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quantitative analysis for management

Questions and Answers of Quantitative Analysis For Management

The earliest start time for an activity is equal toa. the largest EF of the immediate predecessors.b. the smallest EF of the immediate predecessors.c. the largest ES of the immediate predecessors.d.
The expected time in PERT isa. a weighted average of the most optimistic time, most pessimistic time, and four times the most likely time.b. the modal time of a beta distribution.c. a simple average
Slack time in a network is thea. amount of time that an activity would take assuming very unfavorable conditions.b. shortest amount of time that could be required to complete the activity.c. amount
The standard deviation for the PERT project is approximatelya. the square root of the sum of the variances along the critical path.b. the sum of the critical path activity standard deviations.c. the
The critical path isa. the shortest path in a network.b. the longest path in a network.c. the path with the smallest variance.d. the path with the largest variance.e. none of the above.
Which of the following is not a decision variable when formulating the project crashing problem as a linear program?a. The early finish times of critical activitiesb. The early finish times of
PERT stands for ______________ .
Project crashing can be performed using a ______________.
The latest start time minus the earliest start time is called the______________ time for any activity.18. The percent of project completed, value of work completed, and actual activity costs are used
What are the steps and procedures common to both PERT and CPM?
Sid Davidson is the personnel director of Babson and Willcount, a company that specializes in consulting and research. One of the training programs that Sid is considering for the middle-level
Sid Davidson was able to determine the activity times for the leadership training program. He would like to determine the total project completion time and the critical path(s). The activity times
A political campaign manager must coordinate several activities in order to be prepared for an upcoming election. The following table describes the relationships among the activities that need to be
Jean Walker is making plans for spring break at the beaches in Florida. In applying techniques she learned in her quantitative methods class, she has identified the activities that are necessary to
The following are the activity times for the project in Problem 11-16. Find the earliest, latest, and slack times for each activity. Then find the critical path. ACTIVITY TIME (DAYS) A 3 3 B C D E F
Monohan Machinery specializes in developing weed-harvesting equipment that is used to clear small lakes of weeds. George Monohan, president of Monohan Machinery, is convinced that harvesting weeds is
After consulting with Butch Radner, George Monohan was able to determine the activity times for constructing the weed-harvesting machine to be used on narrow rivers. George would like to determine
Tom Schriber, the director of personnel of Management Resources, Inc., is in the process of designing a program that its customers can use in the job-finding process. Some of the activities include
Fred Ridgeway has been given the responsibility of managing a training and development program. He knows the earliest start time, the latest start time, and the total cost for each activity. This
General Foundry’s project crashing data are shown in Table 11.9. Crash this project to 13 weeks using CPM.What is the final time for each activity after crashing?
Bowman Builders manufactures steel storage sheds for commercial use. Joe Bowman, president of Bowman Builders, is contemplating producing sheds for home use. The activities necessary to build an
The Bender Construction Co. is involved in constructing municipal buildings and other structures that are used primarily by city and state municipalities.This requires developing legal documents,
Dream Team Productions was in the final design phases of its new film, Killer Worms, to be released next summer. Market Wise, the firm hired to coordinate the release of Killer Worms toys, identified
The following costs have been estimated for the activities in a project:(a) Develop a cost schedule based on earliest start times.(b) Develop a cost schedule based on latest start times.(c) Suppose
The managing partner of the Scott Corey accounting firm (see Problem 11-34) has decided that the system must be up and running in 16 weeks. Consequently, information about crashing the project was
The L. O. Gystics Corporation is in need of a new regional distribution center. The planning for this project is in the early stages, but the activities have been identified, along with their
The Laurenster Corporation needs to perform the tasks in the following list. Develop the associated PERT network diagram, and determine the probability that the project will be complete in 16 weeks
The Laurenster Corporation has determined the client will pay it a $10,000 bonus if it completes the project in Problem 11-37 in 14 weeks or less.The associated normal times and costs as well as the
Which of the following statements is true regarding a scatter diagram?a. It provides very little information about the relationship between the regression variables.b. It is a plot of the independent
A reference to the criterion used to select the regression line, to minimize the squared distances between the estimated straight line and the observed values is calleda. mean square error.b. sum of
The sum of squared error (SSE) isa. a measure of the total variation in Y about the mean.b. a measure of the total variation in X about the mean.c. a measure of the variation of Y about the
Which of the following equations is correct?a. SST = SSR + SSEb. SSR = SST + SSEc. SSE = SSR + SSTd. SST = SSC + SSR
A dummy variable is also called a(n)a. indicator variable.b. dependent variable.c. continuous variable.d. response variable.
