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quantitative analysis for management

Quantitative Analysis For Management 13th Global Edition Barry Render, Ralph M. Stair, Michael Hanna, Trevor Hale - Solutions

Slack time in a network is thea. amount of time that an activity would take assuming very unfavorable conditions.b. shortest amount of time that could be required to complete the activity.c. amount of time that you would expect it would take to complete the activity.d. amount of time by which an
The standard deviation for the PERT project is approximatelya. the square root of the sum of the variances along the critical path.b. the sum of the critical path activity standard deviations.c. the square root of the sum of the variances of the project activities.d. all of the above.e. none of the
The critical path isa. the shortest path in a network.b. the longest path in a network.c. the path with the smallest variance.d. the path with the largest variance.e. none of the above.
Which of the following is not a decision variable when formulating the project crashing problem as a linear program?a. The early finish times of critical activitiesb. The early finish times of noncritical activitiesc. The start time of the projectd. The finish time of the projecte. The early start
PERT stands for ______________ .
Project crashing can be performed using a ______________.
The latest start time minus the earliest start time is called the______________ time for any activity.18. The percent of project completed, value of work completed, and actual activity costs are used to ______________ projects.
What are the steps and procedures common to both PERT and CPM?
Sid Davidson is the personnel director of Babson and Willcount, a company that specializes in consulting and research. One of the training programs that Sid is considering for the middle-level managers of Babson and Willcount is leadership training.Sid has listed a number of activities that must be
Sid Davidson was able to determine the activity times for the leadership training program. He would like to determine the total project completion time and the critical path(s). The activity times appear in the following table (see Problem 11-12): ACTIVITY A TIME (DAYS) 2 B 5 C 1 D 10 E 3 F 6 G 8 35
A political campaign manager must coordinate several activities in order to be prepared for an upcoming election. The following table describes the relationships among the activities that need to be completed, as well as the estimated times.(a) Develop a project network for this problem.(b)
Jean Walker is making plans for spring break at the beaches in Florida. In applying techniques she learned in her quantitative methods class, she has identified the activities that are necessary to prepare for her trip. The following table lists the activities and the immediate predecessors. Draw
The following are the activity times for the project in Problem 11-16. Find the earliest, latest, and slack times for each activity. Then find the critical path. ACTIVITY TIME (DAYS) A 3 3 B C D E F 7 4256 G 3
Monohan Machinery specializes in developing weed-harvesting equipment that is used to clear small lakes of weeds. George Monohan, president of Monohan Machinery, is convinced that harvesting weeds is far better than using chemicals to kill weeds. Chemicals cause pollution, and the weeds seem to
After consulting with Butch Radner, George Monohan was able to determine the activity times for constructing the weed-harvesting machine to be used on narrow rivers. George would like to determine ES, EF, LS, LF, and slack time for each activity. The total project completion time and the critical
Tom Schriber, the director of personnel of Management Resources, Inc., is in the process of designing a program that its customers can use in the job-finding process. Some of the activities include preparing resumés, writing letters, making appointments to see prospective employers, and
Fred Ridgeway has been given the responsibility of managing a training and development program. He knows the earliest start time, the latest start time, and the total cost for each activity. This information is given in the following table:(a) Using earliest start times, determine Fred’s total
General Foundry’s project crashing data are shown in Table 11.9. Crash this project to 13 weeks using CPM.What is the final time for each activity after crashing?
Bowman Builders manufactures steel storage sheds for commercial use. Joe Bowman, president of Bowman Builders, is contemplating producing sheds for home use. The activities necessary to build an experimental model and related data are given in the following table:(a) What is the project completion
The Bender Construction Co. is involved in constructing municipal buildings and other structures that are used primarily by city and state municipalities.This requires developing legal documents, drafting feasibility studies, obtaining bond ratings, and so forth. Recently, Bender was given a
Dream Team Productions was in the final design phases of its new film, Killer Worms, to be released next summer. Market Wise, the firm hired to coordinate the release of Killer Worms toys, identified 16 critical tasks to be completed before the release of the film. These tasks are shown in the
The following costs have been estimated for the activities in a project:(a) Develop a cost schedule based on earliest start times.(b) Develop a cost schedule based on latest start times.(c) Suppose that it has been determined that the $6,000 for activity G is not evenly spread over the 3 weeks.
