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business
an introduction to management science

Questions and Answers of An Introduction to Management Science

=2. What kinds of problems can OptQuest deal with that the Decision Table tool cannot?
=3. Does OptQuest always find an optimal solution?
=4. What initial steps need to be completed before opening OptQuest?
=5. What is the purpose of the Objectives pane of the OptQuest dialogue box?
=6. What is the purpose of the Decision Variables pane of the OptQuest dialogue box?
=7. What is the purpose of the Constraints pane of the OptQuest dialogue box?
=8. What is the purpose of the Options pane of the OptQuest dialogue box?
=9. When running OptQuest, what information is provided in the OptQuest Results window?
=10. When running OptQuest, what is a guideline for when it is reasonable to terminate the run manually?
=11. The decision variables for the project selection example needed to be of what kind?
=13.1. The results from a simulation run are inherently random.This problem will demonstrate this fact and investigate the impact of the number of trials on this randomness. Consider the case study
=a. Set the number of trials to 100 in Run Preferences and run the simulation of Freddie’s problem five times. Note the mean profit for each simulation run.
=b. Repeat part a except set the number of trials to 1,000 in Run Preferences.
=c. Compare the results from part a and part b and comment on any differences.
=13.2. Consider the Reliable Construction Co. project scheduling example presented in Section 13.3. Recall that computer simulation was used to estimate the probability of meeting the deadline and
=a. Set the number of trials to 100 in Run Preferences and run the simulation of the project five times.Note the mean completion time and the percentage of trials on which the project is completed
=b. Repeat part a except set the number of trials to 1,000 in Run Preferences.
=c. Compare the results from part a and part b and comment on any differences.
=13.3.* Consider the historical data contained in the Excel File“Sales Data 1” on your MS Courseware CD-ROM. Use Crystal Ball to fit all continuous distributions to these data.
=a. Which distribution provides the closest fit to the data? What are the parameters of the distribution?
=b. Which distribution provides the second-closest fit to the data? What are the parameters of the distribution?
=13.4. Consider the historical data contained in the Excel File“Sales Data 2” on your MS Courseware CD-ROM. Use Crystal Ball to fit all continuous distributions to these data.a. Which
=13.5. The Aberdeen Development Corporation (ADC) is reconsidering the Aberdeen Resort Hotel project. It would be located on the picturesque banks of Grays Harbor and have its own championship-level
=a. What is the mean net present value (NPV) of the project? (Hint: The NPV (rate, cash stream) function in Excel returns the NPV of a stream of cash flows assumed to start one year from now. For
=b. What is the estimated probability that the project will yield an NPV greater than $2 million?
=c. ADC also is concerned about cash flow in years 2, 3, 4, and 5. Use Crystal Ball to generate a forecast of the distribution of the minimum annual operating profit (undiscounted) earned in any of
=d. What is the probability that the annual operating profit will be at least $0 in all four years of operation?
=13.6. Ivy University is planning to construct a new building for its business school. This project will require completing all of the activities in the table below. For most of these activities, a
=a. What is the mean project completion time?
=b. What is the probability that the project will be completed in 36 months or less?
=c. Generate a sensitivity chart. Based on this chart, which activities have the largest impact on the variability in the project completion time?
=13.7.* Consider Problem 16.12 (see Chapter 16 on the CDROM), which involves estimating both the duration of a project and the probability that it will be completed by the deadline.Assume now that
=a. What is the mean project completion time?
=b. What is the probability that the project can be completed within 22 months?
=c. Generate a sensitivity chart. Based on this chart, which two activities have the largest impact on the variability in the project completion time?
=13.8. The employees of General Manufacturing Corp. receive health insurance through a group plan issued by Wellnet. During the past year, 40 percent of the employees did not file any health
=13.9. Reconsider the Heavy Duty Co. problem that was presented as Example 2 in Section 12.1. For each of the following three options in parts a throughc, obtain an estimate of the expected cost per
=a. The option of not replacing a motor until a breakdown occurs.
=b. The option of scheduling the replacement of a motor after four days (but replacing it sooner if a breakdown occurs).
=c. The option of scheduling the replacement of a motor after five days (but replacing it sooner if a breakdown occurs).
