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quantitative analysis for management

Questions and Answers of Quantitative Analysis For Management

=8. A deterministic model is one in whicha. there is some uncertainty about the parameters used in the model.b. there is a measurable outcome.c. all parameters used in the model are known with
=9. The term algorithma. is named after Algorismus.b. is named after a ninth-century Arabic mathematician.c. describes a series of steps or procedures to be repeated.d. all of the above.
=11. Decision variables area. controllable.b. uncontrollable.c. parameters.d. constant numerical values associated with any complex problem.
=1-1 What is the difference between quantitative and qualitative analysis? Give several examples.
=1-2 Define quantitative analysis. What are some of the organizations that support the use of the scientific approach?
=1-3 What are the three categories of business analytics?
=1-4 What is the quantitative analysis process? Give several examples of this process.
=1-7 List some sources of input data.
=1-8 What is implementation, and why is it important?
=1-9 Describe the use of sensitivity analysis and postoptimality analysis in analyzing the results.
=1-11 Why do you think many quantitative analysts don’t like to participate in the implementation process?What could be done to change this attitude?
=1-12 Should people who will be using the results of a new quantitative model become involved in the technical aspects of the problem-solving procedure?
=1-14 What is the break-even point? What parameters are necessary to find it?
=1-17 Ray Bond, from Problem 1-16, is trying to find a new supplier that will reduce his variable cost of production to $15 per unit. If he was able to succeed in reducing this cost, what would the
=1-21 Mysti Farris (see Problem 1-20) is considering raising the selling price of each cue to $50 instead of$40. If this is done while the costs remain the same, what would the new break-even point
= 1-22 Mysti Farris (see Problem 1-20) believes that there is a high probability that 120 pool cues can be sold if the selling price is appropriately set. What selling price would cause the
=1-25 Zoe Garcia is the manager of a small office support business that supplies copying, binding, and other services for local companies. Zoe must replace a worn-out copy machine that is used for
=(a) What is the break-even point for each machine?
=(b) If Zoe expects to make 10,000 copies per month, what would be the cost for each machine?
=(c) If Zoe expects to make 30,000 copies per month, what would be the cost for each machine?
=(d) At what volume (the number of copies) would the two machines have the same monthly cost?What would the total revenue for this number of copies?
=1. Prepare a brief report with the items noted so it is ready for Dr. Starr at the next meeting.
=1. If only one event may occur on any one trial, then the events are said to bea. independent.b. exhaustive.c. mutually exclusive.d. continuous.
=10. The probability of two or more independent events occurring is thea. marginal probability.b. simple probability.c. conditional probability.d. joint probability.e. all of the above.
=14. If P(A) = 0.4 and P(B) = 0.5 and P(A and B)= 0.2, then P(B|A) =a. 0.80.b. 0.50.c. 0.10.d. 0.40.e. none of the above.
=15. If P(A) = 0.4 and P(B) = 0.5 and P(A and B)= 0.2, then P(A or B) =a. 0.7.b. 0.9.c. 1.1.d. 0.2.e. none of the above.
=2-1 What are the two basic laws of probability?
=2-2 What is the meaning of mutually exclusive events?What is meant by collectively exhaustive? Give an example of each.
=2-3 Describe the various approaches used in determining probability values.
=2-4 Why is the probability of the intersection of two events subtracted in the sum of the probability of two events?
=2-5 Describe what it means for two events to be independent.
=2-6 What is Bayes’ theorem, and when can it be used?
=2-8 What is a random variable? What are the various types of random variables?
=2-10 What is the expected value, and what does it measure? How is it computed for a discrete probability distribution?
=2-11 What is the variance, and what does it measure? How is it computed for a discrete probability distribution?
=2-12 Name three business processes that can be described by the normal distribution.