One of the assumptions in regression analysis is thata. the errors are independent.b. the errors are not normally distributed.c. the errors have a standard deviation of zero.d. the errors have an
What is the purpose and structure of a scatter diagram?
What assumptions are necessary about a regression model’s errors to determine its usefulness?
Explain the pitfalls of regression analysis.
Discuss the relationship between r2 and adjusted r2.
How can you build a linear model from a nonlinear relationship?
Explain how a statistically significant relationship may not be practical for a management decision.
An air conditioning and heating repair firm conducted a study to determine if the average outside temperature could be used to predict the cost of an electric bill for homes during the winter months
The operations manager of a musical instrument distributor feels that demand for a particular type of guitar may be related to the number of YouTube views for a music video by the popular rock group
Using the data in Problem 4-10, test to see if there is a statistically significant relationship between sales and YouTube views at the 0.05 level of significance.Use the formulas in this chapter and
The management of Early Bloom, a large elementary school, is reevaluating its teachers’ salaries. They have hired a researcher to use regression analysis to predict teachers’ mean salaries at
Accountants at the firm Walker and Walker believed that several traveling executives submit unusually high travel vouchers when they return from business trips. The accountants took a sample of 200
Use the data in Problem 4-22 and develop a regression model to predict selling price based on the square footage and number of bedrooms. Use this to predict the selling price of a 2,000-square-foot
Use the data in Problem 4-22 and develop a regression model to predict selling price based on the square footage, number of bedrooms, and age. Use this to predict the selling price of a 10-year-old,
The total expenses of a hospital are related to many factors. Two of these factors are the number of beds in the hospital and the number of admissions. Data were collected on 14 hospitals, as shown
Use the data in Problem 4-26 to develop a multiple linear regression model. How does this compare with each of the models in Problem 4-26?
Use the data in Problem 4-26 to find the best quadratic regression model. (There is more than one to consider.) How does this compare to the models in Problems 4-26 and 4-27?
A sample of nine public universities and nine private universities was taken. The total cost for the year(including room and board) and the median SAT score (maximum total is 2400) at each school
Which of the following are types of integer programming?a. Pureb. Mixedc. Zero-oned. All of the above
The concept of a local optimum is associated to which of the following?a. Mixed integer programmingb. Integer programmingc. Linear programmingd. Nonlinear programming
A quadratic programming problem involves which of the following conditions?a. Squared terms in the objective function and linear constraintsb. Linear objective function and squared terms in the
The three types of integer programs are pure integer programming, impure integer programming, and 0–1 integer programming.a. Trueb. False
In goal programming, the goal is to drive the deviational variables in the objective function as close to zero as possible.a. Trueb. False
In goal programming, the deviational variables have the same objective function coefficients as the surplus and slack variables in a normal linear program.a. Trueb. False
Goal programming, while able to handle multiple objectives, is unable to prioritize these objectives.a. Trueb. False
A capital budgeting problem involving the selection of possible projects under budget constraints is solved by which of the following?a. Mixed-integer programmingb. 0–1 integer programmingc. Goal
Assignment problems previously solved by linear programming techniques are also examples ofa. pure-integer programming problems.b. mixed-integer programming problems.c. zero-one integer programming
Goal programming is characterized bya. all maximization problems.b. setting of lower and upper bounds.c. the fact that deviation from a high-priority goal must be minimized before the
Which of the following is a category of mathematical programming techniques that does not assume linearity in the objective function and/or constraints?a. Integer programsb. Goal programming
Which of the following are NLP problems, and why?Are any of these quadratic programming problems? (a) Maximize profit = 3X +5X2 + 99X3 subject to X = 10 X 5 X3 18
Elizabeth Bailey is the owner and general manager of Princess Brides, which provides a wedding planning service in southwestern Louisiana. She uses radio advertising to market her business. Two types
A group of college students is planning a camping trip during the upcoming break. The group must hike several miles through the woods to get to the campsite, and anything that is needed on this trip
An airline owns an aging fleet of Boeing 737 jet airplanes.It is considering a major purchase of up to 17 new Boeing model 787 and 767 jets. The decision must take into account numerous cost and
Trapeze Investments is a venture capital firm that is currently evaluating six different investment opportunities.There is not sufficient capital to invest in all of these, but more than one will be
Horizon Wireless, a cellular telephone company, is expanding into a new era. Relay towers are necessary to provide wireless telephone coverage to the different areas of the city. A grid is
Innis Construction Company specializes in building moderately priced homes in Cincinnati, Ohio. Tom Innis has identified eight potential locations to construct new single-family dwellings, but he
Refer to the real estate investment situation in Problem 10-17.(a) Suppose that the shopping center and the apartment complex would be on adjacent properties and that the shopping center would be
The campaign manager for a politician who is running for reelection to a political office is planning the campaign. Four ways to advertise have been selected:TV ads, radio ads, billboards, and social
Major Bill Bligh, director of the Army War College’s new 6-month attaché training program, is concerned about how the 20 officers taking the course spend their precious time while in his charge.
