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business
practical management science

Questions and Answers of Practical Management Science

In the Indiana MBA program we need to divide a class of 60 students into 10 six-person teams. In the interest of diversity, we have the following goals (listed in descending order of importance):■
You have been hired as a consultant to help design a new airport in northern Indiana that will supplant O’Hare as Chicago’s major airport. Discuss the objectives you consider important in
You are planning to renovate a hospital. How would you use AHP to help determine what improvements to include in the renovation?
A company is considering buying up to five other businesses. Given knowledge of the company’s view of the trade-off between risk and return, how could trade-off curves be used to determine the
At the beginning of the six-month period, 30 units of product 2 are in inventory.■ During the next six months, Wivco has 1000 hours for production available. At the end of the next six months,
At the beginning of the six-month period, 60 units of product 1 are in inventory.■ During the next six months, at most 175 units of product 2 can be sold on a cash basis, and at most 250 units of
Based on Sartoris and Spruill (1974). Wivco produces two products, which it sells for both cash and credit.Revenues from credit sales will not have been received but are included in determining
You are the mayor of Gotham City and you must determine a tax policy for the city. Five types of taxes are used to raise money:■ Property taxes. Let p be the property tax rate.■ A sales tax on
At Lummins Engine Corporation, production employees work 10 hours per day, four days per week. Each day of the week, at least the following number of employees must be working: Monday through Friday,
You are trying to determine which city to live in.New York and Chicago are under consideration. Four objectives will determine your decision: housing cost, cultural opportunities, quality of schools
Goal 1 is to minimize the sum of deviations from this requirement.■ Goal 2: For the benchmark jobs referred to in the file P16_38.xlsx, the actual point total for each job should come as close as
A job’s hourly salary equals half its point total. IU has two goals (listed in order of priority) in setting up the points given to each level of each job factor.■ Goal 1: When increasing the
Jobs at Indiana University are rated on three factors:■ Factor 1: Complexity of duties■ Factor 2: Education required■ Factor 3: Mental and/or visual demands For each job at IU, the requirement
A hospital outpatient clinic performs four types of operations. The profit per operation, as well as the minutes of X-ray time and laboratory time used, are given in the file P16_37.xlsx. The clinic
Productco produces three products. Each product requires labor, lumber, and paint. The resource requirements, unit price, and variable cost (exclusive of labor, lumber, and paint) for each product
BeatTrop Foods is trying to choose one of three companies to merge with. Seven factors are important in this decision:■ Factor 1: Contribution to profitability■ Factor 2: Growth potential ■
Stockco fills orders for three products for a local warehouse.Stockco must determine how many of each product should be ordered at the beginning of the current month. This month, 400 units of product
The Pine Valley Board of Education must hire teachers for the coming school year. The types of teachers and the salaries that must be paid are given in the file P16_33.xlsx. For example, 20 teachers
Based on Lin et al. (1984). You have been hired by Arthur Ross to determine which of the following accounts receivable methods should be used in an audit of the Keating Five and Dime Store: analytic
A consumer is trying to determine which type of frozen dinner to eat. She considers three attributes to be important: taste, nutritional value, and price.Nutritional value is considered to be
You are trying to determine which of two secretarial candidates (John or Sharon) to hire. The three objectives that are important to your decision are personality, typing ability, and intelligence.
You are trying to determine which MBA program to attend. You have been accepted at two schools:Indiana and Northwestern. You have chosen three attributes to use in helping you make your
In determining where to invest your money, two objectives, expected rate of return and degree of risk, are considered to be equally important. Two investments(1 and 2) have the pairwise comparison
You are ready to select your mate for life and have determined that physical attractiveness, intelligence, and personality are key factors in selecting a satisfactory mate. Your pairwise comparison
Your company is about to purchase a new PC. Three objectives are important in determining which computer you should purchase: cost, user friendliness, and software availability. The pairwise
Each professor’s annual salary increase is determined by his or her performance in three areas: teaching, research, and service to the university. The administration has assessed the pairwise
The portfolio optimization example from Chapter 7 (see Example 7.9) found the efficient frontier by minimizing portfolio variance, with a lower bound constraint on the expected return. Do it the
In the capital budgeting example from Chapter 6 (see Example 6.1), we maximized NPV for a given budget.Now find a trade-off curve for NPV versus budget.Specifically, minimize the amount invested,
GMCO produces three types of cars: compact, medium, and large. The variable cost per car and production capacity (per year) for each type of car are given in the file P16_22.xlsx. The annual demand