=2-14 A student taking Management Science 301 at East Haven University will receive one of the five possible grades for the course: A, B, C, D, or F. The distribution of grades over the past 2 years
= 2-24 The Boston South Fifth Street Softball League consists of three teams: Mama’s Boys, team 1; the Killers, team 2; and the Machos, team 3. Each team plays the other teams just once during
= 2-28 Compute the probability of “loaded die, given that a 3 was rolled,” as shown in the example in Section 2.3, this time using the general form of Bayes’ theorem from Equation 2-5.
= 2-31 What are the expected value and variance of the following probability distribution?RANDOM VARIABLE X PROBABILITY 1 0.05 2 0.05 3 0.10 4 0.10 5 0.15 6 0.15 7 0.25 8 0.15
=2-44 Using the data in Problem 2-43, determine the probability of more than 3 visits for emergency room service on any given day.
= 2-45 Cars arrive at Carla’s Muffler shop for repair work at an average of 3 per hour, following an exponential distribution.
=(a) What is the expected time between arrivals?
=(b) What is the variance of the time between arrivals?
= 2-48 Policy Pollsters is a market research firm specializing in political polls. Records indicate in past elections, when a candidate was elected, Policy Pollsters had accurately predicted this
= 2-51 Use the F table in Appendix D to find the value of F for the upper 5% of the F distribution with(a) df1 = 5,df2 = 10(b) df1 = 8, df2 = 7(c) df1 = 3, df2 = 5(d) df1 = 10, df2 = 4
= 2-52 Use the F table in Appendix D to find the value of F for the upper 1% of the F distribution with(a) df1 = 15, df2 = 6(b) df1 = 12, df2 = 8(c) df1 = 3, df2 = 5(d) df1 = 9, df2 = 7
= 2-53 For each of the following F values, determine whether the probability indicated is greater than or less than 5%:(a) P(F 3,4 > 6.8)(b) P(F 7,3 > 3.6)(c) P(F 20,20 > 2.6)(d) P(F 7,5 > 5.1)(e)
=2-54 For each of the following F values, determine whether the probability indicated is greater than or less than 1%:(a) P(F 5,4 > 14)(b) P(F 6,3 > 30)(c) P(F 10,12 > 4.2)(d) P(F 2,3 > 35)(e) P(F
=2-56 w, calls to the toll-free reservation number of the Nite Time Inn arrive at a rate of 5 per minute. It has been determined that the number of calls per minute can be described by the Poisson
= 2-58 Panda, a volleyball player at a management institute misreads another player, Rajeev’s services. Panda treats Rajeev’s services as out when in fact they are good with a probability of
= 2-59 Kissan Bank has hired P. Chowdari, a business analytics expert. On studying transaction data for a period of six months, Chowdari declared that the number of banker’s check (BCs) issued
=1. What are the chances of getting 15 days of rain during the next 30 days?
=2. What do you think about Joe’s assumptions concerning the weather for the next 30 days?
=1. What is the probability of the Rajasthan Raiders winning their next game?
=2. What is the probability that either the Rajasthan Raiders or the Chennai Peacocks will win their next game?
=3. What is the probability that the Bangalore team will lose their next two games?
=4. A series at home is considered a distinct advantage for the national team. The cricket teams in league cricket now comprise of players from many cricket playing nations.Does playing on the home
=5. Redo partd) for Rajasthan Raiders.
=6. Redo partd) for the Chennai Peacocks.?
=7. How does your mid-tournament probability estimates compare with the final outcomes in Table 2.12?
=6. Julia Day has been told that developing the legal documents for each fundraising alternative is expensive. Julia would like to offer alternatives for both risk-averse and risk-seeking investors.
=1. Does Steve need additional information from Iverstine and Walker?
=5. Peter Metarko is extremely optimistic about the market for the new baby food. What is your advice for Pete?
=4. George Yates believes that there is an equally likely chance for success. What is your recommendation?
=2. What would you recommend?
=What is your advice to Lila?
=While she believes that Julia has a good chance of being successful, Lila is a risk avoider and very conservative.
