions using the formulas in the chapter and the appropriate Excel functions.
Explain how confidence intervals change as the level of confidence increases or decreases.
Describe the difference between the t-distribution and the normal distribution.
Use confidence intervals to draw conclusions about population parameters.
Compute a prediction interval and explain how it differs from a confidence interval.
Compute sample sizes needed to ensure a confidence interval for means and proportions with a specified margin of error.
Uncle’s Pizza is doing good business in Delhi due to its prompt home delivery system. It guarantees that the pizza will be delivered within 30 minutes from the time order was placed or the order is free. The time that it takes to deliver each order on time is maintained in the Pizza Time System.
A soft drink bottle filling machine is known to have a mean of 200 ml and a standard variation of 10 ml.The quality control manager took a random sample of the filled bottles and found the sample mean to be 215 ml. She assumed the sample must not be representative.Do you agree with the conclusion
Find the standard deviation of the total assets held by the bank in the Excel file Credit Risk Data.a. Treating the records in the database as a population, use your sample in Problem 2 and compute 90%, 95%, and 99% confidence intervals for the total assets held in the bank by loan applicants using
The monthly sales of a mobile phone shop have been distributed with a standard deviation of $900. A statistical study of sales in the last nine months has found a confidence interval for the mean of monthly sales with extremes of $5663 and $6839.a. What were the average sales over the nine month
A random sample of 100 teenagers was surveyed, and the mean number of songs that they had downloaded from the iTunes store in the past month was 9.4 with the results considered accurate is within 1.4 (18 times out of 20).a. What percent of confidence level is the result?b. What is the margin of
A study of nonfatal occupational injuries in the United States found that about 31% of all injuries in the service sector involved the back. The National Institute for Occupational Safety and Health(NIOSH) recommended conducting a comprehensive ergonomics assessment of jobs and workstations. In
After regular complaints of tire blowouts on the Yamuna Expressway, in an automotive test conducted by the authorities, the average tire pressure in a sample of 62 tires was found to be 24 pounds per square inch and the standard deviation was 2.1 pound per square inch.a. What is the estimated
A music company wants to know how the illegal downloading of music online affects CD sales. 600 families are randomly chosen from various parts of a particular country and the number of songs that are downloaded in an hour are noted. The sample mean is 3947 with a sample standard deviation of
What proportion of customers rate the company with“top box” survey responses (which is defined as scale levels 4 and 5) on quality, ease of use, price, and service in the 2012 Customer Survey worksheet? How do these proportions differ by geographic region?
What estimates, with reasonable assurance, can PLE give customers for response times to customer service calls?
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