If a company spends a on advertising (measured in thousands of dollars) and charges a price of p dollars per unit, then it can sell 1000 10p 20a12 units of the product. The cost per unit of
Plantco produces three products. Three workers work for Plantco, and the company must determine which product(s) each worker should produce. The number of units each worker would produce if he or she
Widgetco produces two types of widgets. Each widget is made of steel and aluminum and is assembled with skilled labor. The resources used and the per-unit profit contribution (ignoring cost of
Based on Vasko et al. (1987). Bethlehem Steel can fill orders using five different types of steel molds. Up to three different molds of each type can be purchased.Each individual mold can be used to
Based on Klingman and Phillips (1984). The Marines need to fill three types of jobs in two cities (Los Angeles and Chicago). The numbers of jobs of each type that must be filled in each city are
The HAL computer must determine which of eight research and development (R&D) projects to undertake.For each project, four quantities are of interest: (1) the net present value (NPV, in millions of
A new president has just been elected and has set the following economic goals (listed from highest to lowest priority):■ Goal 1: Balance the budget (this means revenues are at least as large as
A small aerospace company is considering eight projects:■ Project 1: Develop an automated test facility.■ Project 2: Bar code all inventory and machinery.■ Project 3: Introduce a CAD/CAM
The amounts of available land (in thousands of square feet) at sites 2 through 5 are given in the file P16_13.xlsx. The cost of building each facility (in thousands of dollars), the annual
Based on Taylor and Keown (1984). Gotham City is trying to determine the type and location of recreational facilities to build during the next decade. Four types of facilities are under
Lucy’s Music Store at present employs five full-time employees and three part-time employees. The normal workload is 40 hours per week for full-time employees and 20 hours per week for part-time
Globots can be produced by regular-time labor or by overtime labor. Production capacity (number of globots) and production costs during the next four quarters are shown in the file P16_11.xlsx. Wivco
During the next four quarters, Wivco faces the following demands for globots: quarter 1, 13; quarter 2, 14;quarter 3, 12; quarter 4,
Based on Lee and Moore (1974). Faber College is admitting students for the class of 2007. Data on its applicants are shown in the file P16_10.xlsx. Each row indicates the number of in-state or
The city of Bloomington has 17 neighborhoods. The number of high school students in each neighborhood and the time required to drive from each neighborhood to each of the city’s two high schools
There are four teachers in the Faber College Business School. Each semester, 200 students take each of the following courses: Marketing, Finance, Production, and Statistics. The “effectiveness”
Based on Welling (1977). The Touche Young accounting firm must complete three jobs during the next month. Job 1 will require 500 hours of work, job 2 will require 300 hours, and job 3 will require
Based on Steuer (1984). Deancorp produces sausage by blending beef head, pork chuck, mutton, and water.The cost per pound, fat per pound, and protein per pound for these ingredients are listed in the
Each week, Stockco produces two products. Relevant information for each product is shown in the file P16_05.xlsx. Stockco has a goal of $4800 in weekly profit and incurs a $1 penalty for each dollar
Hiland Appliance must determine how many TVs and Blu-Ray disc players to stock. It costs Hiland $1000 to purchase a TV and $400 to purchase a Blu-Ray player.A TV requires three square yards of
Fruit Computer Company is ready to make its annual purchase of computer chips. Fruit can purchase chips(in lots of 100) from three suppliers. Each chip’s quality is rated as excellent, good, or
The average time(in minutes) it takes for an ambulance to respond to a call from district 1 is 40 3x1; for district 2, the time is 50 4x2. Gotham City has three goals (listed in order of
Gotham City must determine how to allocate ambulances during the next year. It costs $5000 per year to run an ambulance. Each ambulance must be assigned to one of two districts. Let xi be the number
For each set of priorities of goals, solve the Burnit problem and verify that the values in Figure 16.7 are correct.
One problem with our Excel implementation of the CPM method is that the maximum and minimum formulas for the earliest start time and the latest finish times have to be tailored to the specific AON
Consider a project with six activities. The CPM method has already been implemented, with the results shown in the file P15_38.xlsx. (All times are in months.) This file also shows the number of
Now create a table with weeks along the top and projects along the side. Each entry in the table should indicate how many hours are spent on each project each week. IF functions work here. Finally,
Based on LeBlanc et al. (2000). A construction company has eight project managers and has 14 projects scheduled for the next 12 weeks. Each project must be assigned a project manager. The start and
Real-world projects often have milestones where costs are incurred or payments are received. Usually the costs are incurred relatively early, and the payments are received relatively late. Because of
In the previous problem, all of Tom’s activities have fixed durations. Now assume they have PERT distributions with the parameters listed in the file P15_35.xlsx.a. Use @RISK to simulate this
The main concern is when he will complete the project, given that he works only on weekdays. The work proceeds in stages, labeled A through J, as summarized in the table in the file P15_34.xlsx.
