functions and constraints' eraction between decision ch some or all of the decis
Q: What are the advantages of putting together and managing an IAP?
A: IAP is known as intelligent is known as a ready mix of equity products. It provides independent…
Q: In a lightbulb manufacturing system, on average 1 lightbulb arrives every 0.5 hours. The average…
A: Given, One light bulb arrives at every 0.5 hours Arrival rate, λ = 1÷30 = 0.03 bulbs per minute The…
Q: g sector dealt with delays resulting from COVID-19 on international logistics?
A: People who work in logistics have been impacted by the recent epidemic of the COVID-19 bacteria. In…
Q: What is Process-based perspectives: expectancy theory of motivation?
A: Process-Based Perspectives:- Process-based perspectives use a perspective based on process, not the…
Q: Determine the optimum preventive maintenance frequency for each of the pieces of equipment if…
A: Probability ratio = Preventive cost / breakdown cost Interval = Average time + (z x standard…
Q: Referring to the table below, Jobs Work Center 1 (2 (In Days) Dates in Days) Work Center Due 3 6. 4.…
A: Find the Given details below: Given details: Job Required Days Due Dates WC 1 WC 2 1 3 2 9…
Q: 17.6. Decenture has four new IT hires available for assignment to ERP implementation projects. Their…
A:
Q: How can a company ensure that its supply chain is resilient to unexpected events?
A: Unexpected events refers to the events which arises due to uncertainities which may have greater…
Q: Provide an overview of the tools and technology that were used to define IT project management??
A: Information Technology Project Management often called ITPM can be stated as the approach of…
Q: Under what circumstances might an employer need to maintain an OSHA injury/illness log for persons…
A: OSHA is occupational health and safety act developed by the government and it must be implemented in…
Q: What does it mean to reap the benefits of a process, and why is it vital to reap the benefits of a…
A: When the benefits of a process outcome are further processed, analyzed, etc. in order to gain more…
Q: 2. Consider the following project: Immediate Most Probable Pessimistic Optimistic (days) Predecessor…
A:
Q: Analyze the TWO (2) opportunities of the One-Belt One-Road Initiative.
A: The Belt and Road Initiative (BRI) is a massive project aimed at enhancing regional cooperation and…
Q: d. Determine the probability that the team and the contractor will be in place and the project…
A: Based on the 3-time estimates given, we find the Expected duration and Variance for each activity as…
Q: 17.22. Updike Upholstery cuts and sews fabric for custom ordered chairs, ottomans, and sofas. Often,…
A: The scheduling as per Johnson rule can be done as follows:
Q: Describe value analysis. What are the desirable outcomes of value analysis to the firm? To…
A: Value analysis is very valuable for organizations as it helps the organizations in decrementing…
Q: As an element of supply chain management, inventory management includes aspects such as controlling…
A: All you have to do is purchase the appropriate goods at the appropriate price and deliver the…
Q: What do you believe is the ethically ideal way for a supervisor to respond to a sincere,…
A: Individuals' work performance is measured by how well they carry out their responsibilities. Job…
Q: When the units of demand are at its peak, the capacity will exceed the demand. * O False O True
A: Excess capacity is a situation where the demand for a product is less as compared to the amount of…
Q: Mary is considering the possibility of opening a small dress shop on Avenue, a few blocks from the…
A: solution to a and b decision for EMV = medium sized shop as it gives maximum value
Q: Explain your understanding about Performance Dashboard, what they should do, and why they're…
A: Key performance indicators are described as the important indicators that highlight the progress…
Q: Storyboarding may be used to develop a detailed process flowchart. Group of answer choices a. True…
A: Note- Hi! Thank you for the question As per the honour code, We’ll answer the first question since…
Q: company's bids for such sites have been successful. However, the company is also under pressure to…
A: A decision tree helps to analyze various alternatives available in a graphical/diagrammatical manner…
