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quantitative analysis for management

Questions and Answers of Quantitative Analysis For Management

=4. Which of the following is a decision-making criterion that is used for decision making under risk?a. expected monetary value criterionb. Hurwicz criterion (criterion of realism)c. optimistic
=3. If probabilities are available to the decision maker, then the decision-making environment is calleda. certainty.b. uncertainty.c. risk.d. none of the above.
The initial values for the state probabilitiesa. are always greater than the equilibrium state probabilities.b. are always less than the equilibrium state probabilities.c. do not influence the
A state probability where equilibrium has been reached is calleda. state probability.b. prior probability.c. steady state probability.d. joint probability.
A state that cannot be left once entered is calleda. transient.b. recurrent.c. absorbing.d. steady.
In Markov analysis, the________________ allows us to get from a current state to a future state.
In Markov analysis, we assume that the state probabilities are both ________________and ________________.
The________________ is the probability that the system is in a particular state.
Alan Resnik, a friend of Ray Cahnman, bet Ray $5 that Ray’s car would not start 5 days from now (see Problem 14-8).(a) What is the probability that it will not start 5 days from now if it started
Draw a tree diagram to illustrate what the market shares would be next month for Problem 14-10.
Resolve Problem 14-12(Goodeating Dog Chow) for five periods.
Hervis Rent-A-Car has three car rental locations in the greater Houston area: the Northside branch, the West End branch, and the Suburban branch. Customers can rent a car at any of these places and
A study of accounts receivable at the A&W Department Store indicates that bills are current, 1 month overdue, 2 months overdue, written off as bad debts, or paid in full. Of those that are current,
The cellular phone industry is very competitive. Two companies in the greater Lubbock area, Horizon and Local Cellular, are constantly battling each other in an attempt to control the market. Each
The personal computer industry is very fast moving, and technology provides motivation for customers to upgrade with new computers every few years.Brand loyalty is very important, and companies try
Set up both the vector of state probabilities and the matrix of transition probabilities given the following information:• Store 1 currently has 40% of the market; store 2 currently has 60% of the
Find p122 for Problem 14-24.Problem 14-24Set up both the vector of state probabilities and the matrix of transition probabilities given the following information:• Store 1 currently has 40% of the
Find the equilibrium conditions for Problem 14-24.Explain what it means.
As a result of a recent survey of students at the University of South Wisconsin, it was determined that the university-owned bookstore currently has 40%of the market. (See Problem 14-14.) The other
The first quick-oil-change store in Problem 14-28 retains 73% of its market share. This represents a probability of 0.73 in the first row and first column of the matrix of transition probabilities.
An airline company tracks the number of bags that are lost each day. This is best monitored by which of the following control charts?a. x-bar chartb. R-chartc. p-chartd. c-chart
If a process has only random variations (it is in control), then 95.5% of the time the sample averages will fall withina. 1 standard deviation of the population mean.b. 2 standard deviations of the
Define total quality management (TQM) and list some of its uses.
Why does dispersion need to be taken into account?
Small boxes of NutraFlakes cereal are labeled “net weight 10 ounces.” Each hour, random samples of size n = 4 boxes are weighed to check process control. Five hours of observations yielded the
Due to the poor quality of various semiconductor products used in their manufacturing process, Microlaboratories has decided to develop a QC program.Because the semiconductor parts they get from
As noted in Problem 15-21, wire bond pull strengths for U.S. defense contractors are tested according to MIL-STD-883. In addition to nondestructive testing, destructive testing is also employed. A
Simulation can use any probability distribution that the user defines; it does not require standard distributions.a. Trueb. False
The Monte Carlo simulation was developed bya. John von Neumann.b. Eric von Brock.c. P.K. Poisson.d. J.D. Monte Carlo.
Simulation can be effectively used in manya. inventory problems.b. plant layout problems.c. maintenance policy problems.d. sales forecasting problems.e. all of the above.
The average number of customers in the system in the single-channel, single-phase model described in Section 12.4 isShow that for m = 1 server, the multichannel queuing model in Section 12.5,is
An infinite calling population occurs when the likelihood of a new arrival depends upon the number of past arrivals.a. Trueb. False
In queuing problems, the number of arrivals per unit of time can frequently be estimated by a probability distribution known as the Poisson distribution.a. Trueb. False
The basic Kendall notation is based on arrival time distribution, service time distribution, and cost characteristics.a. Trueb. False
The utilization factor is defined as thea. percent of time the system is idle.b. average percent of time the customers wait in line.c. average time the service system is open.d. percent of time that
A queuing system described as M>D>2 would havea. exponential service times.b. two queues.c. constant service times.d. constant arrival rates.
