Questions and Answers of Practical Management Science

Q: A cosmetics company has identified a set of activities that must be performed to bring a new product to market. The activities, their precedence
Q: Refer to the previous question. Create a spreadsheet model to simulate the completion times for Koene’s move. Assume that activity times follow a
Q: Refer to the previous question. Create a spreadsheet model to simulate the completion times for servicing cars. Assume that activity times follow a
Q: Consider the following set of activities:
Q: Consider the following set of activities:
Q: Prepare a line graph of these data. Do the data appear to be stationary or non stationary?
Q: Prepare a line graph of these data. Do the data appear to be stationary or non-stationary?
Q: Benjamin Franklin once said, “In this world nothing is certain but death and taxes.” Although that might be true, there is often great
Q: Martin manufacturing company uses a piece of machinery that has three different bushings that periodically fail in service. The probability
Q: Representatives from the American Heart Association are planning to go door-to-door throughout a community, soliciting contributions. From past
Q: Use regression analysis to answer the following questions.a. Fit a linear trend model to the data set. What is the estimated regression function?b.
Q: Use regression analysis to answer the following questions.a. Fit a linear trend model to the data set. What is the estimated regression function?b.
Q: Prepare a line graph of these data. Do the data appear to be stationary or nonstationary?
Q: Prepare a line graph of these data. Do the data appear to be stationary or nonstationary?
Q: Use the multiplicative seasonal technique for stationary data to model the data. Use Solver to determine the optimal values of α and β.a. What are
Q: Use Holt’s method to create a model that minimizes the MSE for the data set. Use Solver to determine the optimal values of α and β.a. What are
Q: Prepare a line graph of these data. Do the data appear to be stationary or nonstationary?
Q: The Royalty Gold Corporation prospects for undiscovered gold deposits around the world. The company is currently investigating a possible site on the
Q: This chapter noted that the R2 statistic cannot be relied upon as a goodness-of-fit measure in the regression approach to two-group DA. What was the
Q: Suppose that you are interested in creating a prediction interval for Y at a particular value of X1 (denoted by X1h ) using a simple linear
Q: Show how R2a and Se are related algebraically (identify the function f(.) such that R2a = f(Se)).
Q: Fidelity Savings & Loans (FS&L) operates several banking facilities throughout the Southeastern United States. The officers of FS&L want
Q: The Ryder Cup is a three-day golf tournament played every other year with 12 of the best U.S. golfers against 12 of the best European golfers.
Q: In most of the Walton Bookstore examples in Chapter 10, we assumed that there was a single product. Suppose instead that a company sells two
Q: A chemical manufacturer uses chemicals 1 and 2 to produce two drugs. Drug 1 must be at least 80% chemical 1, and drug 2 must be at least 50% chemical
Q: Many Wall Street firms use LP models to select a desirable bond portfolio. The following is a simplified version of such a model. Solodrex is
Q: A furniture company manufactures tables and chairs. A table requires 45 board-feet of wood, and a chair requires 20 board-feet of wood. Wood can be
Q: Capsule Drugs manufactures two drugs. The drugs are produced by blending two chemicals. By weight, drug 1 must contain at least 75% chemical 1, and
Q: An automobile manufacturing company has a $500,000 advertising budget. To increase its automobile sales, the company is considering advertising in
Q: The government is auctioning off oil leases at two sites. At each site, 150,000 acres of land are to be auctioned. Cliff Ewing, Blake Barnes, and
Q: Suppose it costs $30,000 to purchase a new car. The annual operating cost and resale value of a used car are shown in the file P05_60.xlsx. Assume
Q: Based on Bean et al. (1988). Simon’s Mall has 9000 square feet of space to rent and wants to determine the types of stores that should occupy the
Q: On Monday morning, you have $5000 in cash on hand. For the next seven days, the following cash requirements must be met: Monday, $5000; Tuesday,
Q: The file P07_28.xlsx lists the scores of all NFL games played during the 2014 season. Use this data set to rank the NFL teams from best to worst.
