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(TCO 1) Given a business scenario, evaluate the role different
modeling techniques might play in finding solutions.
Scenario
1.
(TCO 1) You are thinking of
opening a small copy shop. It costs $5,000 to rent a copier for a year and it
costs $0.03 per copy (including paper) to operate the copier. Other fixed costs
of running the store will amount to $400 per month. You plan to charge an
average of $0.10 per copy, and the store will be open 365 days per year. Each
copier can make up to 100,000 copies per year.
2. (TCO 2) Given a managerial problem and accompanying scenario
for which a constrained optimization model is appropriate, identify the
appropriate model components, translate them to equation form, solve the
optimal solution, perform a sensitivity analysis, and use the results to decide
on a course of action relative to the problem.
Answer the following (5 points each):
3. (TCO 3) Given a business scenario, you should be able to
recognize it as one of four types (transportation, assignment, logistic, or
shortest path); identify the nodes and arcs; specify the input variables,
decision variables, objective function, and constraints; and solve for an
optimal solutions perform, a sensitivity analysis, and interpret the results.
Answer the following questions (5 points each):
4. (TCO 4) Given a business
situation and accompanying data set and Excel template for which
decision-making under uncertainty model is appropriate, you should be able to
describe the major steps in formulating the model; identify the appropriate
variables and their respective roles in the model; construct the major
components such as the payoff table and the likelihood of outcomes; and solve
the model and interpret the results.
Scenario
A
farmer must decide whether to take protective action to limit damage to his
grapefruit crop in the event that the overnight temperature falls to a level
well below freezing. If the temperature drops too low he runs the risk of
losing his entire crop, valued at $75,000. Based on the National Weather
Service, the probability of such a temperature drop is 60%. He can insulate his
crop by spraying water on all the trees, which will cost $20,000. This action
might succeed in protecting the crop, with the following possible outcomes:
5. (TCO 5) Given a managerial
problem and accompanying data set and Excel template for which simulation is an
appropriate solution approach, identify the possible probability distributions
that might be used; construct the model and generate the output distribution;
and interpret the results and perform an analysis to determine the sensitivity
of the system to changes in operating conditions.
Answer
the following questions (5 points each):
6. (TCO 6) Given a business case,
such as one requiring the analysis of service businesses and using the provided
data and Excel template, develop a model that describes the likely performance
of the system; discuss the limitations of the model; and identify the
components that are sensitive to changes.
Answer the following questions (5 points each):
7. (TCO 7) Given a managerial
problem and accompanying scenario for which a multiple regression analysis is
appropriate, identify the appropriate model components, fit a regression model
to the data, determine the validity and utility of the model, and use the
model, if appropriate, to determine a course of action intended to deal with a
problem.
Scenario
The
station manager of a local television station is interested in predicting the
amount of television (in hours) that people will watch in the viewing area. The
explanatory variables are: X1 age (in years), X2 education (highest level obtained, in years), and X3 family size (number of family members in household). The
multiple regression output is shown below:
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