Lines at banks where customers wait for a teller window are usually representative of aa. single-channel, multiphase system.b. single-channel, single-phase system.c. multichannel, multiphase
When waiting time is based on time in the queue, which of the following is the correct equation for total cost?a. mCs 1 lWCwb. mCw 1 lWCsc. mCs 1 lWqCsd. mCs 1 lWqCwe. mCw 1 lWqCs
Which of the following is not true about arrivals?a. Random arrivals are independent of each other.b. Random arrivals cannot be predicted exactly.c. Service times often follow the negative
A suburban specialty restaurant has developed a single drive-through window. Customers order, pay, and pick up their food at the same window. Arrivals follow a Poisson distribution, while service
Customers enter the waiting line at a cafeteria on a first-come, first-served basis. The arrival rate follows a Poisson distribution, while service times follow an exponential distribution. If the
In the standard queuing model, we assume that the queue discipline is ____________________.
Truck drivers working for Juhn and Sons (see Problems 12-19 and 12-20) are paid a salary of $20 per hour on average. Fruit loaders receive about $12 per hour. Truck drivers waiting in the queue or at
Juhn (of Problem 12-19) is considering building a second platform or gate to speed the process of loading the fruit trucks. This, he thinks, will be even more efficient than simply hiring another
Billy’s Bank is the only bank in a small town in Arkansas. On a typical Friday, an average of 10 customers per hour arrives at the bank to transact business. There is one single teller at the bank,
Refer to the Billy’s Bank situation in Problem 12-24.Billy is considering adding a second teller (who would work at the same rate as the first) to reduce the waiting time for customers, and he
For the Billy’s Bank situation in Problems 12-24 and 12-25, the salary and benefits for a teller would be$12 per hour. The bank is open 8 hours each day.It has been estimated that the waiting time
When additional band members arrived to help at the car wash (see Problem 12-32), it was decided that two cars should be washed at a time instead of just the one. Both work crews would work at the
Upon arrival at the Sunkist Gate at Naval Base Ventura County in Port Hueneme, California, there are two security guards, each assigned to one of the two vehicular lanes that lead up to the gate, to
An operator processes jobs on a first-come, firstserved basis. The jobs have Poisson arrival rates, with an average of 6 minutes between arrivals. The objective is to process these jobs so that they
During peak times, the entry gate at a large amusement park experiences an average arrival of 500 customers per minute, according to a Poisson distribution.The average customer requires 4 seconds to
Mr. Fetterolf (see Problem 12-38) is considering changing the queuing characteristics of his shop.Instead of selecting a number for the first available barber, a customer will be able to select which
In Markov analysis, we also assume that the states area. collectively exhaustive.b. mutually exclusive.c. independent.d.a. and b.
A collection of all state probabilities for a given system at any given period of time is called thea. matrix of transition probabilities.b. vector of state probabilities.c. fundamental matrix.d.
In Markov analysis, it is assumed that states are both mutually exclusive and collectively exhaustive.a. Trueb. False
At equilibrium,a. state probabilities for the next period equal the state probabilities for this period.b. the state probabilities are all equal to each other.c. the matrix of transition
Markov analysis is a technique that deals with the probabilities of future occurrences bya. using the simplex solution method.b. analyzing currently known probabilities.c. statistical sampling.d. the
Why must the sum of the row probabilities always be equal to 1?
Andy Lange, president of the University of South Wisconsin, is concerned with the declining business at the University Book Store. (See Problem 14-14 for details.) The students tell him that the
The following digraph represents the changes in weather from one day to the next in Erie, Pennsylvania.Determine the associated transition matrix and the probability that it will be cloudy in 3 days
Lulu is a surfer who lives in Conway, South Carolina.Through experience, she has determined the transition probabilities for surf conditions from any one day to the next at nearby North Myrtle
Simulation models are designed to generate optimal solutions, which can then be applied to real-world situations.a. Trueb. False
Simulation models are limited to using standard probability distributions such as Poisson, exponential, normal, etc.a. Trueb. False
The process of comparing a model to the real system that it represents to make sure it is accurate is calleda. validation.b. verification.c. simulation.d. experimentation.
The process of determining that a computer model is internally consistent and following the logic of the conceptual model is calleda. validation.b. verification.c. simulation.d. experimentation.
