Each multiple question has $)$ one answer and is credited by $4$ points if the answer is correct.

$[]$ Inventory models in which the rate of demand is constant are called $(1)$ fixed models; $(2)$

deterministic models; $(3)$ JIT models; and $(4)$ requirements models.

$[]$ The definition of service level used in Chapter $10$ is $(1)$ the percentage of all demand that can be

satisfied from inventory. $(2)$ the percentage of all order cycles that do not experience a stockout. $(3)$

the percentage of demand during the lead$-$time period that can be satisfied from inventory. $(4)$

None of the alternatives is correct.

$[]$ The total cost for a waiting line does NOT specifically depend on $(1)$ the cost of waiting. $(2)$ the

cost of service. $(3)$ the number of units in the system. $(4)$ the cost of a lost customer.

$[]$ Little's flow equations $(1)$ require Poisson and exponential assumptions. $(2)$ are applicable to any

waiting line model. $(3)$ require independent calculation of $W,L,W_q,$ and $L_q.(4)$ All of the

alternatives are correct.

$[]$ Which of the following can NOT be found by the queuing formulas presented in the textbook? $(1)$

the probability that no units are in the system. $(2)$ the average number of units in the system. $(3)$

the maximum time a unit spends in the system. $(4)$ the average time a unit spends in the system.

$[]$ The number of units expected to be sold is uniformly distributed between $300$ and $500.$ If $r$ is a

random number between $0$ and $1,$ then the proper expression for sales is $(1)200($r$)$; $(2)$ r $+300$; $(3)$

$300+500(r)$; and $(4)300+r(200).$

$[]$ In an influence diagram, decision nodes are represented by $(1)$ circles or ovals; $(2)$ squares or

rectangles; $(3)$ diamonds; $(4)$ triangles.

$[]$ A decision maker whose utility function graphs as a straight line is $(1)$ conservative. $(2)$ a risk

taker. $(3)$ risk neutral. $(4)$ a risk avoider.

The Super Discount store $($open $24$ hours a day, every day$)$ sells $8-$packs of paper towels, at the rate of

approximately $420$ packs per week or $60$ packs per day. Because the towels are so bulky, the annual

cost to carry them in inventory is estimated at $$0\mathrm{.}50.$ The cost to place an order for more is $$20$ and it

takes $4$ days for an order to arrive. Assume there are $52$ weeks per year. Please describe your

computational processes as specific as possible and try to answer the following questions to two

decimal places: $(1)$ Find the optimal order quantity. $(2)$ What is the reorder point? $(3)$ How many orders

should be placed in this store per year? $8\%,5\%,5\%$

The time to process a registration at the Sea View Resort follows the exponential distribution and has

a mean of $6$ minutes. Please write down your computational processes specifically and answer the

following questions to four decimal places: $(1)$ What is the probability of a registration time shorter

than $3$ minutes? $(2)$ What is the probability of a registration time shorter than $6$ minutes? $(3)$ What is

the probability of a registration time between $3$ and $6$ minutes? $4\%,4\%,4\%$

A payoff table is given below and the units are profits. Please write down your computational

processes specifically and answer the following questions: $(1)$ What decision should be made by the

optimistic decision maker? $(2)$ What decision should be made by the conservative decision maker? $(3)$

What decision should be made under minimax regret? $(4)$ If the probabilities of $s_1,s_2,$ and $s_3$ are $0\mathrm{.}2,$

$0\mathrm{.}4,$ and $0\mathrm{.}4,$ respectively, then what decision should be made under expected value? $6\%,6\%,6\%,4$