=d. An analytical result of $2,000 per day is available for the expected cost per day if a motor is replaced every three days. Comparing this option and the above three, which one appears to minimize
=13.10. The Avery Co. factory has been having a maintenance problem with the control panel for one of its production processes. This control panel contains four identical electromechanical relays
=13.11. For one new product produced by the Aplus Company, bushings need to be drilled into a metal block and cylindrical shafts need to be inserted into the bushings. The shafts are required to have
=13.12. Refer to the financial risk analysis example presented in Section 13.5, including its results shown in Figure 13.27. ThinkBig management is quite concerned about the risk profile for the
=a. Generate a frequency chart and a percentiles table for option 2 after performing a computer simulation with 1,000 trials for this option.
=b. Repeat part a for option 3.
=c. Suppose you were the CEO of the Think-Big Development Co. Use the results in Figure 13.27 for option 1 along with the corresponding results obtained for the other two options as the basis for a
=13.13. Reconsider Problem 12.5 involving the game of craps.Now the objective is to estimate the probability of winning a play of this game. If the probability is greater than 0.5, you will want to
=13.14. Consider the case study involving Freddie the newsboy that was introduced in Section 13.1. The spreadsheet model is available on your MS Courseware CD-ROM. The Decision Table generated in
=13.15.* Michael Wise operates a newsstand at a busy intersection downtown. Demand for the Sunday Times averages 300 copies with a standard deviation of 50 copies (assume a normal distribution).
=13.16. Susan is a ticket scalper. She buys tickets for Los Angeles Lakers games before the beginning of the season for $100 each. Since the games all sell out, Susan is able to sell the tickets for
=a. Suppose that Susan buys 14 tickets for each game.Use Crystal Ball to perform 500 trials of a computer simulation on a spreadsheet. What will be Susan’s mean profit from selling the tickets?
=b. Generate a Decision Table to consider all nine possible quantities of tickets to purchase between 10 and 18. Which purchase quantity maximizes Susan’s mean profit?c. Generate a trend chart for
=13.17. Consider the Reliable Construction Co. bidding problem discussed in Section 13.2. The spreadsheet Model is available on your MS Courseware CD-ROM. The Decision Table generated in Section
=a. Refine the search by generating a Decision Table for this bidding problem that considers all bids between $5.2 million and $5.6 million in multiples of $0.05 million.
=b. Use OptQuest to search for the bid that maximizes Reliable Construction Co.’s mean profit. Assume that the bid may be any value between $4.8 million and $5.8 million.
=13.18. Road Pavers, Inc., (RPI) is considering bidding on a county road construction project. RPI has estimated that the cost of this particular job would be $5 million. The cost of putting together
= 13.19. Consider the Everglade cash flow problem analyzed in Section 13.4. The spreadsheet model is available on your MS Courseware CD-ROM.a. Generate a Decision Table to consider five possible
= 13.21. Consider the airline overbooking problem discussed in Section 13.6. The spreadsheet model is available on the MS Courseware CD-ROM packaged with the textbook. The Decision Table generated
= 13.22. Flight 120 between Seattle and San Francisco is a popular flight among both leisure and business travelers. The airplane holds 112 passengers in a single cabin. Both a discount 7-day
=a. Suppose that the airline makes available a maximum of 75 tickets for the discount fare and a maximum of 120 tickets in total. Use Crystal Ball to generate a 1,000 trial forecast of the
=b. Generate a two-dimensional Decision Table that gives the mean profit for all combinations of the following values of the two decision variables: (1) the maximum number of tickets made available
= number of discount fare tickets and the maximum total number of tickets to make available so as to maximize the airline’s expected profit.
= 13.23. Now that Jennifer is in middle school, her parents have decided that they really must start saving for her college education. They have $6,000 to invest right now. Furthermore, they plan to
=a. What will be the expected value (mean) of the college fund at year 5?
=b. What will be the standard deviation of the college fund at year 5?
=c. What is the probability that the college fund at year 5 will be at least $30,000?
=d. What is the probability that the college fund at year 5 will be at least $35,000?
=a. Formulate a simulation model on a spreadsheet to track the company’s cash flows from month to month. Indicate the probability distributions (both the type and the parameters)for the assumption
=b. Adventure Toys management wants information about what the company’s net worth might be at the end of 2011, including the likelihood that the net worth will exceed $0. (The net worth is
=c. Arrangements need to be made to obtain a specific credit limit from the bank for the short-term loans that might be needed during 2011. Therefore, Adventure Toys management also would like
=a. Build a simulation model in a spreadsheet to calculate the value of the option in today’s dollars. Use Crystal Ball to run three separate simulations to estimate the value of the call option
=b. Elise takes her calculations and recommended price to Michael. He is very impressed, but he chuckles and indicates that a simple, closed-form approach exists for calculating the value of an
=c. In the specific case of Fellare stock, do you think that a random walk as described above completely describes the price movement of the stock? Why or why not?