Q: Carry out the suggestion in Modeling Issue 2 for the 2015 NFL season. That is, use a weighted sum of squared prediction errors, where the weight on
Q: By the time you are reading this, the 2016 NFL season will have finished, and the results should be available at
Q: Suppose the current exchange rate is 115 yen per dollar. We currently have a demand for 50 units of our product when the unit price is 800 yen. The
Q: Suppose you are tested to see if you have a rare disease. Assume that if you have the disease, your test will always come back positive, but if you
Q: Consider a population of 3000 people, 1400 of whom are men. Assume that 700 of the women in this population earn at least $60,000 per year, and 500
Q: You now have $5000. You will toss a fair coin four times. Before each toss you can bet any amount of your money (including none) on the outcome of
Q: Play Things is developing a new Lady Gaga doll. The company has made the following assumptions: ■ The doll will sell for a random number of
Q: It costs a pharmaceutical company $75,000 to produce a 1000-pound batch of a drug. The average yield from a batch is unknown but the best case is 90%
Q: The file P14_07.xlsx contains data on 74 companies that have either gone bankrupt or haven’t. The data set also contains data on five frequently
Q: The Indiana University Credit Union Eastland Plaza branch was having trouble getting the correct staffing levels to match customer arrival patterns.
Q: The file P14_50.xlsx contains five years of monthly data for a company. The first variable is Time (1–60). The second variable, Sales1, has data on
Q: Pernavik Dairy produces and sells a wide range of dairy products. Because a government regulatory board sets most of the dairy’s costs and prices,
Q: The Wilhoit Company has observed that there is a linear relationship between indirect labor expense and direct labor hours. Data for direct labor
Q: The file P14_47.xlsx contains monthly cost accounting data on overhead costs, machine hours, and direct material costs. This problem will help you
Q: The file P14_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars) through credit unions.a. Use these data to forecast
Q: The auditor of Kiely Manufacturing is concerned about the number and magnitude of year-end adjustments that are made annually when the financial
Q: The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct
Q: A power company located in southern Alabama wants to predict the peak power load (i.e., the maximum amount of power that must be generated each day
Q: The file P14_29.xlsx contains monthly time series data for total U.S. retail sales of building materials (which includes retail sales of building
Q: The file P14_28.xlsx contains monthly retail sales of U.S. liquor stores.a. Is seasonality present in these data? If so, characterize the seasonality
Q: The file P14_27.xlsx contains yearly data on the proportion of Americans under the age of 18 living below the poverty level.a. Create a time series
Q: The file P14_26.xlsx contains the monthly number of airline tickets sold by the CareFree Travel Agency.a. Create a time series chart of the data.
Q: The file P14_25.xlsx contains the quarterly numbers of applications for home mortgage loans at a branch office of Northern Central Bank.a. Create a
Q: The file P14_22.xlsx contains total monthly U.S. retail sales data. While holding out the final six months of observations for validation purposes,
Q: The file P14_21.xlsx contains the weekly sales of rakes at a hardware store for a two-year period. Use the moving averages method, with spans of your
Q: The file P14_20.xlsx contains the monthly sales of iPod cases at an electronics store for a two-year period. Use the moving averages method, with
Q: The file P14_18.xlsx contains data on over 200 movies that came out in 2006 and 2007. Create a new variable Total Revenue that is the sum of Total US
Q: The manager of a commuter rail transportation system was recently asked by her governing board to determine which factors have a significant impact
Q: The file P14_04.xlsx lists the monthly sales for a company (in millions of dollars) for a 10-year period.a. Fit an exponential trend line to these
Q: The file P14_01.xlsx contains the monthly number of airline tickets sold by a travel agency.a. Does a linear trend appear to fit these data well? If
Q: Do exponentially distributed random numbers have the memoryless property? Here is one way to find out. Generate many exponentially distributed random
Q: A company currently has two warehouses. Each warehouse services half the company’s demand, and the annual demand serviced by each warehouse is
Q: A highly perishable drug spoils after three days. A hospital estimates that it is equally likely to need between one and nine units of the drug