To complete an addition to the Business Building, the activities in the file P15_33.xlsx must be completed(all times are in months). Assume that all activity times are normally distributed with the
To build Indiana University’s new law building, the activities in the file P15_32.xlsx must be completed(all times are in months). Assume that all activity times are normally distributed with the
The city of Bloomington is about to build a new water treatment plant. After the plant is designed (D), we can select the site (S), the building contractor (C), and the operating personnel (P). After
When an accounting firm audits a corporation, the first phase of the audit involves obtaining knowledge of the business. This phase of the audit requires the activities listed in the file
Horizon Cable is about to expand its cable TV offerings in Smalltown by adding MTV and other stations.The activities listed in the file P15_29.xlsx must be completed before the service expansion can
A company is planning to manufacture a product that consists of three parts, labeled A, B, and C. The company anticipates that it will take five weeks to design the three parts and determine the way
Consider the (simplified) list of activities and predecessors that are involved in building a house, as shown in the file P15_27.xlsx.a. Draw an AON project network and find the critical path and the
The promoters of a rock concert in Indianapolis must perform the tasks shown in the file P15_26.xlsx before the concert can be held. (All durations are in days.) Draw theAONproject network. Then find
Before a new product can be introduced at Kehls, the activities shown in the file P15_25.xlsx must be completed, where all times are in weeks.a. Draw the AON project network and determine a critical
A company has a project that consists of 11 activities, described in the file P15_24.xlsx. Draw an AON project network and then find the critical path and the minimum number of days required to
What is the mean of this distribution?What are the corresponding values of 1 and2 for the equivalent beta distribution? According to the online help for the generalized beta distribution, its mean
Most of the literature in project scheduling with uncertain activity times advocates the use of the beta distribution for activity times. This is a continuous distribution with four parameters: a
You saw in Chapter 10 how to introduce correlation into an @RISK simulation with RISKCORRMAT functions. We implicitly assumed that the activity durations in Example 15.5 are probabilistically
We indicated in Example 15.5 that the mean project length from the simulation is greater than the project length of 62 days from substituting the mean activity durations (the ones used in earlier
In the model in Example 15.5, suppose bonuses and penalties are incurred for earliness or lateness.Specifically, suppose a bonus of $2000 is received if the project is completed within 60 days, an
Starting with a project schedule where some activities are noncritical, is it ever optimal to crash any of these noncritical activities to meet a given deadline? The idea is that as you keep crashing
In the Monitoring People sheet of the Project Monitoring.xlsx file, we created five tables of daily costs, one for each type of people, and we created a chart for all of these. In each table, the
Then, for example, the cost of reducing the duration of activity H from 12 days to 9 days is c(3) 300(3)2 $2700. Modify the Project Crashing Linear.xlsx model to accommodate this quadratic
This function produces the “increasing cost per day” behavior frequently seen. To try it out in Example 15.3, suppose the crashing cost for activity H, wiring offices, exhibits this quadratic
In the crashing model in Example 15.3, we assumed that the cost per day crashed is constant. This is often unrealistic. For example, it might cost $300 to decrease the duration of an activity from 10
In the model in Example 15.4, suppose each project consists of two activities and the second activity for each project cannot begin until the first activity is completed. Assuming the two activities
Suppose the projects in Example 15.4 are apartment units and the profit is the monthly rent earned from each apartment unit. Assume that rent is paid each month (through month 10) beginning with the
Given the due dates in the previous problem, how would you maximize the number of projects completed on time? (The difference here is that you are ignoring revenues.)
Modify the multiple project-scheduling model in Example 15.4 so that each project has its own due date. These due dates are listed in the file P15_13.xlsx. Assume no revenue is earned unless a
In the LAN crashing model in Example 15.3, suppose that activity D is now an immediate successor to activity C, that is, activity D cannot begin until activity C is finished.Everything else stays the
In the Monitoring Costs sheet of the Project Monitoring.xlsx file, we created two tables of daily costs, one where all activities start at their earliest start times and one where they start at their
Suppose, after doing the analysis in Example 15.2, the project manager sees a problem with the current setup.Activity C, selecting the server, requires five systems people, and activity D, selecting
The “Modeling Issues” section described three alternative types of precedence relationships besides the usual finish-to-start relationship. The following questions ask you to explore the first of
Expanding on the previous problem, there is a third possible approach for finding the project length and the critical path. We already stated that the critical path is the longest path from the Start
We have illustrated the traditional CPM algorithm for finding the project length and the critical path. An alternative method is sometimes used. It sets up a Solver model for finding a feasible
How difficult is it to add new activities to an existing project scheduling model? Answer this question by assuming that there are two other activities, labeled P and Q. Activity P moves selected
The data in Figure 15.5 for the Gantt chart uses the earliest start times for all activities. These could actually be anywhere between the earliest and latest start times without affecting the
In the LAN project, activities C and D can be done concurrently.Suppose instead that activity C is an immediate predecessor of activity D. (Perhaps they use the same employees, and these employees
Use a two-way data table to see how sensitive the project completion time in the LAN project is to the duration of activities E and H (selecting cables and wiring offices). Let the durations of these
Repeat the previous problem, but now keep track of the following outputs in your data table: the project completion time and the slack for each activity. As the duration of activity D changes, do any
Use a one-way data table to see how sensitive the project completion time in the LAN project is to the duration of activity D (selecting software). Let the duration vary from 10 to 16 days in
The file P14_63.xlsx contains data on a motel chain’s revenue and advertising.a. Use these data and multiple regression to make predictions of the motel chain’s revenues during the next four
The Sales2 variable in the file from the previous problem was created from the Sales1 variable by multiplying by monthly seasonal factors. Basically, the summer months are high and the winter months
The file P14_61.xlsx contains five years of monthly data for a company. The first variable is Time (1–60).The second variable, Sales1, has data on sales of a product. Note that Sales1 increases
Pernavik Dairy produces and sells a wide range of dairy products. Because a government regulatory board sets most of the dairy’s costs and prices, most of the competition between the dairy and its

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