The managing partner of the Scott Corey accounting firm (see Problem 11-34) has decided that the system must be up and running in 16 weeks. Consequently, information about crashing the project was put together and is shown in the following table:(a) If the project is to be finished in 16 weeks,
The L. O. Gystics Corporation is in need of a new regional distribution center. The planning for this project is in the early stages, but the activities have been identified, along with their predecessors and their activity times in weeks. The table below provides this information. Develop a linear
The Laurenster Corporation needs to perform the tasks in the following list. Develop the associated PERT network diagram, and determine the probability that the project will be complete in 16 weeks or less. MOST IMMEDIATE OPTIMISTIC LIKELY PESSIMISTIC ACTIVITY PREDECESSORS TIME TIME TIME A 2 3 4 B
The Laurenster Corporation has determined the client will pay it a $10,000 bonus if it completes the project in Problem 11-37 in 14 weeks or less.The associated normal times and costs as well as the crash times and costs are shown below.Considering the costs involved to crash the project, determine
Which of the following statements is true regarding a scatter diagram?a. It provides very little information about the relationship between the regression variables.b. It is a plot of the independent and dependent variables.c. It is a line chart of the independent and dependent variables.d. It has
A reference to the criterion used to select the regression line, to minimize the squared distances between the estimated straight line and the observed values is calleda. mean square error.b. sum of squares.c. r2.d. least squares.
The sum of squared error (SSE) isa. a measure of the total variation in Y about the mean.b. a measure of the total variation in X about the mean.c. a measure of the variation of Y about the regression line.d. a measure of the variation of X about the regression line.
Which of the following equations is correct?a. SST = SSR + SSEb. SSR = SST + SSEc. SSE = SSR + SSTd. SST = SSC + SSR
A dummy variable is also called a(n)a. indicator variable.b. dependent variable.c. continuous variable.d. response variable.
One of the assumptions in regression analysis is thata. the errors are independent.b. the errors are not normally distributed.c. the errors have a standard deviation of zero.d. the errors have an irregular variance.
What is the purpose and structure of a scatter diagram?
What assumptions are necessary about a regression model’s errors to determine its usefulness?
Explain the pitfalls of regression analysis.
Discuss the relationship between r2 and adjusted r2.
How can you build a linear model from a nonlinear relationship?
Explain how a statistically significant relationship may not be practical for a management decision.
An air conditioning and heating repair firm conducted a study to determine if the average outside temperature could be used to predict the cost of an electric bill for homes during the winter months in Houston, Texas. The resulting regression equation was:(a) If the temperature averaged 48°F
The operations manager of a musical instrument distributor feels that demand for a particular type of guitar may be related to the number of YouTube views for a music video by the popular rock group Marble Pumpkins during the preceding month. The manager has collected the data shown in the
Using the data in Problem 4-10, test to see if there is a statistically significant relationship between sales and YouTube views at the 0.05 level of significance.Use the formulas in this chapter and Appendix D.
The management of Early Bloom, a large elementary school, is reevaluating its teachers’ salaries. They have hired a researcher to use regression analysis to predict teachers’ mean salaries at each elementary school in the city. The salary (Y) of a teacher is based on her/his years of experience
Accountants at the firm Walker and Walker believed that several traveling executives submit unusually high travel vouchers when they return from business trips. The accountants took a sample of 200 vouchers submitted from the past year;they then developed the following multiple regression equation
Use the data in Problem 4-22 and develop a regression model to predict selling price based on the square footage and number of bedrooms. Use this to predict the selling price of a 2,000-square-foot house with three bedrooms. Compare this model with the models in Problem 4-22. Should the number of
Use the data in Problem 4-22 and develop a regression model to predict selling price based on the square footage, number of bedrooms, and age. Use this to predict the selling price of a 10-year-old, 2,000-square-foot house with three bedrooms.
The total expenses of a hospital are related to many factors. Two of these factors are the number of beds in the hospital and the number of admissions. Data were collected on 14 hospitals, as shown in the following table:Find the best regression model to predict the total expenses of a hospital.
Use the data in Problem 4-26 to develop a multiple linear regression model. How does this compare with each of the models in Problem 4-26?
Use the data in Problem 4-26 to find the best quadratic regression model. (There is more than one to consider.) How does this compare to the models in Problems 4-26 and 4-27?