Q: hakia was desperate. The guest satisfaction scores for the Housekeeping department have Sbeen…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: When a new business is started, or a patent idea needs funding, venture capitalist or investment…
A: When a new business is started, or a patent holder needs support, capitalists or investment banks…
Q: Scheduling in service organizations is different from manufacturing in all of the following ways…
A: Scheduling in service organization and manufacturing organization are specifying different…
Q: can you describe push inventory system that are called “push system?” is one system better than the…
A: Push system of inventory management is a system in which the firm tries to predicts the demand of…
Q: What impact do requirements for functionality, system output, performance, reliability, and…
A: Quality planning can be defined as the documentation which specify the standards of quality,…
Q: Suppose we are formulating a Master Production Schedule (MPS) for an item. Week 0 projected on- hand…
A: MPS L4L is done when on hand inventory is lower than the maximum value of forecasted demand and…
Q: QUESTION 42 What criteria are important when a company is considering a supplier as a potential…
A: A suitable supplier selection would reduce purchasing costs, improve profits, decrease product lead…
Q: max 100x1+160x2 st 8x1 + 6x2 <= 480 4x1 + 2x2 <= 360 6x1 + 18x2 <= 720
A:
Q: 1. Given the following linear programming model: Minimize Z = 480x1 + 160x2 subject to…
A:
Q: c) Compute the net quantities needed if there are 25 of the base and 100 of the clamp in stock.…
A: A work breakdown structure helps to identify the dependency of various items on their parent item.…
Q: Give your assessment of financial literacy enrichment as a required process in support of the…
A: The main objective of financial literacy is to establish a control over your finances and also…
Q: example of political model decision making in helathcare system in daily routine scenario. Plz do…
A: Introduction: political model decision making in the healthcare system in the daily routine…
Q: Given what we have recently gone through with the COVID crisis, what are the pitfalls of having a…
A: The tightly linked supply chain could help us to deliver the common objectives in an efficient way,…
Q: Refer to the Factory-to-Six-Customers problem and start with the original information. Each customer…
A: initial case
Q: What is the difference between Preventive Maintenance and Predictive Maintenance?
A: Maintenance is the combination of the activities that help equipment to restore that stage in which…
Q: Activity Name Description or Instruction Please calculate the VCC, VFD, TVFD for this imported…
A: The detailed solution is given in Step 2.
Q: why do you think scheduling issues often cause great concern for project managers?
A: Project scheduling begins with identifying and estimating the durations for different tasks in the…
Q: Apply the concepts of plant-within-a-plant (PWP) and mass customization to service organizations.…
A: The plant within a plant concept is a classic example of focused operations where a particular…
Q: How to collect subjective data for a traveling business.
A: Travel data gathering is critical for the effective design and management of transportation…
Q: The annual demand for a product of XYZ company is 12.000. The cost of ordering this product is CU25…
A: Find the Given details below: Given Details Annual Demand (D) 12000 Units/Year Setup Cost (S)…
Q: capacity is determined by the amount of raw materials available. True or False?
A: Capacity is determined by amount of resources (input) available to produce (output) products over a…
Q: Exersise3: (а): Define the following terms: Management Science, Feasible region, Feasible Solution,…
A: Management Science: - Management science is a study of different business domains like economics,…
Q: 3. How much more does Dayton Pharmacy have to sell if it lowers its prices just to remain the same…
A: The formal records of financial activities and position of a business, person, or other entity are…
Q: The Alpine Sports Company makes a line of winter sports equipment, including skis, snowboards, and…
A: Sensitivty report helps to analyse the optimal ranges for a given set of constraints.
