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Questions and Answers of Finance

Place-Plus, a real estate development firm, is considering several alternative development projects. These include building and leasing an office park, purchasing a parcel of land and building an
The Oakland Bombers professional basketball team just missed making the playoffs last season and believes it needs to sign only one very good free agent to make the playoffs next season. The team is
A machine shop owner is attempting to decide whether to purchase a new drill press, a lathe, or a grinder. The return from each will be determined by whether the company succeeds in getting a
A concessions manager at the Tech versus A&M football game must decide whether to have the vendors sell sun visors or umbrellas. There is a 30% chance of rain, a 15% chance of overcast skies, and a
Allen Abbott has a wide-curving, uphill driveway leading to his garage. When there is a heavy snow, Allen hires a local carpenter, who shovels snow on the side in the winter, to shovel his driveway.
The Miramar Company is going to introduce one of three new products: a widget, a hummer, or a nimnot. The market conditions (favorable, stable, or unfavorable) will determine the profit or loss the
The financial success of the Downhill Ski Resort in the Blue Ridge Mountains is dependent on the amount of snowfall during the winter months. If the snowfall averages more than 40 inches, the resort
An investor must decide between two alternative investments€”stocks and bonds. The return for each investment, given two future economic conditions, is shown in the following payoff
In Problem 10, Ann Tyler, with the help of a financial newsletter and some library research, has been able to assign probabilities to each of the possible interest rates during the next year, as
In Problem 11, the Tech coaches have reviewed game films and have determined the following probabilities that State will use each of its defenses:Defense ...... Probability54 .......... .4063
A global economist hired by Microcomp, the U.S.-based computer manufacturer in Problem 12,estimates that the probability that the economic and political climate overseas and in Mexico will decline
In Problem 13, the Place-Plus real estate development firm has hired an economist to assign a probability to each direction interest rates may take over the next 5 years. The economist has determined
Fenton and Farrah Friendly, husband-and-wife car dealers, are soon going to open a new dealership. They have three offers: from a foreign compact car company, from a U.S.-producer of full-sized cars,
The Steak and Chop Butcher Shop purchases steak from a local meatpacking house. The meat is purchased on Monday at $2.00 per pound, and the shop sells the steak for $3.00 per pound. Any steak left
The Loebuck Grocery must decide how many cases of milk to stock each week to meet demand. The probability distribution of demand during a week is shown in the following table:Demand (cases) ........
The manager of the greeting card section of Mazey’s department store is considering her order for a particular line of Christmas cards. The cost of each box of cards is $3; each box will be sold
The Palm Garden Greenhouse specializes in raising carnations that are sold to florists. Carnations are sold for $3.00 per dozen; the cost of growing the carnations and distributing them to the
Assume that the probabilities of demand in Problem 28 are no longer valid; the decision situation is now one without probabilities. Determine the best number of boxes of cards to stock, using the
Federated Electronics, Ltd., manufactures display screens and monitors for computers and televisions, which it sells to companies around the world. It wants to construct a new warehouse and
In Problem 31, Federated Electronics, Ltd., has hired a Washington, DCâ€“based global trade research firm to assess the probabilities of each combination of port and government conditions for
In Problem 14, the Bombers€™ management has determined the following probabilities of the occurrence of each future season outcome for each player:Compute the expected value for each player
The director of career advising at Orange Community College wants to use decision analysis to provide information to help students decide which 2-year degree program they should pursue. The director
In Problem 34, the director of career advising at Orange Community College has paid a small fee to a local investment firm to indicate a probability for each future economic condition over the next 5
The Blue Sox American League baseball team is going to enter the free-agent market over the winter to sign a new starting pitcher. They are considering five prospects who will enter the freeagent
In Problem 36, the Blue Sox general manager has asked a superscout to assign a probability to each of the three states of nature for the pitchers during the next 10 years. The scout estimates there
Construct a decision tree for the decision situation described in Problem 25 and indicate the best decision.
