In a study of how cheif excutive officers (CEOs) spend their days, it was foudn that CEOs spend an average of about 18 hours per week in meetings, not including conferance calls, business meals, and public events. Shown here are the times spent per week in meetings (hours) for a sample of 25 CEOs: 14, 15, 18, 23, 15, 19, 20, 13, 15, 23 23, 21, 15, 20, 21, 16, 15, 18, 18, 19 19, 22, 23, 21, 12 a. What is the least amount of time a CEO spent per week in meetings in this sample? The highest? b. Use a class width of 2 hours to prepare a frequency distribution and a percent frequencey distribution for the data. c. Prepare a histogram and comment on the shape of the distribution.

In a study of how cheif excutive officers (CEOs) spend their days, it was foudn that CEOs spend an average of about 18 hours per week in meetings, not including conferance calls, business meals, and public events. Shown here are the times spent per week in meetings (hours) for a sample of 25 CEOs: 14, 15, 18, 23, 15, 19, 20, 13, 15, 23 23, 21, 15, 20, 21, 16, 15, 18, 18, 19 19, 22, 23, 21, 12 a. What is the least amount of time a CEO spent per week in meetings in this sample? The highest? b. Use a class width of 2 hours to prepare a frequency distribution and a percent frequencey distribution for the data. c. Prepare a histogram and comment on the shape of the distribution.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter8: Evolutionary Solver: An Alternative Optimization Procedure

