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business
project managers

Questions and Answers of Project Managers

Suppose that EZ Trailers can store only a maximum of 300 trailers in any one month. In addition, suppose management would like to have an ending inventory in April of at least 100 units of each
Suppose that EZ Trailers’ storage facilities would accommodate only a maximum of 300 trailers in any one month. What effect would this have on the production schedule?
The production schedule that best achieves the goals as specified by management.
The vice president of Harling Equipment needs to select a new director of marketing. The two possible candidates are Sara Bowers and Kiara Fakier, and the criteria thought to be most relevant in the
An individual was interested in determining which of two stocks to invest in, Central Computing Company (CCC) or Software Research, Inc. (SRI). The criteria thought to be most relevant in making the
A study comparing four laptop computers resulted in the following pairwise comparison matrix for the performance criterion.1 234 1 137 1 /3 2 1 /3 1 4 1 /4 3 1 /4 1 /4 1 1 /6 4 3 4 61a. Determine the
A is strongly more preferable than C. B is equally to moderately more preferable than A. B is strongly more preferable than C. Answer parts (a), (b) and (c) as stated in Problem
Suppose that the individual had stated the following judgements instead of those given in Problem
Refer to Problem
Asked to compare three soft drinks with respect to flavour, an individual stated that: A is moderately more preferable than B. A is equally to moderately more preferable than C. A is strongly more
An organization is investigating relocating its corporate headquarters to one of three possible cities. The following pairwise comparison matrix shows the president’s judgements regarding the
Use the pairwise comparison matrix for the style criterion as shown in Table 14.8 to verify that the priorities after synthesization are 0.265, 0.656 and 0.080. Compute the consistency ratio and
Use the pairwise comparison matrix for the price criterion shown in Table 14.8 to verify that the priorities after synthesization are 0.123, 0.320 and 0.557. Calculate the consistency ratio and
Mr and Mrs Msibi are interested in purchasing a holiday property. The three most preferred are listed along with criteria weights and rating information. Which property is preferred? Ratings Criteria
The Davis family of Bristol, England is planning its annual summer holiday. Three vacation locations along with criteria weights and location ratings follow. What is the recommended holiday
One advantage of using the multicriteria decision-making methods presented in this chapter is that the criteria weights and the decision alternative ratings may be modified to reflect the unique
a. Formulate a goal programming model for this problem.b. Use the goal programming computer procedure illustrated in Section 14.2 to solve the model formulated in part (a).
A committee in charge of promoting a Ladies’ Professional Golf Association tournament is trying to determine how best to advertise the event during the two weeks prior to the tournament. The
Industrial Chemicals produces two adhesives used in the manufacturing process for aeroplanes. The two adhesives, which have different bonding strengths, require different amounts of production time:
The Ruiters’ Manufacturing Company produces two products, which have the following profit and resource requirement characteristics.Characteristic Product 1 Product 2 Profit/unit E4 E2 Dept. A
DJS Investment Services must develop an investment portfolio for a new client. As an initial investment strategy, the new client would like to restrict the portfolio to a mix of two stocks:The client
RMC’s production is constrained by a limited availability of the three raw materials. For the current production period, RMC has the following quantities of each raw material: material 1, 20 tons;
A ton of solvent base is a mixture of 0.5 ton of material 1, 0.2 ton of material 2 and 0.3 ton of material
The RMC Corporation blends three raw materials to produce two products: a fuel additive and a solvent base. Each ton of fuel additive is a mixture of 0.4 ton of material 1 and 0.6 ton of material
Use the analytical hierarchy process.
Develop and solve a scoring model.
Formulate and solve a goal programme.
A risk profile for your recommended strategy.
A decision strategy that Allied should follow if they decide to make Erik a counteroffer of E400
A recommendation regarding whether Allied should accept Erik’s initial offer to settle the claim for E750
A decision tree.
A recommendation as to whether Oceanview should employ the market research firm, along with the value of the information provided by the market research firm.
A decision strategy that Oceanview should follow if the market research is conducted.
A recommendation regarding what Oceanview should do if the market research information is not available.
A decision tree that shows the logical sequence of the decision problem.