Q: Computco sells high-end computer workstations. The demand for its workstations during a month follows a normal distribution, with a mean of 400 and
Q: Lowland Appliance replenishes its stock of 52-inch flat-screen TVs three times a year. Each order takes 1/9 of a year to arrive. Annual demand for
Q: Every four years, Blockbuster Publishers revises its textbooks. It has been three years since the best-selling book The Joy of Excel has been
Q: Change the ordering simulation so that emergency orders are never made. Instead, assume that all excess demand is backlogged, so the emergency cost
Q: Change the ordering simulation so that emergency orders are never made. If demand in any week is greater than supply, the excess demand is simply
Q: Change the ordering simulation in Example 12.7 so that the lead time can be 1, 2, 3, or 4 weeks with probabilities 0.5, 0.2, 0.2, and 0.1,
Q: Modify the synchronized ordering model in Example 12.5 slightly so that you can use a two-way SolverTable on the fixed costs. Specifically, enter a
Q: In the basic EOQ model in Example 12.1, suppose that the fixed cost of ordering is $500. Use Solver to find the new optimal order quantity. How does
Q: solution
Q: The Jogger Shoe Company is trying to decide whether to make a change in its most popular brand of running shoes. T he new style would cost the same
Q: 1. Starting with the spreadsheet model from Case 2.1 (or starting over, if you like), develop a spreadsheet model that lets Ewing see the
Q: 1. Suppose that the yields of the five zero-coupon bonds are all 8.5% one year from today. What are the returns of each bond over the period?2. Using
Q: Suppose you are using an underwater probe to search for a sunken ship. At any time in the search, your probe is located at some point (x,y) in a
Q: Nucleon is trying to determine whether to produce a new drug that makes pigs healthier. The product will be sold in years 1 to 5. The following
Q: It is January 1 of year 0, and Merck is trying to determine whether to continue development of a new drug. The following information is relevant. You
Q: It is January 1 of year 0, and Lilly is considering developing a new drug called Dialis. We are given the following information■ On March 15 of
Q: It is now May 1 of year 0, and GM is deciding whether to produce a new car. The following information is relevant.■ The fixed cost of developing
Q: In this version of “dice blackjack,” you toss a single die repeatedly and add up the sum of your dice tosses. Your goal is to come as close as
Q: Based on Bukiet et al. (1997). Many Major League teams (including Oakland, Boston, LA Dodgers, and Toronto) use mathematical models to evaluate
Q: You are unemployed, 21 years old, and searching for a job. Until you accept a job offer, the following situation occurs. At the beginning of each
Q: Based on Hoppensteadt and Peskin (1992). The following model (the Reed–Frost model) is often used to model the spread of an infectious disease.
Q: Mary Higgins is a freelance writer with enough spare time on her hands to play the stock market fairly seriously. Each morning she observes the
Q: Consider a drill press containing three drill bits. The current policy (called individual replacement) is to replace a drill bit when it fails. The
Q: Consider a drill press containing three drill bits. The current policy (called individual replacement) is to replace a drill bit when it fails. The
Q: Consider the following card game. The player and dealer each receive a card from a 52-card deck. At the end of the game the player with the highest
Q: We are all aware of the fierce competition by mobile phone service companies to get our business. For example, AT&T is always trying to attract
Q: The customer loyalty model in Example 11.9 assumes that once a customer leaves (becomes disloyal), that customer never becomes loyal again. Assume
Q: Suppose an investor has the opportunity to buy the following contract (a stock call option) on March 1. The contract allows him to buy 100 shares of
Q: A knockout call option loses all value at the instant the price of the stock drops below a given “knockout level.” Determine a fair price for a
Q: A stock currently sells for $69. The annual growth rate of the stock is 15%, and the stock’s annual volatility is 35%. The risk-free rate is
Q: For the data in the previous problem, the following is an example of a butterfly spread: sell two calls with an exercise price of $50, buy one call
Q: If you own a stock, buying a put option on the stock will greatly reduce your risk. This is the idea behind portfolio insurance. To illustrate,
Q: Suppose you currently have a portfolio of three stocks, A, B, and C. You own 500 shares of A, 300 of B, and 1000 of C. The current share prices are

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