GSCM 209 Final Exam

GSCM 209 Final Exam 

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1. (TCO 8) Name three of the measures of a queue’s performance. (Points : 15)

 

2. (TCOs 11 and 12) Describe the steps of the simplex method that follow setting up the initial tableau. (Points : 15)

Ans) The simplex method changes constraints (inequalities) to equations in linear programming problems, and then solves the problem by matrix manipulation. The solution set for the altered problem is of higher dimension than the solution set of the original problem, but it is easier to study with matrices.

3. (TCOs 15 and 16) List the two approaches to setting up a PERT or CPM network, and describe the difference between the two. (Points : 15)

4. (TCO 16) What is meant by the following statement?
In PERT, we employ a probability distribution. (Points : 15)

5. (TCOs 3, 4, and 5) Define the term coefficient of correlation, and provide a possible explanation of finding a negative correlation between payroll and sales. (Points : 15)

6. (TCO 8) List the characteristics all waiting line models have in common. (Points : 15)

Ans) The waiting line itself is the second component of a queuing system. The length of a line can be either limited or unlimited. A queue is limited when it cannot, either by law or because of physical restrictions, increase to an infinite length. A small barbershop, for example, will have only a limited number of waiting chairs. Queuing models are treated in this module under an assumption of unlimited queue length. A queue is unlimited when its size is unrestricted, as in the case of the toll booth serving arriving automobiles.

1. (TCO 9) What is sensitivity analysis and why is it important to a supply chain or operations manager? (Points : 20)

2. (TCO 10) Describe the corner-point method. (Points : 20)

3. (TCO 1) Describe the difference between qualitative and quantitative forecasting and provide an example of each. (Points : 30)

4. (TCO 2) The Tons of Fun Hobby Company general manager knows she can use sales and payroll data to do an estimated regression equation and forecast sales for next year. Her finance director gives her the following data table.

5. (TCOs 13 and 14) Consider the following decision table, which Sally Smith has developed for her firm, Production Enterprises.

Decision		Probability	0.2	0.6	0.2
Alternatives			Low	Medium	High
A			$60	$100	$85
B			$65	$75	$85
C			$80	$135	$90
D			$70	$90	$50
E			$70	$85	$75

6. (TCO 6, 7) ZXY is going ahead on an expansion project. It will be able to earn $750 per hour and run 4,700 hours per year. What is the net present value for the next 5 years with an interest rate of 6%? (Points : 30)