Q: Reflect on how a research process, and topic of study, have influenced your interest and involvement…
A: The capstone project has now become an integral part of the curriculum in university degrees. It…
Q: Hanson’s first task at Horizon involves determining if the existing information system should be…
A: Expected monetary value is computed by doing the sumproduct of the expected value with the…
Q: What are the ways that social media differs from traditional Mass Communication? (Select 4 correct…
A: Organizational communication is described as the field of communication that includes all other…
Step by step
Solved in 2 steps
- The method for rating teams in Example 7.8 is based on actual and predicted point spreads. This method can be biased if some teams run up the score in a few games. An alternative possibility is to base the ratings only on wins and losses. For each game, you observe whether the home team wins. Then from the proposed ratings, you predict whether the home team will win. (You predict the home team will win if the home team advantage plus the home teams rating is greater than the visitor teams rating.) You want the ratings such that the number of predictions that match the actual outcomes is maximized. Try modeling this. Do you run into difficulties? (Remember that Solver doesnt like IF functions.) EXAMPLE 7.8 RATING NFL TEAMS9 We obtained the results of the 256 regular-season NFL games from the 2015 season (the 2016 season was still ongoing as we wrote this) and entered the data into a spreadsheet, shown at the bottom of Figure 7.38. See the file NFL Ratings Finished.xlsx. (Some of these results are hidden in Figure 7.38 to conserve space.) The teams are indexed 1 to 32, as shown at the top of the sheet. For example, team 1 is Arizona, team 2 is Atlanta, and so on. The first game entered (row 6) is team 19 New England versus team 25 Pittsburgh, played at New England. New England won the game by a score of 28 to 21, and the point spread (home team score minus visitor team score) is calculated in column J. A positive point spread in column J means that the home team won; a negative point spread indicates that the visiting team won. The goal is to determine a set of ratings for the 32 NFL teams that most accurately predicts the actual outcomes of the games played.Although the normal distribution is a reasonable input distribution in many situations, it does have two potential drawbacks: (1) it allows negative values, even though they may be extremely improbable, and (2) it is a symmetric distribution. Many situations are modelled better with a distribution that allows only positive values and is skewed to the right. Two of these that have been used in many real applications are the gamma and lognormal distributions. @RISK enables you to generate observations from each of these distributions. The @RISK function for the gamma distribution is RISKGAMMA, and it takes two arguments, as in =RISKGAMMA(3,10). The first argument, which must be positive, determines the shape. The smaller it is, the more skewed the distribution is to the right; the larger it is, the more symmetric the distribution is. The second argument determines the scale, in the sense that the product of it and the first argument equals the mean of the distribution. (The mean in this example is 30.) Also, the product of the second argument and the square root of the first argument is the standard deviation of the distribution. (In this example, it is 3(10=17.32.) The @RISK function for the lognormal distribution is RISKLOGNORM. It has two arguments, as in =RISKLOGNORM(40,10). These arguments are the mean and standard deviation of the distribution. Rework Example 10.2 for the following demand distributions. Do the simulated outputs have any different qualitative properties with these skewed distributions than with the triangular distribution used in the example? a. Gamma distribution with parameters 2 and 85 b. Gamma distribution with parameters 5 and 35 c. Lognormal distribution with mean 170 and standard deviation 60You want to take out a 450,000 loan on a 20-year mortgage with end-of-month payments. The annual rate of interest is 3%. Twenty years from now, you will need to make a 50,000 ending balloon payment. Because you expect your income to increase, you want to structure the loan so at the beginning of each year, your monthly payments increase by 2%. a. Determine the amount of each years monthly payment. You should use a lookup table to look up each years monthly payment and to look up the year based on the month (e.g., month 13 is year 2, etc.). b. Suppose payment each month is to be the same, and there is no balloon payment. Show that the monthly payment you can calculate from your spreadsheet matches the value given by the Excel PMT function PMT(0.03/12,240, 450000,0,0).
- Referring to Example 11.1, if the average bid for each competitor stays the same, but their bids exhibit less variability, does Millers optimal bid increase or decrease? To study this question, assume that each competitors bid, expressed as a multiple of Millers cost to complete the project, follows each of the following distributions. a. Triangular with parameters 1.0, 1.3, and 2.4 b. Triangular with parameters 1.2, 1.3, and 2.2 c. Use @RISKs Define Distributions window to check that the distributions in parts a and b have the same mean as the original triangular distribution in the example, but smaller standard deviations. What is the common mean? Why is it not the same as the most likely value, 1.3?Suppose that GLC earns a 2000 profit each time a person buys a car. We want to determine how the expected profit earned from a customer depends on the quality of GLCs cars. We assume a typical customer will purchase 10 cars during her lifetime. She will purchase a car now (year 1) and then purchase a car every five yearsduring year 6, year 11, and so on. For simplicity, we assume that Hundo is GLCs only competitor. We also assume that if the consumer is satisfied with the car she purchases, she will buy her next car from the same company, but if she is not satisfied, she will buy her next car from the other company. Hundo produces cars that satisfy 80% of its customers. Currently, GLC produces cars that also satisfy 80% of its customers. Consider a customer whose first car is a GLC car. If profits are discounted at 10% annually, use simulation to estimate the value of this customer to GLC. Also estimate the value of a customer to GLC if it can raise its customer satisfaction rating to 85%, to 90%, or to 95%. You can interpret the satisfaction value as the probability that a customer will not switch companies.When you use a RISKSIMTABLE function for a decision variable, such as the order quantity in the Walton model, explain how this provides a fair comparison across the different values tested.