Suppose that in Problem 71, the association wants to consider allowing some flexibility in pairing the teams according to their rankings (i.e., seedings)—for example 1 might play 14 or 2 might play
The National Collegiate Lacrosse Association is planning its annual national championship tournament.It selects 16 teams from conference champions and the highest ranked at-large teams to play in the
The Hilton Island Tennis Club is hosting its annual professional tennis tournament. One of the tournament committee’s scheduling activities is to assign chair umpires to the various matches.The
In Problem 68, assume that the customers have the following truck capacity percentage loads:Customer A B C D E F G H I J K L Capacity 89 78 94 82 90 83 88 79 71 96 78 85 Determine the optimal
The MidSouth Trucking Company based in Nashville has eight trucks located throughout the East and Midwest that have delivered their loads and are available for shipments. Through their Internet
CareMed, an HMO health care provider, operates a 24-hour outpatient clinic in Draperton, near the Tech campus. The facility has a medical staff with doctors and nurses who see regular local patients
Kathleen Taylor is a freshman at Roanoke College, and she wants to develop her schedule for the spring semester. Courses are offered with class periods either on Monday and Wednesday or Tuesday and
The football coaching staff at Tech focuses its recruiting on several key states, including Georgia, Florida, Virginia, Pennsylvania, New York, and New Jersey. The staff includes seven assistant
Carolina Airlines, a small commuter airline in North Carolina, has six flight attendants that it wants to assign to six monthly flight schedules in a way that will minimize the number of nights they
The Vanguard Publishing Company wants to hire seven of the eight college students who have applied as salespeople to sell encyclopedias during the summer. The company desires to allocate them to
Biggio’s Department Store has six employees available to assign to four departments in the store—home furnishings, china, appliances, and jewelry. Most of the six employees have worked in each of
The coach of the women’s swim team at State University is preparing for the conference swim meet and must choose the four swimmers she will assign to the 800-meter medley relay team.The medley
A university department head has five instructors to be assigned to four different courses. All the instructors have taught the courses in the past and have been evaluated by the students. The rating
State University has planned six special catered events for the Saturday of its homecoming football game. The events include an alumni brunch, a parents’ brunch, a booster club luncheon, a postgame
In Problem 57, officials 2 and 8 recently had a confrontation with one of the coaches in the game in Athens. They were forced to eject the coach after several technical fouls. The conference office
The Southeastern Conference has nine basketball officials who must be assigned to three conference games, three to each game. The conference office wants to assign the officials so that the total
A dispatcher for Citywide Taxi Company has six taxicabs at different locations and five customers who have called for service. The mileage from each taxi’s present location to each customer is
An electronics firm produces electronic components, which it supplies to various electrical manufacturers.Quality control records indicate that different employees produce different numbers of
Given the following cost table for an assignment problem, determine the optimal assignment and compute total minimum cost:Machine Operator A B C D 1 $10 $2 $ 8 $ 6 2 9 5 11 9 3 12 7 14 14 4 3 1 4 2
The Bunker Manufacturing firm has five employees and six machines and wants to assign the employees to the machines to minimize cost. A cost table showing the cost incurred by each employee on each
The Omega pharmaceutical firm has five salespersons, whom the firm wants to assign to five sales regions. Given their various previous contacts, the salespersons are able to cover the regions in
A shop has four machinists to be assigned to four machines. The hourly cost of having each machine operated by each machinist is as follows:Machine (cost/hr.)Machinist A B C D 1 $12 $11 $ 8 $14 2 10
A plant has four operators to be assigned to four machines. The time (minutes) required by each worker to produce a product on each machine is shown in the following table:Machine (min.)Operator A B
Formulate and solve a transshipment model for the shipments of cottons from the cotton processing facilities to the U.S. ports and to the overseas ports and Suntrek’s fabric factories as described
In Problem 47, reformulate the model so that Pinnacle minimizes its shipping costs while selecting its three new distribution centers within a budget of $45 million. What is the difference in this
The Pinnacle Company is a U.S.-based manufacturer of furniture and appliances that offshored all of its actual manufacturing operations to Asia about a decade ago. It then set up distribution centers

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