During the busiest season of the year, Green-Gro Fertilizer produces two types of fertilizers. The standard type (X) is just fertilizer, and the other type (Y)is a special fertilizer and weed-killer
Pat McCormack, a financial advisor for Investors R Us, is evaluating two stocks in a particular industry.He wants to minimize the variance of a portfolio consisting of these two stocks, but he wants
Summertime Tees sells two very popular styles of embroidered shirts in southern Florida: a tank top and a regular T-shirt. The cost of the tank top is $6, and the cost of the T-shirt is $8. The
The integer programming problem below has been developed to help First National Bank decide where, out of 10 possible sites, to locate four new branch offices:Xi represents Winter Park, Maitland,
Using the data in Solved Problem 10-3, develop a spreadsheet for a two-period weighted moving average forecast with weights of 0.6 1w12 for the most recent period and 0.4 1w22 for the other period.
Which of the following is a basic component of an inventory control system?a. planning what inventory to stock and how to acquire itb. forecasting the demand for parts and productsc. controlling
Which of the following is not a use of inventory?a. the decoupling functionb. quantity discountsc. irregular supply and demandd. the translucent function
One assumption necessary for the EOQ model is instantaneous replenishment. This meansa. the lead time is zero.b. the production time is assumed to be zero.c. the entire order is delivered at one
In making inventory decisions, the purpose of the basic EOQ model is toa. minimize carrying costs.b. minimize ordering costs.c. minimize the sum of carrying costs and ordering costs.d. minimize
Which of the following is part of the determination of EOQ?a. cost of production laborb. cost of stockoutsc. purchase costd. annual demand
The reorder point depends directly on which of the following?a. EOQb. ordering costc. lead-timed. storage costs
If the EOQ assumptions are met, thena. the annual stockout cost will be zero.b. the total annual holding cost will equal the total annual ordering cost.c. the average inventory will be one-half the
In the production run model, the maximum inventory level will bea. greater than the production quantity.b. equal to the production quantity.c. less than the production quantity.d. equal to the daily
In a JIT system, inventory managers can uncover bottlenecks by introducing or removing which of the following?a. C-kanbansb. P-kanbansc. E-kanbansd. T-kanbans
Which of the following shows the number of units needed at every level of production?a. production level treeb. material requirements treec. decision treed. material structure tree
All of the following are used for marginal analysis with the normal distribution in a single period model excepta. the mean sales for the product.b. the standard deviation of sales.c. marginal profit
What are the five uses of inventory?
Explain how inventory can act as a buffer in the production process.
Explain the basic differences between the simple EOQ model and the production run model.
Discuss why it is sometimes prudent not to order the minimum level required to obtain a quantity discount.
What is the difference between the gross and the net material requirements plans?
It takes approximately eight working days for an order of number 6 screws to arrive once the order has been placed. (Refer to Problem 6-20.) The demand for number 6 screws is fairly constant, and on
Barbara Bright is the purchasing agent for West Valve Company. West Valve sells industrial valves and fluid control devices. One of the most popular valves is the Western, which has an annual demand
East Valve Distributors distributes industrial valves and control devices. The Eastern control device has an annual demand of 9,375 units and sells for $100 per unit. The cost of ordering is $160 per
Everett Mann’s Dream Store sells waterbeds and supplies. The best-selling bed in the store has an annual demand of 400 units. The ordering cost is $40, while the holding cost is $5 per unit per
After analyzing the costs of various options for obtaining brackets, Ross White (see Problems 6-27 through 6-29) recognizes that although he knows that the lead time is 2 days and the demand per day
Lisa Surowsky was asked to help in determining the best ordering policy for a new product. Currently, the demand for the new product has been projected to be about 1,000 units annually. To get a
Jim Overstreet, inventory control manager for Itex, receives wheel bearings from Wheel-Rite, a small producer of metal parts. Unfortunately, Wheel-Rite can produce only 500 wheel bearings per day.

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