=3. Lila Battle has decided to invest in Starting Right.
=2. Ray Cahn, who is currently a commodities broker, is also considering an investment , although he believes that there is only an 11% chance of success. What do you recommend?
=1. Sue Pansky, a retired elementary school teacher, is considering investing in Starting Right. She is very conservative and is a risk avoider. What do you recommend?
=(f) Compute the expected utility given the following utility table. Does this utility table represent a risk seeder or a risk avoider?MONETARY VALUE UTILITY$100,000 1$80,000 0.9$0 0.8-$20,000
=(e) Using the data in this problem and the following utility table, compute the expected utility. Is this the curve of a risk seeker or a risk avoider?MONETARY VALUE UTILITY$100,000 1$80,000 0.4$0
=3-54 Sue Reynolds has to decide if she should get information (at a cost of $20,000) to invest in a retail store. If she gets the information, there is a 0.6 probability that the information will
=3-52 The Jamis Corporation is involved with waste management. During the past 10 years it has become one of the largest waste disposal companies in the Midwest, serving primarily Wisconsin,
=3-49 In this chapter, a decision tree was developed for John Thompson (see Figure 3.5 for the complete decision tree analysis). After completing the analysis, John was not completely sure that he
=3-45 Jim Sellers has been able to estimate his utility for a number of different values. He would like to use these utility values in making the decision in Problem 3-44: U(−$80,000) = 0,
=3-43 A financial advisor has recommended two possible mutual funds for investment. Fund A and Fund B. The return that will be achieved by each of these depends on whether the economy is good, fair,
=3-32 Refer to the leasing decision facing Bevely Mills in Problem 3-31. Develop the opportunity loss table for this situation. Which option would be chosen based on the minimax regret criterion?
=3-31 Beverly Mills has decided to lease a hybrid car to save on gasoline expenses and to do her part to help keep the environment clean. The car she selected is available from only one dealer in
=3-30 Even though independent gasoline stations have been having a difficult time, Susan Solomon has been thinking about starting her own independent gasoline station. Susan’s problem is to decide
=3-29 Mick Karra is the manager of MCZ Drilling Products, which produces a variety of specialty valves for oil field equipment. Recent activity in the oil fields has caused demand to increase
=3-24 Today’s Electronics specializes in manufacturing modern electronic components. It also builds the equipment that produces the components. Phyllis Weinberger, who is responsible for advising
=3-20 Mickey Lawson is considering investing some money that he inherited. The following payoff table gives the profits that would be realized during the next year for each of three investment
=3-17 Kenneth Brown is the principal owner of Brown Oil, Inc. After quitting his university teaching job, Ken has been able to increase his annual salary by a factor of over 100. At the present
=3-16 What is a risk seeker? What is a risk avoider? How does the utility curve for these types of decision makers differ?
=3-15 How is a utility curve used in selecting the best decision for a particular problem?
=3-14 Briefly discuss how a utility function can be assessed. What is a standard gamble, and how is it used in determining utility values?
=3-13 What is the overall purpose of utility theory?
=3-12 How is the efficiency of sample information computed?
=3-11 What is the EVSI? How is this computed?
=3-10 What is the purpose of Bayesian analysis? Describe how you would use Bayesian analysis in the decisionmaking process.
=3-9 What is the difference between prior and posterior probabilities?
=3-8 Describe how you would determine the best decision using the EMV criterion with a decision tree.
=3-7 What information should be placed on a decision tree?
=3-6 Define opportunity loss. What decision-making criteria are used with an opportunity loss table?
=3-3 What is an alternative? What is a state of nature?
=3-2 Describe what is involved in the decision process.
=16. If a rational person selects an alternative that does not maximize the EMV, we would expect that this alternativea. minimizes the EMV.b. maximizes the expected utility.c. minimizes the expected
=5. The minimum expected opportunity loss isa. equal to the highest expected payoff.b. greater than the expected value with perfect information.c. equal to the expected value with perfect

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