Given the following sequential decision tree, determine which is the optimal investment, A orB:
The management of First American Bank was concerned about the potential loss that might occur in the event of a physical catastrophe such as a power failure or a fire. The bank estimated that the
The Americo Oil Company is considering making a bid for a shale oil development contract to be awarded by the federal government. The company has decided to bid $112 million. The company estimates
The machine shop owner in Problem 15 is considering hiring a military consultant to ascertain whether the shop will get the government contract. The consultant is a former military officer who uses
The Miramar Company in Problem 18 is considering contracting with a market research firm to do a survey to determine future market conditions. The results of the survey will indicate either positive
The Friendlys in Problem 25 are considering hiring a petroleum analyst to determine the future availability of gasoline. The analyst will report that either a shortage or a surplus will occur. The
Jeffrey Mogul is a Hollywood film producer, and he is currently evaluating a script by a new screenwriter and director, Betty Jo Thurston. Jeffrey knows that the probability of a film by a new
Tech is playing State in the last conference game of the season. Tech is trailing State 21 to 14, with 7 seconds left in the game, when Tech scores a touchdown. Still trailing 21 to 20, Tech can
Jay Seago is suing the manufacturer of his car for $3.5 million because of a defect that he believes caused him to have an accident. The accident kept him out of work for a year. The company has
Tech has three health care plans for its faculty and staff to choose from, as follows:Plan 1—monthly cost of $32, with a $500 deductible; the participants pay the first $500 of medical costs for
The Valley Wine Company purchases grapes from one of two nearby growers each season to produce a particular red wine. It purchases enough grapes to produce 3,000 bottles of the wine. Each grower
Kroft Food Products is attempting to decide whether it should introduce a new line of salad dressings called Special Choices. The company can test market the salad dressings in selected geographic
In Problem 50, determine the expected value of sample information (EVSI) (i.e., the test market value) and the expected value of perfect information (EVPI).
Ellie Daniels has $200,000 and is considering three mutual funds for investment—a global fund, an index fund, and an Internet stock fund. During the first year of investment, Ellie estimates that
Blue Ridge Power and Light is an electric utility company with a large fleet of vehicles, including automobiles, light trucks, and construction equipment. The company is evaluating four alternative
In Problem 53, the decision analysis is for automobiles and light trucks. Blue Ridge Power and Light would like to reformulate the problem for its heavy construction equipment. Emergency maintenance
In Problem 14, the management of the Oakland Bombers is considering hiring superscout Jerry McGuire to evaluate the team’s chances for the coming season. McGuire will evaluate the team, assuming
The Place-Plus real estate development firm in Problem 24 is dissatisfied with the economist’s estimate of the probabilities of future interest rate movement, so it is considering having a
Annie Hays recently sold a condominium she had bought and lived in while she was a college student over 15 years ago. She received $150,000 for the condominium and is considering two investment
Labran Jones has played for the Cleveland professional basketball team for the past eight seasons and has established himself as one of the top players in the league. He has recently become a free
Steeley Associates, Inc., a property development firm, purchased an old house near the town square in Concord Falls, where State University is located. The old house was built in the mid-1800s, and
Mountain States Electric Service is an electrical utility company serving several states in the Rocky Mountains region. It is considering replacing some of its equipment at a generating substation
The Carolina Cougars is a major league baseball expansion team beginning its third year of operation. The team had losing records in each of its first 2 years and finished near the bottom of its
WestCom Systems Products Company develops computer systems and software products for commercial sale.Each year it considers and evaluates a number of different R&D projects to undertake. It develops
For each of the following queuing systems, indicate whether it is a single- or multiple-server model, the queue discipline, and whether its calling population is infinite or finite.a. Hair salonb.
Why do waiting lines form at a service facility even though there may be more than enough service capacity to meet normal demand in the long run? Discuss.