A sample of nine public universities and nine private universities was taken. The total cost for the year(including room and board) and the median SAT score (maximum total is 2400) at each school were recorded. It was felt that schools with higher median SAT scores would have a better reputation
Which of the following are types of integer programming?a. Pureb. Mixedc. Zero-oned. All of the above
The concept of a local optimum is associated to which of the following?a. Mixed integer programmingb. Integer programmingc. Linear programmingd. Nonlinear programming
A quadratic programming problem involves which of the following conditions?a. Squared terms in the objective function and linear constraintsb. Linear objective function and squared terms in the constraintsc. Squared terms in both the objective function and constraintsd. A strictly goal programming
The three types of integer programs are pure integer programming, impure integer programming, and 0–1 integer programming.a. Trueb. False
In goal programming, the goal is to drive the deviational variables in the objective function as close to zero as possible.a. Trueb. False
In goal programming, the deviational variables have the same objective function coefficients as the surplus and slack variables in a normal linear program.a. Trueb. False
Goal programming, while able to handle multiple objectives, is unable to prioritize these objectives.a. Trueb. False
A capital budgeting problem involving the selection of possible projects under budget constraints is solved by which of the following?a. Mixed-integer programmingb. 0–1 integer programmingc. Goal programmingd. Nonlinear programming
Assignment problems previously solved by linear programming techniques are also examples ofa. pure-integer programming problems.b. mixed-integer programming problems.c. zero-one integer programming problems.d. goal programming problems.
Goal programming is characterized bya. all maximization problems.b. setting of lower and upper bounds.c. the fact that deviation from a high-priority goal must be minimized before the next-highest-priority goal may be considered.d. all of the above.
Which of the following is a category of mathematical programming techniques that does not assume linearity in the objective function and/or constraints?a. Integer programsb. Goal programming problemsc. Nonlinear programsd. Multiple objective programming problems
Which of the following are NLP problems, and why?Are any of these quadratic programming problems? (a) Maximize profit = 3X +5X2 + 99X3 subject to X = 10 X 5 X3 18
Elizabeth Bailey is the owner and general manager of Princess Brides, which provides a wedding planning service in southwestern Louisiana. She uses radio advertising to market her business. Two types of ads are available—those during prime-time hours and those at other times. Each prime-time ad
A group of college students is planning a camping trip during the upcoming break. The group must hike several miles through the woods to get to the campsite, and anything that is needed on this trip must be packed in a knapsack and carried to the campsite.One particular student, Tina Shawl, has
An airline owns an aging fleet of Boeing 737 jet airplanes.It is considering a major purchase of up to 17 new Boeing model 787 and 767 jets. The decision must take into account numerous cost and capability factors, including the following: (1) the airline can finance up to $1.6 billion in
Trapeze Investments is a venture capital firm that is currently evaluating six different investment opportunities.There is not sufficient capital to invest in all of these, but more than one will be selected. A 0–1 integer programming model is planned to help determine which of the six
Horizon Wireless, a cellular telephone company, is expanding into a new era. Relay towers are necessary to provide wireless telephone coverage to the different areas of the city. A grid is superimposed on a map of the city to help determine where the towers should be located. The grid consists of 8
Innis Construction Company specializes in building moderately priced homes in Cincinnati, Ohio. Tom Innis has identified eight potential locations to construct new single-family dwellings, but he cannot put up homes on all of the sites because he has only$300,000 to invest in all projects. The
Refer to the real estate investment situation in Problem 10-17.(a) Suppose that the shopping center and the apartment complex would be on adjacent properties and that the shopping center would be considered only if the apartment complex were also built.Formulate the constraint that would stipulate
The campaign manager for a politician who is running for reelection to a political office is planning the campaign. Four ways to advertise have been selected:TV ads, radio ads, billboards, and social media advertising buys. The costs of these are $900 for each TV ad, $500 for each radio ad, $600
Major Bill Bligh, director of the Army War College’s new 6-month attaché training program, is concerned about how the 20 officers taking the course spend their precious time while in his charge. Major Bligh recognizes that there are 168 hours per week and thinks that his students have been using
During the busiest season of the year, Green-Gro Fertilizer produces two types of fertilizers. The standard type (X) is just fertilizer, and the other type (Y)is a special fertilizer and weed-killer combination.The following model has been developed to determine how much of each type should be
Pat McCormack, a financial advisor for Investors R Us, is evaluating two stocks in a particular industry.He wants to minimize the variance of a portfolio consisting of these two stocks, but he wants to have an expected return of at least 9%. After obtaining historical data on the variance and
Summertime Tees sells two very popular styles of embroidered shirts in southern Florida: a tank top and a regular T-shirt. The cost of the tank top is $6, and the cost of the T-shirt is $8. The demand for these is sensitive to the price, and historical data indicate that the weekly demands are
The integer programming problem below has been developed to help First National Bank decide where, out of 10 possible sites, to locate four new branch offices:Xi represents Winter Park, Maitland, Osceola, Downtown, South Orlando, Airport, Winter Garden, Apopka, Lake Mary, and Cocoa Beach, for i
Using the data in Solved Problem 10-3, develop a spreadsheet for a two-period weighted moving average forecast with weights of 0.6 1w12 for the most recent period and 0.4 1w22 for the other period. Note these weights sum to 1, so the forecast is simply Forecast for next period = w11Value in current
Which of the following is a basic component of an inventory control system?a. planning what inventory to stock and how to acquire itb. forecasting the demand for parts and productsc. controlling inventory levelsd. developing and implementing feedback measurements for revising plans and forecastse.
