MGT3410 Optimal Solution - Consider the following linear programming

Question # 00649297
Subject: Business
Due on: 09/27/2023
Posted On: 09/27/2023 02:54 AM
Tutorials: 1
Rating:
4.9/5
Question Dot Image

MGT 3410 Optimal Solution Questions

MGT 3410 Final Examination

Answer all questions (take-home examination)

Summer 2023

Academic Honesty Policy: I understand that this is an open books/notes exam and I may use a computer to perform computations as necessary. I have neither given nor received help on this exam.

Submit your solution electronically in a folder called “Final Examination” under Dropbox on D2L.

1. Consider the following linear programming problem:

Min s.t. 3???? + 4???? ???? + 3???? ≥ 6 ????+???? ≤4 ????, ???? ≥ 0

a. Write the problem in standard form. Identify slack/surplus variables. (5 points)

b. Find all the extreme points. You must list the value for x and y at each extreme point. (5 points)

 c. Find the optimal solution. (5 points) d. What are the values of the slack and surplus variables at the optimal solution? (4 points)

2. Thomas Industries and Washburn Corporation supply three firms (Zrox, Hewes, Rockwright) with customized shelving for its offices. They both order shelving from the same two manufacturers, Arnold Manufacturers and Supershelf, Inc. Because of long standing contracts based on past orders, unit costs from the manufacturers to the suppliers are given below:

Thomas 5 7 Arnold Supershelf Washburn 8 4 The chart below gives the cost to install the shelving at the various locations: Thomas Washburn Zrox 1 3 Hewes 5 4 Rockwright 8 4 Currently weekly demand by the user are 50 for Zorx, 60 for Hewes, and 40 for Rockwright. Both Arnold and Supershelf can supply at most 75 units to its customers.

a. Draw a network representation for this problem. (5 points)

b. Formulate this problem as a LP model. You don’t need to solve the model. (10 points)

3. Bart’s Barometer Business (BBB) is a retail outlet that deals exclusively with weather equipment. Currently BBB is trying to decide on an inventory and reorder policy for home barometers. These cost BBB $50 each and demand is about 500 per year distributed fairly evenly throughout the year. Reordering costs are $80 per order and holding costs are figured at 20% of the cost of the item. BBB is open 300 days a year (6 days a week and closed two weeks in August). Lead time is 60 working days.

a. Develop a total cost model for BBB. (4 point)

b. What is the optimal reorder quantity? (5 points)

c. What is the cycle time? (5 points)

d. What is the reorder policy for BBB? (5 points)

e. What total annual cost does the model give? (5 points)

 4. Myrtle Air Express decided to offer direct service from Cleveland to Myrtle Beach. Management must decide between a full-price service using the company’s new fleet of jet aircraft and a discount service using smaller capacity commuter planes. It is clear that the best choice depends on the market reaction to the service Myrtle Air offers. Management developed estimates of the contribution to profit for each type of service based upon two possible levels of demand for service to Myrtle Beach: strong and weak. The following table shows the estimated quarterly profits (in thousands of dollars): Service Full Price Discount Demand for Service Strong Weak $900 -$470 $650 $290

a. If nothing is known about the probabilities of the chance outcomes, what is the recommended decision using the pessimistic and minimax regret approaches? (6 points)

b. Suppose that the management of Myrtle Air Express believes that the probability of strong demand is 0.8 and the probability of weak demand is 0.2. What are the expected value for each service? What is your recommended service based on the expected value approach? (6 points)

c. What is the EVPI given the information in part (b)? (5 points)

5. Given the following network with activities and times estimated in days, D A Start E B F C G H I J K Finish Activity Optimistic Most Probable Pessimistic A B C D E F G H I J K 3 1 4 8 3 6 4 3 5 12 1 5 3 7 11 4 9 6 6 7 13 3 7 5 10 14 5 12 8 9 15 14 5

a. Fill in all the blanks in the following table. (10 points) Note: For variance (σ2) in activity time, keep two decimal places. Activity Precedence Activities Expected Time t (days) Varianc e σ2 ES EF LS LF Slack Critical Path? A B C D E F G H I J K

b. What is the expected time and variance to complete the project? (5 points)

c. What is the probability the project will take more than 28 days to complete? (5 points)

d. If activity F is delayed by 6 days, how long will the project be delayed? (5 points)

Dot Image
Getsolution Posted By :
Questions: 12527 Tutorials: 12525
Tutorials for this Question

MGT3410 Optimal Solution - Consider the following linear programming

Tutorial # 00648178
Posted On: 09/27/2023 02:55 AM
Feedback Score: Not rated yet!
Purchased By: 2
Getsolution
Posted By:
Questions:
12527
Tutorials:
12525
Report this Tutorial as Inappropriate
Tutorial Preview
The solution of MGT3410 Optimal Solution - Consider the following linear programming...
Attachments
MGT3410_Optimal_Solution_-_Consider_the_following_linear_programming.ZIP (18.96 KB)

Great! We have found the solution of this question!