Which of the following is not an advantage of simulation?a. It allows for the study of what-if questions.b. Each simulation model is unique.c. It allows the study of interaction of components or
In assigning random numbers in a Monte Carlo simulation,a. it is important to develop a cumulative probability distribution.b. it is important to use a normal distribution for all variables
The idea behind simulation isa. to imitate a real-world situation.b. to study the properties and operating characteristics of a real-world situation.c. to draw conclusions and make action decisions
Simulations do not interfere with the real-world system.This is one of the reasons for their popularity.Explain.
What are the basis of and the prerequisites for every Monte Carlo simulation model? Explain and illustrate their rationale.
In which way are probability distributions for variables selected?
In the simulation of an order policy for drills at Simkin’s Hardware, would the results (Table 13.8)change significantly if a longer period were simulated?Why is the 10-day simulation valid or
Clark Property Management is responsible for the maintenance, rental, and day-to-day operation of a large apartment complex on the east side of New Orleans. George Clark is especially concerned about
The number of cars arriving per hour at Lundberg’s Car Wash during the past 200 hours of operation is observed to be the following:(a) Set up a probability and cumulative probability distribution
Compute the expected number of cars arriving in Problem 13.15 using the expected value formula. Compare this with the results obtained in the simulation.
Refer to the data in Solved Problem 13.1, which deals with Higgins Plumbing and Heating. Higgins has now collected 100 weeks of data and finds the following distribution for sales:(a) Resimulate the
An increase in the size of the barge-unloading crew at the Port of New Orleans (see Section 13.4) has resulted in a new probability distribution for daily unloading rates. In particular, Table 13.10
Every home football game for the past 8 years at Eastern State University has been sold out. The revenues from ticket sales are significant, but the sale of food, beverages, and souvenirs has
Refer to Problem 13.19. Suppose the sale of football programs described by the probability distribution in that problem applies only to days when the weather is good. When poor weather occurs on the
Repeat the simulation in Problem 13.21, assuming that the reorder point is 4 units rather than 2.Compare the costs for these two situations.
Draw a flow diagram to represent the logic and steps of simulating barge arrivals and unloadings at the Port of New Orleans (see Section 13.4). For a refresher in flowcharts, see Figure 13.3.
Stephanie Robbins is the Three Hills Power Company management analyst assigned to simulate maintenance costs. In Section 13.5, we describe the simulation of 15 generator breakdowns and the repair
The Brennan Aircraft Division of TLN Enterprises operates a large number of computerized plotting machines. For the most part, the plotting devices are used to create line drawings of complex wing
The Pelnor Corporation is the nation’s largest manufacturer of industrial-size washing machines. A main ingredient in the production process is 8- by 10-foot sheets of stainless steel. The steel is
Coleman Tucker, a neurology intern at Morgantown University (MU), has been having problems balancing his checkbook. His monthly income is derived from a graduate research assistantship; however, he
A local computer store is running a sale on the first 99 flat panel monitors it sells. There is an equal chance of 0–99 units being sold. Each monitor costs$250 and makes a profit of $10 upon sale,
Milwaukee’s General Hospital has an emergency room that is divided into six departments: (1) the initial exam station, to treat minor problems or make diagnoses; (2) an x-ray department; (3) an
Management of the First Syracuse Bank is concerned about a loss of customers at its main office downtown. One solution that has been proposed is to add one or more drive-through teller stations to
Which of the following is not a popular definition of quality?a. Quality is the totality of features and characteristics of a product or service that bears on its ability to satisfy stated or implied
x-charts indicate changes ina. variation.b. central tendency.c. natural variations.d. number of defects.
The p-chart would be useful when wea. take a number of measurements and compute the average.b. take a number of measurements and compute the ranges.c. find the fraction of a production lot
A p-chart is based on which of the following probability distributions?a. Poissonb. Binomialc. Uniformd. Exponential
A c-chart is based on which of the following probability distributions?a. Poissonb. Binomialc. Uniformd. Exponential
Variations that usually occur in a process are calleda. process variations.b. natural variations.c. control variations.d. assignable variations.
When receiving a shipment from a supplier, an inspection must be done to check the fraction of defective products.This is best monitored by which of the following control charts?a. x-bar chartb.
Why are x- and R-charts usually used hand in hand?
How is the calculation of control limits often performed in practice?
Every commercial airline pilot visually inspects his/her airplane before flying. If the number of visible defects (known as marks) exceeds a certain prescribed limit, the pilot can call for
PERT/Cost allows a manager to do which of the following?a. Planb. Schedulec. Monitord. Controle. All the above
Which of the following statements about PERT are true?a. It assumes that we do not know ahead of time what activities must be completed.b. It assumes that activity time estimates follow the normal

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