A single-server queuing system with an infinite calling population and a first-come, first-served queue discipline has the following arrival and service rates (poisson distributed):λ = 16 customers
The ticket booth on the Tech campus is operated by one person, who is selling tickets for the annual Tech versus State football game on Saturday. The ticket seller can serve an average of 12
The Petroco Service Station has one pump for regular unleaded gas, which (with an attendant) can service 10 customers per hour. Cars arrive at the regular unleaded pump at a rate of 6 per hour.
The Dynaco Manufacturing Company produces a particular product in an assembly line operation. One of the machines on the line is a drill press that has a single assembly line feeding into it. A
The management of Dynaco Manufacturing Company (see Problem 10) likes to have its operators working 90% of the time. What must the assembly line arrival rate be for the operators to be as busy as
The Peachtree Airport in Atlanta serves light aircraft. It has a single runway and one air traffic controller to land planes. It takes an airplane 12 minutes to land and clear the runway. Planes
The First American Bank of Rapid City has one outside drive-up teller. It takes the teller an average of 4 minutes to serve a bank customer. Customers arrive at the drive-up window at a rate of 12
During registration at State University every semester, students in the college of business must have their courses approved by the college adviser. It takes the adviser an average of 2 minutes to
All trucks traveling on Interstate 40 between Albuquerque and Amarillo are required to stop at a weigh station. Trucks arrive at the weigh station at a rate of 200 per 8-hour day, and the station can
In Problem 15, suppose passing truck drivers look to see how many trucks are waiting to be weighed at the weigh station. If they see four or more trucks in line, they will pass by the station and
In Problem 14, the dean of the college of business at State University is considering the addition of a second adviser in the college advising office to serve students waiting to have their schedules
The Dynaco Manufacturing Company has an assembly line that feeds two drill presses. As partially completed products come off the line, they are lined up to be worked on as drill presses become
The Acme Machine Shop has five machines that periodically break down and require service. The average time between breakdowns is 4 days, distributed according to an exponential distribution.The
McBurger’s fast-food restaurant has a drive-through window with a single server who takes orders from an intercom and also is the cashier. The window operator is assisted by other employees who
Game World, a video game arcade at Tanglewood Mall, has just installed a new virtual reality battle game. It requires exactly 2.7 minutes to play. Customers arrive, on average, every 2.9 minutes
Drivers who come to get their licenses at the Department of Motor Vehicles have their photograph taken by an automated machine that develops the photograph onto the license card and laminates the
A vending machine at City Airport dispenses hot coffee, hot chocolate, or hot tea, in a constant service time of 20 seconds. Customers arrive at the vending machine at a mean rate of 60 per hour
Norfolk, Virginia, a major seaport on the East Coast, has a ship coal-loading facility. Coal trucks filled with coal arrive at the port facility at the mean rate of 149 per day (Poisson distributed).
The Bay City Police Department has eight patrol cars that are on constant call 24 hours per day. A patrol car requires repairs every 20 days, on average, according to an exponential distribution.
