BANA 2081 Exam 3 Questions with Correct Answers

BANA 2081 Exam 3 Questions with Correct Answers The company identified in Chapter 12, Analytics in Action, is - Answer-General Electric The Analytics in Action example in Chapter 12 concerned - Answer-investments in production capacity Chapter 12 focuses on - Answer-Linear Optimization or modeling, is the process of translating a verbal statement of a problem into a mathematical statement. - Answer-Problem Formulation Constraints are - Answer-Restrictions that limit the settings of the decision variables. A(n) solution satisfies all the constraint expressions simultaneously. - Answer-feasible The points where constraints intersect on the boundary of the feasible region are termed as the - Answer-extreme points The slack value for binding constraints is - Answer-zero A scenario in which the optimal objective function contour line coincides with one of the binding constraint lines on the boundary of the feasible region leads to solutions. - Answer-alternative optimal Reconsider the Par Inc. problem. Suppose that the profit per bag for deluxe bags in $15. The rest of the problem remains the same. What is the optimal number of deluxe bags to produce? - Answer-420 Based on your results in Question 6, you would investigate getting additional time in the Cutting and Dyeing Department. - Answer-True Based on your results in Question 6, you would investigate getting additional time in the Finishing Department. - Answer-False Gatson manufacturing company produces 2 types of tires: Economy tire; Premium tire. The manufacturing time and the profit contribution per tire are given in the following table. Operation Manufacturing Time (Hours) Time Available Economy tires Premium tires Hours Material Preparation 4/3 1/2 600 Tire Building 4/5 1 650 Curing 1/2 2/4 580 Final Inspection 1/5 1/3 120 Profit/Tire $12 $10 Answer the following assuming that the company is interested in maximizing the total profit contribution. Develop a spreadsheet model and find the optimal solution using Excel Solver. What is the total profit contribution Gatson can earn with the optimal production quantities? Enter your answer without a dollar sign and rounded to two decimal places. - Answer- 6038.71 Based on your answer to Question 1, how many Economy tires should Gatson manufacture to maximize profit contribution? Round your answer to one decimal place. - Answer-406.5 Based on your answer to Question 1, how many Premium tires should Gatson manufacture to maximize profit contribution? Round your answer to one decimal place. - Answer-116.1 The supervisor of a manufacturing plant is trying to determine how many of two parts, Part X and Part Y, are to be produced per day. Each part must be processed in three sections of the plant. The time required for the production along with the profit contribution for each part are given in the following table. Time required (Minutes/Unit) Section 1Section 2Section 3Profit/UnitPart X 50 30 18 $2 Part Y 80 45 22 $3 Available time (minutes) 3600 2500 1200 No more than 60 units of Part X and up to 70 units of Part Y can be produced per day. The company already has orders for 30 units of Part Y that must be satisfied. Develop a spreadsheet model and find the solution that maximizes total profit contribution. What is the value of the objective function? Enter your answer without a dollar sign. - Answer-138 Based on your answer to Question 4, what quantity of Part X should be produced to maximize profit contribution? - Answer-24 Based on your answer to Question 4, what quantity of Part Y should be produced to maximize profit contribution? - Answer-30 The Pat-A-Cake Pastry Shop makes chocolate cake in three sizes - Small, Medium, and Large. The shop has the following amounts of the three main ingredients on hand - 400 ounces of cake flour, 550 ounces of caster sugar, and 150 ounces of cocoa powder. The table below provides details on the amount of each ingredient required for each cake size as well as the profit contributions. Cake Small Medium Large Available Plain flour (Ounce) 8 400 Caster sugar (Ounce) 18 22 25 550 Cocoa powder (Ounce) 3 5 11 150 Profit/Unit $18 $25 $32 Develop a spreadsheet model and find the optimal solution using Excel Solver. What is the optimal value of the objective function? Enter your answer without a dollar sign and round the answer to two decimal places. - Answer-636.84 Based on your answer to Question 7, what quantity of small cakes should be produced to maximize profit contribution? Round your answer to one decimal place. - Answer-2.9 Based on your answer to Question 7, what quantity of medium cakes should be produced to maximize profit contribution? Round your answer to one decimal place. - Answer-16.6 Based on your answer to Question 7, what quantity of large cakes should be produced to maximize profit contribution? Round your answer to one decimal place. - Answer-5.3 is the situation in which no solution to the linear programming problem satisfies all the constraints. - Answer-Infeasibilty