Section8.3: Introduction To Evolutionary Solver

Problem 2P

See similar textbooks

Similar questions

You 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).
A company that supplies gasoline to a city has recorded the weeklyusage (tons/week) for the past 3 years. The file BA3653GasolineRecord.xlsxcontains this record. (c) In general, the company delivers the demanded gasoline to customersthat store it in their own facilities. However, the company would like toobtain its own storage tanks to better handle variability. The companyhas identified several solutions: a 500 ton, a 1000 ton, a 2000 ton and a3000 ton system, with each tank being proportionately more expensiveas its size grows. Given your predictions and the expected variability,what size of tank would you choose?(d) Reaching the city is sometimes hazardous due to weather conditions.Even with these challenges, the company estimates that the most thatshipments to the city may be delayed is 1 week. Given this information,which tank choice (of those in part c) do you think would be appropriate? week demand (tons) 1 1174.5 2 1316.2 3 1197 4 1127.3 5 1193.1 6 1260.7 7…
Over a two-year period, the Topper Company sold the following numbers of lawnmowers:Month: 1 2 3 4 5 6 7 8 9 10 11 12Sales: 238 220 195 245 345 380 270 220 280 120 110 85Month: 13 14 15 16 17 18 19 20 21 22 23 24Sales: 135 145 185 219 240 420 520 410 380 320 290 240a. In column A input the numbers 1 to 24 representing the months and incolumn B the observed monthly sales. Compute the three-month moving-averageforecast and place this in the third column. Be sure to align your forecast with theperiod for which you are forecasting (the average of sales for months 1, 2, and 3should be placed in row 4; the average of sales for months 2, 3, and 4 in row 5; andso on.) In the fourth column, compute the forecast error for each month in whichyou have obtained a forecast.
Daniel Glaser, chairman of the College of San Antonio'sbusiness department, needs to assign professors to courses nextsemester. As a criterion for judging who should teach each course,Professor Glaser reviews the past 2 years' teaching evaluations(which were filled out by students). Since each of the four professorstaught each of the four courses at one time or another duringthe 2-year period, Glaser is able to record a course rating for eachinstructor. These ratings are shown in the following table.a) Find the assignment of professors to courses to maximize theoverall teaching rating.b) Assign the professors to the courses with the exception thatProfessor F isher cannot teach statistics.
2 Vidhya Balan is planning to liquidate her investments inmutual funds and invest in real estate. Before makingthe change to her investment strategy, Vidhya wants toforecast the price of mutual funds for the next 2 months.She has collected the following data on the average fundprices for the past 10 months.Month Average Fund Price1 55.12 53.83 53.44 52.955 52.156 52.757 52.658 51.59 52.2510 51.7a Using a five-period moving average, forecast theaverage fund price for Period 11.b. Using exponential smoothing with α = 0.3 forecastthe average fund price for Period 11. Assume an initialforecast for Month 2 (F2) as 55.10
In 2013 the president and chief executive officer of McDonalds, Don Thompson, saidthat McDonald’s was considering serving breakfast all day, instead of stopping at10.30.A.M.on weekdays and 11.00 A.M. on weekends. Several owners of McDonald’srestaurants however, point out that offering breakfast 24 hours a day presents twologistical problems. (1)Burgers and other meals need to be cooked at a highertemperature than eggs, so it would be difficult for employees to set the grill at the righttemperature for both foods, and (2) scrambled eggs require employees to continually stir, while hamburgers don’t require this attention. In addition some customers might buy thecheaper breakfast rather than the more expensive lunch or dinner meal.If you were the president and chief executive officer of McDonald’s, discuss how you wouldgo about deciding whether to serve breakfast all day.
Chemco produces three products: 1, 2, and 3. Eachpound of raw material costs $25. It undergoes processingand yields 3 oz of product 1 and 1 oz of product 2. It costs$1 and takes 2 hours of labor to process each pound of rawmaterial. Each ounce of product 1 can be used in one ofthree ways.It can be sold for $10/oz.It can be processed into 1 oz of product 2. This requires 2 hours of labor and costs $1.It can be processed into 1 oz of product 3. This requires 3 hours of labor and costs $2.Each ounce of product 2 can be used in one of two ways.It can be sold for $20/oz.It can be processed into 1 oz of product 3. This requires 1 hour of labor and costs $6.Product 3 is sold for $30/oz. The maximum number ofounces of each product that can be sold is given in Table 23.A maximum of 25,000 hours of labor are available.Determine how Chemco can maximize profit. TAB LE 23Product Oz1 5,0002 5,0003 3,000
Please do not give solution in image formate thanku. 7-16 A candidate for mayor in a small town has allocated $40,000 for last-minute advertising in the days preceding the election. Two types of ads will be used: radio and television. Each radio ad costs $200 and reaches an estimated 3,000 people. Each television ad costs $500 and reaches an estimated 7,000 people. In planning the advertising campaign, the campaign manager would like to reach as many people as possible, but she has stipulated that at least 10 ads of each type must be used. Also, the number of radio ads must be at least as great as the number of television ads. How many ads of each type should be used? How many people will this reach?
LINGO SOFTWARE Consider a production-mix problem where we are concerned with what mix of four products we should produce during the upcoming week. For each product, each unit produced requires a known amount of production time on each of the three machines. Each machine has a certain number of hours of production time available per week. Each product provides a certain profit per unit produced. Figure 3S1.2 shows three types of data: machine-related data, product-related data, and data related to combinations of a machine and product. The objective is to determine how much to produce for each product so that total profit is maximized while not exceeding the limited production capacity of each machine. Requirement: Solve this problem in LINGO software.
A small manufacturing firm collected the following data on advertising expenditures A (in thousands of dollars) and total revenue R (in thousands of dollars). (a) Draw a scatter diagram of the data. Comment on the type of relation that may exist between the two variables.(b) The quadratic function of best fit to these data isR(A) = - 7.76A2 + 411.88A + 942.72Use this function to determine the optimal level of advertising.(c) Use the function to predict the total revenue when the optimal level of advertising is spent.(d) Use a graphing utility to verify that the function given in part (b) is the quadratic function of best fit.(e) Use a graphing utility to draw a scatter diagram of the data and then graph the quadratic function of best fit on the scatter diagram.
41.The ______ are (is) used to determine the amount of money that an organization would save if it used a particular test in place of the test it currently uses to select employees. a. Brogden-Cronbach-Gleser formula b. Taylor-Russell Tables c.expectancy charts d. Lawshe tables 42.When the criterion validity coefficient is ____, and the selection ratio is ____, a test will have the most utility in selecting successful employees. a. large / large b. large / small c.small / small d. small / large 43.A test is considered to have _____ if there are race differences in test scores that are unrelated to the construct being measured. a. differential validity b. measurement bias c.selection bias d. adverse impact 44.If the selection rate for any of the protected groups is less than 80% of the…
A large CPA firm currently has 100 junior staffmembers and 20 partners. In the long run—say,20 years from now—the firm would like to consistof 130 junior staff members and 20 partners. During a given year, 10% of all partners and 30% ofall junior staff members leave the firm. The firmcan control the number of hires each year and thefraction of junior employees who are promoted topartner each year. Can you develop a personnelstrategy that would meet the CPA firm’s goals?