- The model in Example 9.3 has only two market outcomes, good and bad, and two corresponding predictions, good and bad. Modify the decision tree by allowing three outcomes and three predictions: good, fair, and bad. You can change the inputs to the model (monetary values and probabilities) in any reasonable way you like. Then you will also have to modify the Bayes rule calculations. You can decide whether it is easier to modify the existing tree or start from scratch with a new tree.If a monopolist produces q units, she can charge 400 4q dollars per unit. The variable cost is 60 per unit. a. How can the monopolist maximize her profit? b. If the monopolist must pay a sales tax of 5% of the selling price per unit, will she increase or decrease production (relative to the situation with no sales tax)? c. Continuing part b, use SolverTable to see how a change in the sales tax affects the optimal solution. Let the sales tax vary from 0% to 8% in increments of 0.5%.In Example 11.1, the possible profits vary from negative to positive for each of the 10 possible bids examined. a. For each of these, use @RISKs RISKTARGET function to find the probability that Millers profit is positive. Do you believe these results should have any bearing on Millers choice of bid? b. Use @RISKs RISKPERCENTILE function to find the 10th percentile for each of these bids. Can you explain why the percentiles have the values you obtain?
- Based on Grossman and Hart (1983). A salesperson for Fuller Brush has three options: (1) quit, (2) put forth a low level of effort, or (3) put forth a high level of effort. Suppose for simplicity that each salesperson will sell 0, 5000, or 50,000 worth of brushes. The probability of each sales amount depends on the effort level as described in the file P07_71.xlsx. If a salesperson is paid w dollars, he or she regards this as a benefit of w1/2 units. In addition, low effort costs the salesperson 0 benefit units, whereas high effort costs 50 benefit units. If a salesperson were to quit Fuller and work elsewhere, he or she could earn a benefit of 20 units. Fuller wants all salespeople to put forth a high level of effort. The question is how to minimize the cost of encouraging them to do so. The company cannot observe the level of effort put forth by a salesperson, but it can observe the size of his or her sales. Thus, the wage paid to the salesperson is completely determined by the size of the sale. This means that Fuller must determine w0, the wage paid for sales of 0; w5000, the wage paid for sales of 5000; and w50,000, the wage paid for sales of 50,000. These wages must be set so that the salespeople value the expected benefit from high effort more than quitting and more than low effort. Determine how to minimize the expected cost of ensuring that all salespeople put forth high effort. (This problem is an example of agency theory.)1. Suppose you are going on a weekend trip to a city that is d miles away. Develop a model that determines your round-trip gasoline costs. What assumptions or approximations are necessary to treat this model as a deterministic model? Are these assumptions or approximations acceptable to you? 2. Suppose that a manager has a choice between the following two mathematical models of a given situation: (a)a relatively simple model that is a reasonable approximation of the real situation, and (b)a thorough and complex model that is the most accurate mathematical representation of the real situation possible. Why might the model described in part (a) be preferred by the manager?Which of the following statement is not true? A. We can get the optimal solution for IP by rounding the optimal solution for LP. B. IP is an extension of LP in which some or all of the decision variables are constrained to be an integer. C. There are three types of IP. They are Pure IP, Mixed IP, and Binary IP. D. The binary variable takes on values of 0 or 1.