Mat 540 Quantitative Methods Final Exam | Complete Solution

Mat 540 Quantitative Methods Final Exam

Question 1
5 out of 5 points
Correct
In an unbalanced transportation model, supply does not equal demand and one set of constraints uses ≤ signs.
  
 
 
Question 2
5 out of 5 points
Correct
In a transshipment problem, items may be transported from destination to destination and from source to source.
  
 
 
Question 3
0 out of 5 points
Incorrect
Adjusted exponential smoothing is an exponential smoothing forecast adjusted for seasonality.
  
 
 
Question 4
5 out of 5 points
Correct
A cycle is an up and down movement in demand that repeats itself in less than 1 year.
  
 
 
Question 5
5 out of 5 points
Correct
If we are solving a 0-1 integer programming problem, the constraint x1 = x2 is a conditional constraint.
  
 
 
Question 6
5 out of 5 points
Correct
Fractional relationships between variables are not permitted in the standard form of a linear program.
  
 
 
Question 7
5 out of 5 points
Correct
A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow.
The conservative (maximin) strategy is:
  
  
Lease
  
Lease
Question 8
5 out of 5 points
Correct
Events that cannot occur at the same time in any trial of an experiment are:
  
  
mutually exclusive
  
mutually exclusive
Question 9
5 out of 5 points
Correct
The probability of observing x
successes in a fixed number of trials is a problem related to
  
 
Question 10
5 out of 5 points
Correct
An equation or inequality that expresses a resource restriction in a mathematical model is called _____________________.
  
 
Question 11
5 out of 5 points
Correct
In a break-even model, if all of the costs are held constant, how does an increase in price affect the model?
  
  
Question 12
5 out of 5 points
Correct
Steinmetz furniture buys 2 products for resale: big shelves (B) and medium shelves (M). Each big shelf costs $100 and requires 100 cubic feet of storage space, and each medium shelf costs $50 and requires 80 cubic feet of storage space. The company has $25000 to invest in shelves this week, and the warehouse has 18000 cubic feet available for storage. Profit for each big shelf is $85 and for each medium shelf is $75. What is the storage space constraint?
  
Question 13
5 out of 5 points
Correct
Steinmetz furniture buys 2 products for resale: big shelves (B) and medium shelves (M). Each big shelf costs $100 and requires 100 cubic feet of storage space, and each medium shelf costs $50 and requires 80 cubic feet of storage space. The company has $25000 to invest in shelves this week, and the warehouse has 18000 cubic feet available for storage. Profit for each big shelf is $85 and for each medium shelf is $75. What is the constraint on money to invest?
  
  
Question 14
5 out of 5 points
Correct
Given the following linear programming problem that minimizes cost.
Min Z = 2x + 8y
Subject to 8x + 4y ≥ 64
2x + 4y ≥ 32
y ≥ 2
What is the sensitivity range for the third constraint, y ≥ 2?
  
  
Question 15
5 out of 5 points
Correct
The following is an Excel “  ” and “Sensitivity” reports of a linear programming problem:
The   Report:
The Sensitivity Report:
Which additional resources would you recommend to be increased?
  
  

Question 16
5 out of 5 points
Correct
Let xij = gallons of component i used in gasoline j. Assume that we have two components and two types of gasoline. There are 8,000 gallons of component 1 available, and the demands for gasoline types 1 and 2 are 11,000 and 14,000 gallons respectively. Write the supply constraint for component 1.
  
  
Question 17
5 out of 5 points
Correct
Compared to transportation LP problems, assignment problems are unique because
  
  

Question 18
5 out of 5 points
Correct
The Kirschner Company has a contract to produce garden hoses for a customer. Kirschner has 5 different machines that can produce this kind of hose. Write a constraint to ensure that if machine 4 is used, machine 1 will not be used.
  

Question 19
5 out of 5 points
Correct
If we are solving a 0-1 integer programming problem, the constraint x1 = x2 is a __________ constraint.
  
  

Question 20
5 out of 5 points
Correct
Consider the following network representation of shipment routes between plants, a distribution center, and retail outlets. The numbers next to the arcs represent shipping costs. For example, the cost of shipping from plant 1 to distribution center 3 is equal to 2.
Assume that Plant 1 can supply 400 units and Plant 2, 500 units. Demand at the retail outlets are: Outlet 4, 300 units; Outlet 5, 250 units; Outlet 6, 450 units. Supply is less than demand, so this is an unbalanced transshipment model. Which constraint represents the quantity shipped to retail outlet 6?
  
  

Question 21
5 out of 5 points
Correct
The following table represents the cost to ship from Distribution Center 1, 2, or 3 to Customer A, B, or C.
The constraint that represents the quantity supplied by DC 1 is:
  

Question 22
5 out of 5 points
Correct
Professor Truman would like to assign grades such that 10% of students receive As. If the exam average is 62 with a standard deviation of 13, what grade should be the cutoff for an A? (Round your   .)
  
  

Question 23
5 out of 5 points
Correct
Assume that it takes a college student an average of 5 minutes to find a parking spot in the main parking lot. Assume also that this time is normally distributed with a standard deviation of 2 minutes. What percentage of the students will take between 2 and 6 minutes to find a parking spot in the main parking lot?
  
  

Question 24
5 out of 5 points
Correct
In the Monte Carlo process, values for a random variable are generated by __________ a probability distribution.
  
  

Question 25
5 out of 5 points
Correct
For the following frequency distribution of demand, the random number 0.8177 would be interpreted as a demand of:
  

Question 26
5 out of 5 points
Correct
Consider the following graph of sales.
Which of the following characteristics is exhibited by the data?
  
  

Question 27
5 out of 5 points
Correct
__________ moving averages react more slowly to recent demand changes than do __________ moving averages.
  
  

Question 28
5 out of 5 points
Correct
Students are organizing a "Battle of the Bands" contest. They know that at least 100 people will attend. The rental fee for the hall is $200 and the winning band will receive $500. In order to guarantee that they break even, how much should they charge for each ticket? (Note: Write your   with two significant places after the decimal and do not include the dollar “$” sign. For instance, for five dollars, write your   as 5.00).
  

Question 29
0 out of 5 points
Incorrect
Nixon’s Bed and Breakfast has a fixed cost of $5000 per month and the revenue they receive from each booked room is $200. The variable cost per room is $75. How many rooms do they have to sell each month to break even? (Note: The   is a whole number. Give the   as a whole number, omitting the decimal point. For instance, use 12 for twelve rooms).
  
   3
  
Evaluation Method Correct   Case Sensitivity
Exact Match 40
Question 30
5 out of 5 points
Correct
Ford’s Bed & Breakfast breaks even if they sell 50 rooms each month. They have a fixed cost of $6500 per month. The variable cost per room is $30. For this model to work, what must be the revenue per room? (Note: The   is a whole dollar amount. Give the   as a whole number, omitting the decimal point. For instance, use 105 to write $105.00).