Related Questions
Management The South Western Airlines Case Report Essay
Management The South Western Airlines Case Report Essay CORPORATE CASE REPORTS: The company I have selected is Southwest Airlines.  State the company and explain what they do and what …
UOP HRM498 -Five years ago, when Bobby Bret joined Crystal
HRM498 University of Phoenix I Am Qualified Why Not Me Research Analysis Five years ago, when Bobby Bret joined Crystal Productions as a junior accountant, he felt that he was on his way up. He had …
UOP PM582 Ways to Draft an Email to Stakeholders Paper
PM582 University of Phoenix Ways to Draft an Email to Stakeholders Paper Indicate the frequency and type of communication appropriate for each stakeholder (project sponsor, head of technology, …
Human Factors Analysis and Classification System
Human Factors Analysis and Classification System Discussion Instructions: The length of the paper will be 1-2 pages long, double-spaced, using an average of 600 words. Critical thought of t …
Predictive VS. Reactive Management Pecha Kucha Presentation
Predictive VS. Reactive Management Pecha Kucha Presentation For this PechaKucha presentation, compare the differences in a predictive versus reactive approach to aircraft maintenance management. Re …
The IT department of your company has begun to appreciate
The IT department of your company has begun to appreciate that its projects do not exist in a business vacuum. That is, your company must also commit resources to operations, shareholder returns, and …
PJM5900 - Assuming that the project sponsor has formally
Business & Finance Assignment Assuming that the project sponsor has formally authorized your project (from group assignment 4) and funding has been approved, now it is time to start your planni …
Discussion - How can project risk management
 Assignment1? Discussion Questions Read pages 96 -103 of your textbook (Meredith et al., 2021), and discuss the following questions: How can project risk management help improve project pe …
HSV405 Unit 4 Assignment - Program Development
HSV405: Human Service Admin. Unit 4 Assignment: Program Development; Responding to a Grant Proposal Due Date: Points: 50 Overview: In this assignment, you will assume the role of a grant writ …
Case Study - Revitalizing A Brand
Case Study: Revitalizing A Brand Overview In this assignment, you'll assume the role of chief marketing officer at two recently merged hospitals. The merger requires you to develop a new bra …
Recent Questions
Pharmacologic Management of Peptic Ulcer Disease Presentation
KSC Pharmacologic Management of Peptic Ulcer Disease Presentation Presentation about the pharmacologic management of peptic ulcer disease   You should review current research on at least five …
Social Support For Parents Of Children With Chronic Mental Illness Essay
MDC Social Support For Parents Of Children With Chronic Mental Illness Essay Analyze the potential effectiveness resulting from professional or nurse-provided social support versus enhancement of s …
Quantum Computing Applications in Solving Scientific Problems Essay
SU Quantum Computing Applications in Solving Scientific Problems Essay What are the potential applications of quantum computing in solving complex scientific problems? Instructions: Your ta …
Science The National COVID 19 Vaccine Immunization Program Essay
To what extent is a parent’s intention to vaccinate their children against COVID-19 influenced by their level of education, their own experience with the vaccination process, and their trust in …
Autism Spectrum Disorder Diagnosis and Identity Research Paper
Autism Spectrum Disorder Diagnosis and Identity Research Paper In this first research paper, you are to research ASD and answer the following questions. In your paper you are to: 1. Explain the di …
Identifying Risks & Consequences of Video Game Addiction
UJ Identifying Risks & Consequences of Video Game Addiction Questions To truly get a gauge of your understanding of research methods, please read the following three articles below. For EACH ar …
COVID 19 Climate Change and Human Security Papers
UJ COVID 19 Climate Change and Human Security Papers 1. How has the Covid-19 pandemic affected human security?  What lessons do the world?s responses offer humankind as it looks into the futur …
Applying for Master of Administrative Science Global Leadership
Applying for Master of Administrative Science Global Leadership and Administration Essay applying for Master of Administrative Science - Global Leadership and Administration at Fairleigh Dickinson …
Nursing Licensure and Code of Ethics Discussion
Nursing Licensure and Code of Ethics Discussion 1.Discuss the purpose of licensure. What are the current California BRN requirements for RN license renewal for the new graduate? For the RN with mor …
Theories and Models of Human Development Behavior
AGMU Theories and Models of Human Development Behavior Discussion Lea el siguiente pasaje sobre el construccionismo e interaccionismo social y su influencia en el desarrollo y el comportamiento hum …