The Rowntown Cab Company has four cabs that are on duty during normal business hours. The cab company dispatcher receives requests for service every 8 minutes, on average, according to an exponential
In Problem 14, in addition to course approvals, suppose that the advisor also answers questions and provides course counseling, such that the service time can no longer be assumed to be exponentially
The College Avenue Sub Shop is located in a small college town. Virtually all of its phone delivery orders are in the evening, between 5:00 P.M. and 1:00 A.M., so the shop has a delivery person for
The Riverton Post Office has four stations for service. Customers line up in single file for service on a FIFO basis. The mean arrival rate is 40 per hour, Poisson distributed, and the mean service
In Problem 18, the Dynaco Company has found that if more than three units (average) are waiting to be processed at any one workstation, then too much money is being tied up in work-inprocess
Cakes baked by the Freshfood Bakery are transported from the ovens to be packaged by one of three wrappers. Each wrapper can wrap an average of 200 cakes per hour. The cakes are brought to the
The associate dean of the college of business at Tech is determining which of two copiers he should lease for the college’s administrative suite. A regular copier leases for $8 per hour, and it
The Quick Wash 24-hour Laundromat has 16 washing machines. A machine breaks down every 20 days (exponentially distributed). The repair service with which the Laundromat contracts takes an average of
The Regency Hotel has enough space at its entrance for six taxicabs to line up, wait for guests, and then load passengers. Cabs arrive at the hotel every 8 minutes; if a taxi drives by the hotel and
The local Burger Doodle fast-food restaurant has a drive-through window. Customers in cars arrive at the window at the rate of 10 per hour (Poisson distributed). It requires an average of 4 minutes
From 3:00 P.M. to 8:00 P.M. the local K-Star Supermarket has a steady stream of customers. Customers finish shopping and arrive at the checkout area at a rate of 70 per hour (Poisson distributed). It
Customers arrive to check in at the exclusive and expensive Regency Hotel’s lobby at a rate of 40 per hour (Poisson distributed). The hotel normally has three clerks available at the desk to check
The Riverview Clinic has two general practitioners who see patients daily. An average of six patients arrive at the clinic per hour. Each doctor spends an average of 15 minutes with a patient. The
The Footrite Shoe Company is going to open a new branch at a mall, and company managers are attempting to determine how many salespeople to hire. Based on an analysis of mall traffic, the company
When customers arrive at Gilley’s Ice Cream Shop, they take a number and wait to be called to purchase ice cream from one of the counter servers. From experience in past summers, the store’s
Moore’s television repair service receives an average of six TV sets per 8-hour day to be repaired. The service manager would like to be able to tell customers that they can expect 1-day service.
In Problem 41, suppose that Moore’s television repair service cannot accommodate more than 30 TV sets at a time. What is the probability that the number of TV sets on hand (under repair and waiting
Maggie Attaberry is a nurse on the evening shift from 10:00 P.M. to 6:00 A.M. at Community Hospital. She has 15 patients for whom she is responsible in her area. She averages two calls from each of
The Escargot is a small French restaurant with six waiters and waitresses. The average service time at the restaurant for a table (of any size) is 85 minutes (Poisson distributed). The restaurant
Hudson Valley Books is a small, independent publisher of fiction and nonfiction books. Each week the publisher receives an average of seven unsolicited manuscripts to review (Poisson distributed).
Amanda Fall is starting up a new house painting business, Fall Colors. She has been advertising in the local newspaper for several months. Based on inquiries and informal surveys of the local housing
Partially completed products arrive at a workstation in a manufacturing operation at a mean rate of 40 per hour (Poisson distributed). The processing time at the workstation averages 1.2 minutes per
The Atlantic Coast Shipping Company has a warehouse terminal in Spartanburg, South Carolina. The capacity of each terminal dock is three trucks. As trucks enter the terminal, the drivers receive
The Waterfall Buffet in the lower level of the National Art Gallery serves food cafeteria-style daily to visitors and employees. The buffet is self-service. From 7:00 A.M. to 9:00 A.M. customers
The Clip Joint is a hairstyling salon at University Mall. Four stylists are always available to serve customers on a first-come, first-served basis. Customers arrive at an average rate of five per
The Delacroix Inn in Alexandria is a small, exclusive hotel with 20 rooms. Guests can call housekeeping from 8:00 A.M. to midnight for any of their service needs. Housekeeping keeps one person on
Jim Carter builds custom furniture, primarily cabinets, bookcases, small tables, and chairs. He works on only one piece of furniture for a customer at a time. It takes him an average of 5 weeks
Judith Lewis is a doctoral student at State University, and she also works full-time as an academic tutor for 10 scholarshiped student athletes. She took the job, hoping it would leave her free time
TSA security agents at the security gate at the Tri-Cities Regional Airport are able to check passengers and process them through the security gate at a rate of 50 per hour (Poisson

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