A new product has the following profit projections and associated probabilities: Profit 150000 100000 50000 0 -50000 -100000 Probability 0.10 0.25 0.20 0.15 0.20 0.10a. Use the expected value
Zondo Industries is considering purchasing an insurance policy for its new office building in Port Elizabeth. The policy has an annual cost of 10000. If Zondo Industries does not purchase the
A firm has three investment alternatives. The payoff table (in thousands of euros) and associated probabilities are as follows: Economic Condition Investment Up Stable Down d d 100 25 0 75 50 25 d 50
In Problem 16, if P(s) = 0.25, P(52) = 0.50 and P(s) = 0.25, find a recommended decision for each of the three decision makers. Note that for the same decision problem, different utilities can lead
Three decision makers have assessed utilities for the following decision problem (payoff in euros). State of Nature Decision Alternative d dz 20 50 -20 80 100 -100 The indifference probabilities are
What is the efficiency of the information?
The Russo Manufacturing Company must decide whether to manufacture a component part at its Milan plant or purchase the component part from a supplier. The resulting profit is dependent upon the
Suppose that you are given a decision situation with three possible states of nature: s1, s2 and s3. The prior probabilities are P(s1) ¼ 0.2, P(s2) ¼ 0.5 and P(s3) ¼ 0.3. With sample information
Romero’s Department Store faces a buying decision for a seasonal product for which demand can be high, medium or low. The purchaser for Romero’s can order 1, 2 or 3 lots of the product before the
Kotze Publishing Company received a six-chapter manuscript for a new college textbook. The editor of the college division is familiar with the manuscript and estimated a 0.65 probability that the
The probabilities shown at nodes 4, 8 and 9 are based on the projected outcomes of the market research study.a. Verify Dante’s profit projections shown at the ending branches of the decision tree
Node 4 is a chance node showing the possible outcomes of the market research study. Nodes 5, 6 and 7 are similar in that they are the decision nodes for Dante to either build the office complex or
The upper branch from node 2 shows that the company has a 0.8 probability of winning the contract if it submits a bid. If the company wins the bid, it will have to pay E2 000 000 to become a partner
Dante Development Corporation is considering bidding on a contract for a new office building complex. Figure 13.14 shows the decision tree prepared by one of Dante’s analysts. At node 1, the
Consider a variation of the PDC decision tree shown in Figure 13.7. The company must first decide whether to undertake the market research study. If the market research study is conducted, the
The following profit payoff table was presented in Problems 1 and 4.State of Nature Decision Alternative s1 s2 s3 d1 250 100 25 d2 100 100 75 The probabilities for the states of nature are P(s1) ¼
For the PDC problem in Section 13.3, the decision alternative to build the large complex was found to be optimal using the expected value approach. In Section 13.4 we conducted a sensitivity analysis
Scot Air Express decided to offer direct service from Edinburgh to Manchester. Management must decide between a full-price service using the company’s new fleet of jet aircraft and a discount
The following payoff table shows the profit for a decision problem with two states of nature and two decision alternatives.State of Nature Decision Alternative s1 s2 d1 10 1 d2 4 3a. Use graphical
Khan Corporation is considering three options for managing its data processing operation: continuing with its own staff, hiring an outside vendor to do the managing (referred to as outsourcing), or
Suppose that the decision maker obtained the probability assessments P(s1) ¼ 0.65, P(s2) ¼ 0.15, and P(s3) ¼ 0.20. Use the expected value approach to determine the optimal decision. State of
The following profit payoff table was presented in Problem
Khobar Corporation’s decision to produce a new line of recreational products resulted in the need to construct either a small plant or a large plant. The best selection of plant size depends on how
Suppose that a decision maker faced with four decision alternatives and four states of nature develops the following profit payoff table.State of Nature Decision Alternative s1 s2 s3 s4 d1 14 9 10 5
The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature. State of Nature Decision Alternative s1 s2 s3 d1 250 100 25 d2 100
Evaluate the value of perfect information.
Construct and explain a decision tree.
Calculate and explain expected value.
Be sure to note the number of customers Effortless Events is likely to lose due to long customer waiting times with each design alternative
Run the simulation for 1000 customers for each alternative considered. You may want to consider making more than one run with each alternative. [Note: Values from an exponential probability
List the information the spreadsheet simulation model should generate so that a decision can be made on the store design and the desired number of clerks.
Discuss any other recommendations you have that might improve the income for Dunes.
