Bus660 Study guides, Class notes & Summaries

BUS 660 Midterm Exam 2023 Questions and Answers. When production volume exceeds the breakeven point, we can expected a profit 2. The complement of P(A | B) is P(A C | B) 3. If P(AU B) = P(A) + P(B), then A and B are mutually exclusive. True 4. A negative dual price indicates that increasing the right-hand side of the associated constraint would be detrimental to the objective. True 5. Which of the following exponential smoothing constant values puts the same weight on the most recent t...

BUS 660 Topic 7 Assignment; Benchmark - Data Analysis Case Study

BUS 660 Topic 8 Simulation - Homework

Problem 8-25(Algorithmic) GeorgiaCabinetsmanufactureskitchencabinetsthataresoldtolocaldealersthroughouttheSoutheast.Becauseofalargebacklogofordersfor oakand cherrycabinets,the company decidedto contract with threesmaller cabinetmakersto do the final finishing operation. For thethree cabinetmakers, the number of hours required to complete all the oak cabinets, the number of hours required to complete all the cherrycabinets,thenumberofhoursavailableforthefinalfinishingoperation,andthecostperhour...

Problem 10-05: Premier Consulting’s two consultants, Avery and Baker, can be scheduled to work for clients up to a maximum of 160 hours each over the next four weeks. A third consultant, Campbell, has some administrative assignments already planned and is available for clients up to a maximum of 140 hours over the next four weeks. The company has four clients with projects in process. The estimated hourly requirements for each of the clients over the four-week period are as follows: Hourly ra...

1. Problem 15-27 (Algorithmic): Gubser Welding, Inc., operates a welding service for construction and automotive repair jobs. Assume that the arrival of jobs at the company's office can be described by a Poisson probability distribution with an arrival rate of three jobs per 8-hour day. The time required to complete the jobs follows a normal probability distribution, with a mean time of 2.2 hours and a standard deviation of 1 hour. Answer the following questions, assuming that Gubser uses one w...

Problem4-25: TheGormanManufacturingCompanymustdecidewhethertomanufactureacomponentpartatitsMilan, Michigan, plant or purchase the component part from a supplier. The resulting profit isdependentuponthedemandfortheproduct.Thefollowingpayofftableshowstheprojectedprofit(inthousandsofdollars): Thestate-of-natureprobabilitiesareP(s1)=0.35,P(s2)=0.35,andP(s3)=0.30. a. Useadecisiontreetorecommendadecision. b. UseEVPItodeterminewhetherGormanshouldattempttoobtainabetterestimateofdemand. c. A test mar...

Problem 6-09: With the gasoline time series data from the given table, show the exponential smoothing forecasts using a = 0.1. a. Applying the MSE measure of forecast accuracy, would you prefer a smoothing constant of a = 0.1 or a = 0.2 for the gasoline sales time series? Do not round your interim computations and round your final answers to three decimal places. b. Are the results the same if you app y MAE as the measure of accuracy? Do not round your interim computations and round your fina...

1. Question:Which of the methods for decision making best protects the decision maker from undesirable results? 2. Question:If there is a maximum of 4,000 hours of labor available per month and 300 ping-pong balls (xi) or 125 wiffle balls (x?) can be produced per hour of labor, which of the following constraints reflects this situation? 3. Question:Problem 4-05 (Algorithmic) In American football, touchdowns are worth 6 points. After scoring a touchdown, the scoring team may subsequently attemp...

1. Question:A posterior probability associated with sample information is of the form 2. Question:When production volume exceeds the breakeven point, we can expected 3. Question:Which of the following exponential smoothing constant values puts the same weight on the most recent time series value as does a 5-period miming average? 4. Question:The decision variables of a model are also known as the 5. Question:An experiment consists of tossing 4 coins successively. The number of sample poi...