Which of the following is not a use of inventory?a. the decoupling functionb. quantity discountsc. irregular supply and demandd. the translucent function
One assumption necessary for the EOQ model is instantaneous replenishment. This meansa. the lead time is zero.b. the production time is assumed to be zero.c. the entire order is delivered at one time.d. replenishment cannot occur until the on-hand inventory is zero.
In making inventory decisions, the purpose of the basic EOQ model is toa. minimize carrying costs.b. minimize ordering costs.c. minimize the sum of carrying costs and ordering costs.d. minimize customer dissatisfaction.
Which of the following is part of the determination of EOQ?a. cost of production laborb. cost of stockoutsc. purchase costd. annual demand
The reorder point depends directly on which of the following?a. EOQb. ordering costc. lead-timed. storage costs
If the EOQ assumptions are met, thena. the annual stockout cost will be zero.b. the total annual holding cost will equal the total annual ordering cost.c. the average inventory will be one-half the order quantity.d. all of the above are true.
In the production run model, the maximum inventory level will bea. greater than the production quantity.b. equal to the production quantity.c. less than the production quantity.d. equal to the daily production rate plus the daily demand.
In a JIT system, inventory managers can uncover bottlenecks by introducing or removing which of the following?a. C-kanbansb. P-kanbansc. E-kanbansd. T-kanbans
Which of the following shows the number of units needed at every level of production?a. production level treeb. material requirements treec. decision treed. material structure tree
All of the following are used for marginal analysis with the normal distribution in a single period model excepta. the mean sales for the product.b. the standard deviation of sales.c. marginal profit for the product.d. median sales for the product.
What are the five uses of inventory?
Explain how inventory can act as a buffer in the production process.
Explain the basic differences between the simple EOQ model and the production run model.
Discuss why it is sometimes prudent not to order the minimum level required to obtain a quantity discount.
What is the difference between the gross and the net material requirements plans?
It takes approximately eight working days for an order of number 6 screws to arrive once the order has been placed. (Refer to Problem 6-20.) The demand for number 6 screws is fairly constant, and on average, Lila has observed that her brother’s hardware store sells 500 of these screws each day.
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 of 4,000 units. The cost of each valve is $90, and the inventory carrying cost is estimated to be
East Valve Distributors distributes industrial valves and control devices. The Eastern control device has an annual demand of 9,375 units and sells for $100 per unit. The cost of ordering is $160 per order and the average carrying cost per unit per year is $0.75.Determine the economic order
Everett Mann’s Dream Store sells waterbeds and supplies. The best-selling bed in the store has an annual demand of 400 units. The ordering cost is $40, while the holding cost is $5 per unit per year. There are 250 working days per year, and the lead-time is 6 days. To minimize total cost, how
After analyzing the costs of various options for obtaining brackets, Ross White (see Problems 6-27 through 6-29) recognizes that although he knows that the lead time is 2 days and the demand per day averages 10 units, the demand during the lead time often varies. Ross has kept very careful records
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 handle on the carrying and ordering costs, Lisa prepared a series of average inventory costs. Lisa
Jim Overstreet, inventory control manager for Itex, receives wheel bearings from Wheel-Rite, a small producer of metal parts. Unfortunately, Wheel-Rite can produce only 500 wheel bearings per day. Itex receives 10,000 wheel bearings from Wheel-Rite each year. Since Itex operates 200 working days
The ordering cost for Itex is $40 per order, and the carrying cost is 60 cents per wheel bearing per year. How many wheel bearings should Itex order from Wheel-Rite at one time? Wheel-Rite has agreed to ship the maximum number of wheel bearings that it produces each day to Itex when an order has
Linda Lechner has just been severely chastised for her inventory policy. (See Problem 6-39.) Sue Surrowski, her boss, believes that the service level should be either 95% or 98%. Compute the safety stock levels for a 95% and a 98% service level.Linda knows that the carrying cost of BX-5 is 50 cents

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