Assuming a 90-day spring golf season, what is the estimate of the added revenue using your recommendation?
Your recommendation as to the best replay option.
Statistical summaries of the revenue expected under each replay option.
Telephone calls come into an airline reservations office randomly at the mean rate of 15 calls per hour. The time between calls follows an exponential distribution with a mean of four minutes. When
Run the Dome simulation for 500 customers. The analytical model in Chapter 11 indicates an average waiting time of three minutes per customer. What average waiting time does your simulation model
The Dome queuing model in Section 11.1 studies the waiting time of customers at its restaurant. Dome's single-channel queuing system has a mean of 0.75 arrivals per minute and a service rate of one
South Central Airlines operates a commuter flight between Munich and Innsbruck. The plane holds 30 passengers, and the airline makes a E100 profit on each passenger on the flight. When South Central
The normal probability distribution is assumed to be a good description of the demand.a. Create a worksheet similar to the inventory worksheet in Figure 12.7. Include columns showing demand, sales,
The variable cost, which includes material, labour and shipping costs, is E34 per doll. During the holiday selling season, Baba will sell the dolls for E42 each. If Baba overproduces the dolls, the
In preparing for the upcoming holiday season, Baba Toy Company designated a new doll called Nora. The fixed cost to produce the doll is E100
If the building contractor would like to bid such that the probability of winning the bid is about 0.80, what bid would you recommend? Repeat the simulation process with bids of E775 000 and E785 000
A building contractor is preparing a bid on a new construction project. Two other contractors will be submitting bids for the same project. Based on past bidding practices, bids from the other
The variable cost for the product is uniformly distributed between E16 and E24 per unit. The product will sell for E50 per unit. Demand for the product is best described by a normal probability
Develop a worksheet simulation for the following problem. The management of Madeira Manufacturing Company is considering the introduction of a new product. The fixed cost to begin the production of
The management of Jacobsen Corporation is interested in using simulation to estimate the profit per unit for a new product. Probability distributions for the purchase cost, the labour cost and the
A project has four activities (A, B, C and D) that must be performed sequentially. The probability distributions for the time required to complete each of the activities are as follows: Activity
A variety of routine maintenance checks are made on commercial aeroplanes prior to each takeoff. One particular maintenance check of an aeroplane’s landing gear requires between ten and 18 minutes
The price of a share of a particular stock listed on the Frankfurt Stock Exchange is currently E39. The following probability distribution shows how the price per share is expected to change over a
A retail store experiences the following probability distribution for sales of a product.Sales (units) 0123456 Probability 0.08 0.12 0.28 0.24 0.14 0.10 0.04a. Set up intervals of random numbers that
Use the random numbers 0.3753, 0.9218, 0.0336, 0.5145 and 0.7000 to generate five simulated values for the PortaCom direct labour cost per unit.
The variable cost for the product is expected to be between E16 and E24 with a most likely value of E20 per unit. The product will sell for E50 per unit. Demand for the product is expected to range
The management of Madeira Manufacturing Company is considering the introduction of a new product. The fixed cost to begin the production of the product is E30
Consider the PortaCom project discussed in Section 12.1a. An engineer on the product development team believes that first-year sales for the new printer will be 20 000 units. Using estimates of E45
Build a simulation model.
Explain the principles of simulation modelling.
What are the annual savings of your recommendation in part (6) compared to the planning committee’s proposal that 30 customers will require three service technicians? Assume 250 days of operation
What is your recommendation for the number of service technicians to hire when OEI expands to 30 customers? Use the information that you developed in part (4) to justify your answer.
What is your recommendation for the number of service technicians to hire when OEI expands to 20 customers? Use the information that you developed in part (4) to justify your answer.
OEI is satisfied that one service technician can handle the ten existing customers. Use a queuing system model to determine the following information: l Probability that no customers are in the
Queuing system models generally assume that the arriving customers are in the same location as the service facility. Discuss the OEI situation in light of the fact that a service technician travels
What is the mean service rate in terms of the number of customers per hour? Note that the average travel time of one hour becomes part of the service time because the time that the service technician
What is the mean arrival rate for each customer per hour?
The telephone arrival data presented are for the 10:00 A.M. to 11:00 A.M. time period; however, the arrival rate of incoming calls is expected to change from hour to hour. Describe how your waiting

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