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Old Exam 1B with Solutions - Products and Delivery of Goods and Services | Mgmt 372, Exams of Introduction to Business Management

The University of Mississippi (Ole Miss)Introduction to Business Management
Prof. Cesar Rego

Material Type: Exam; Professor: Rego; Class: Prod and Delivery of Goods and Services; Subject: Management; University: University of Mississippi Main Campus; Term: Spring 2011;

Typology: Exams

2010/2011

Uploaded on 05/11/2011

lyr0627
lyr0627 ๐Ÿ‡บ๐Ÿ‡ธ

2 documents

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Production๎˜ƒand๎˜ƒDelivery๎˜ƒof๎˜ƒGoods๎˜ƒand๎˜ƒServices๎˜ƒInstructor:๎˜ƒDr.๎˜ƒRego๎˜ƒ
Exam๎˜ƒ1๎˜ƒโ€“๎˜ƒPart๎˜ƒ2๎˜ƒ(Answer๎˜ƒKey)๎˜ƒSpring๎˜ƒ2011
Name:๎˜ƒ__________________________________๎˜ƒID:____________________๎˜ƒ
๎˜ƒ
Use the following to answer questions 1-6:
Here is a LP model of a situation that involves the production of three possible products, each of which will
yield a certain profit per unit, and each requires a certain use of three resources that are limited in supply:
labor, material, and machine. The objective is to determine how much of each product to make to achieve
the greatest possible profit while satisfying all constraints.
Figure S14.1 - Formulation
Table S14.1 - Sensitivity Report
Adjustable Cells
Final Reduced Objective Allowable Allowable
Cell Name Value Cost Coefficient Increase Decrease
$B$4 Optimal Values: A 0 -10.6 15 10.6 1E+30
$C$4 Optimal Values: B 5 0 20 2.4 10.6
$D$4 Optimal Values: C 32 0 14 36 1.5
Constraints
Final Shadow Constraint Allowable Allowable
Cell Name Value Price R.H.S. Side Increase Decrease
$E$7 Constraint 1 (Labor) 158 0 210 1E+30 52
$E$8 Constraint 2 (Material) 200 2.4 200 70.90 30
$E$9 Constraint 3 (Machine) 170 0.4 170 30 120
๎˜ƒ
Maximize 15 20 14
Subject to
Labor 5 6 4 210 hours
Material 10 8 5 200 pounds
4 2 5 170 minutes
,, 0
Machine
ABC
ABC
ABC
ABC
ABC
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Partial preview of the text

Download Old Exam 1B with Solutions - Products and Delivery of Goods and Services | Mgmt 372 and more Exams Introduction to Business Management in PDF only on Docsity!

Production and Delivery of Goods and Services Instructor: Dr. Rego

Exam 1 โ€“ Part 2 (Answer Key) Spring 2011

Name: __________________________________ ID:____________________

Use the following to answer questions 1-6:

Here is a LP model of a situation that involves the production of three possible products, each of which will yield a certain profit per unit, and each requires a certain use of three resources that are limited in supply: labor, material, and machine. The objective is to determine how much of each product to make to achieve the greatest possible profit while satisfying all constraints.

Figure S14.1 - Formulation

Table S14.1 - Sensitivity Report

Adjustable Cells Final Reduced Objective Allowable Allowable Cell Name Value Cost Coefficient Increase Decrease $B$4 Optimal Values: A 0 -10.6 15 10.6 1E+ $C$4 Optimal Values: B 5 0 20 2.4 10. $D$4 Optimal Values: C 32 0 14 36 1.

Constraints Final Shadow Constraint Allowable Allowable Cell Name Value Price R.H.S. Side Increase Decrease $E$7 Constraint 1 (Labor) 158 0 210 1E+30 52 $E$8 Constraint 2 (Material) 200 2.4 200 70.90 30 $E$9 Constraint 3 (Machine) 170 0.4 170 30 120

Maximize 15 20 14 Subject to Labor 5 6 4 210 hours Material 10 8 5 200 pounds 4 2 5 170 minutes , , 0

Machine

A B C

A B C A B C A B C A B C

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  1. Consider Figure S14.1 and associated Table S14.1. Which constraints are binding? A) 1 B) 1 and 2 C) 1 and 3 D) 2 and 3 E) none of the above
  2. Consider Figure S14.1 and associated Table S14.1. What is the optimal objective function value? A) 37 B) 49 C) 52 D) 548 E) none of the above
  3. Consider Figure S14.1 and associated Table S14.1. By how much would the profit contribution of product A has to increase before it will be profitable to produce A? A) $10. B) $ C) $ D) $1E+ E) none of the above
  4. Consider Figure S14.1 and associated Table S14.1. Suppose that the production manager procures an additional 10 labor hours. What impact will this have on the current optimal objective function value? A) an increase of $ B) an increase of $ C) an increase of $ D) no change E) a decrease of $
  5. Consider Figure S14.1 and associated Table S14.1. Suppose that the production manager has an additional 50 pounds of material. What impact will this have on the current optimal objective function value? A) an increase of $ B) an increase of $ C) an increase of $ D) no change E) a decrease of $
  1. The probability that a project will be completed by its earliest expected completion date is: A) 50 percent B) 95 percent C) 100 percent D) impossible to determine E) none of the above

Use the following to answer questions 12-16:

Activity (^) PredecessorImmediate Time (days) A -- 8 B -- 6 C -- 3 D A,B 10 E C 8 F A 5 G D,E 3 H G 4

Table 9.

  1. Using Table 9-4, what is the earliest completion time of this project? A) 23 days B) 25 days C) 27 days D) 29 days E) none of the above
  2. Using Table 9-4, what is the late start time for activity E? A) day 8 B) day 10 C) day 12 D) day 14 E) none of the above
  1. Using Table 9-4, what is the earliest that activity D can be finished? A) 8 days B) 13 days C) 18 days D) 25 days E) none of the above
  2. Disaster strikes and activity F takes 20 days instead of the anticipated 5 days. Using Table 9-4, how much longer will the project last than initially estimated? A) 0 days B) 3 days C) 7 days D) 15 days E) none of the above
  3. Using Table 9-4, how many days can activity C be delayed without changing the whole projectโ€™s earliest completion time? A) 0 days B) 2 days C) 5 days D) 7 days E) none of the above

Use the following to answer questions 17-20:

A project consists of the following activities and time estimates:

Immediate Time Estimates (days) Activity Predecessor Optimistic Most Likely Pessimistic A - 38 50 62 B - 90 99 108 C - 85 100 115 D A 19 25 31 E B 91 100 115 F D 62 65 68

Table 9.

Answer Key

1. D

2. D

3. A

4. D

5. B

6. A

7. A

8. C

9. E

10. B

11. A

12. B

13. B

14. C

15. D

16. D

17. C

18. D

19. D

20. B