Answer questions

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  1. Solving real world complex problems using either traditional optimization techniques or modern heuristic techniques would make interesting work. What do the terms heuristic and optimization (or optimal) mean? What is a quantitative application for each? Some independent research is needed. What was your source(s) for addressing this question? Provide a URL address(s) if applicable. Don’t hesitate to use outside sources in addressing questions in this course, and apply your understanding as it relates to your prior knowledge and experience where appropriate.
  2. What is implementation, and why is it important?
  3. Katherine D’Ann is planning to finance her college education by selling programs at the football games for State University. There is a fixed cost of $400 for printing these programs, and the variable cost is $3. There is also a $1,000 fee that is paid to the university for the right to sell these programs. If Katherine was able to sell programs for $5 each, how many would she have to sell in order to break even?
  4. An urn contains 8 red chips, 10 green chips, and 2 white chips. A chip is drawn and replaced, and then a second chip drawn. What is the probability of

(a) a white chip on the first draw?

(b) a white chip on the first draw and a red on the second?

(c) two green chips being drawn?

(d) a red chip on the second, given that a white chip was drawn on the first?

Part 2

5. Define opportunity loss. What decision-making criteria are used with an opportunity loss table?

6.Explain how a scatter diagram can be used to identify the type of regression to use.

7. Describe briefly the steps used to develop a forecasting system.

8.Using computer software, find the least squares regression line for the data in Problem 4-10. Based on the F test, is there a statistically significant relationship between the demand for drums and the number of TV appearances?

9. What effect did the smoothing constant have on the forecast for Cool-Man air conditioners? (See Problems 5-18 and 5-19.) Which smoothing constant gives the most accurate forecast?

Part 3

  1. List and describe the features of EOQ and ABC.
  2. List and describe the types of carrying costs and ordering costs?
  3. What is the ROP? How is it determined?
  4. What is the purpose of sensitivity analysis?
  5. What is the objective of JIT?
  6. Jan Gentry is the owner of a small company that produces electric scissors used to cut fabric. The annual demand is for 8,000 scissors, and Jan produces the scissors in batches. On the average, Jan can produce 150 scissors per day, and during the production process, demand for scissors has been about 40 scissors per day. The cost to set up the production process is $100, and it costs Jan 30 cents to carry one pair of scissors for one year. How many scissors should Jan produce in each batch?
  7. The EOQ model has a number of assumptions. List them and explain whether they are readily attainable. For example, will the adjustment for quantity discounts easily work?

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