Adjusted exponential smoothing is an exponential smoothing forecast adjusted for seasonality.
In a 0-1 integer programming problem involving a capital budgeting application (where xj = 1, if project j is selected, xj = 0, otherwise) the constraint x1 – x2 ≤ 0 implies that if project 2 is selected, project 1 cannot be selected.
Fractional relationships between variables are not permitted in the standard form of a linear program.
A cycle is an up and down movement in demand that repeats itself in less than 1 year.
In an unbalanced transportation model, supply does not equal demand and one set of constraints uses ≤ signs.
In a total integer model, all decision variables have integer solution values.
The probability of observing x successes in a fixed number of trials is a problem related to
In linear programming problems, multiple optimal solutions occur
An equation or inequality that expresses a resource restriction in a mathematical model is called _____________________.
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:
Using the minimax regret criterion to make a decision, you 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 objective function?
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. In order to maximize profit, how many big shelves (B) and how many medium shelves (M) should be purchased?
The following is an Excel “Answer” and “Sensitivity” reports of a linearprogrammi ng problem:
Which additional resources would you recommend to be increased?
The production manager for Beer etc. produces 2 kinds of beer: light (L) and dark (D). Two resources used to produce beer are malt and wheat. He can obtain at most 4800 oz of malt per week and at most 3200 oz of wheat per week respectively. Each bottle of light beer requires 12 oz of malt and 4 oz of wheat, while a bottle of dark beer uses 8 oz of malt and 8 oz of wheat. Profits for light beer are $2 per bottle, and profits for dark beer are $1 per bottle. What is the optimal weekly profit?
In a portfolio problem, X1, X2, and X3 represent the number of shares purchased of stocks 1, 2, an 3 which have selling prices of $15, $47.25, and $110, respectively. The investor has up to $50,000 to invest. An appropriate part of the model would be
In a portfolio problem, X1, X2, and X3 represent the number of shares purchased of stocks 1, 2, an 3 which have selling prices of $15, $47.25, and $110, respectively. The investor has up to $50,000 to invest. The investor stipulates that stock 1 must not account for more than 35% of the number of shares purchased. Which constraint is 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 the constraint that indicates they have to use at least three of the five machines in their production.
If we are solving a 0-1 integer programming problem, the constraint x1 = x2 is a __________ constraint.
The assignment problem constraint x31+x32+x33+x34 ≤ 2 means A professor needs help from 3 student helpers to complete 4 tasks. The first task is grading; the second is scanning; the third is copying, and the fourth is organizing student portfolios. The estimated time for each student to do each task is given in the matrix below. Which of the following constraints represents the assignment for student A?
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?
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 answer.)
Given an actual demand of 59, a previous forecast of 64, and an alpha of .3, what would the forecast for the next period be using simple exponential smoothing?
__________ moving averages react more slowly to recent demand changes than do __________ moving averages.
In the Monte Carlo process, values for a random variable are generated by __________ a probability distribution.
For the following frequency distribution of demand, the random number 0.8177 would be interpreted as a demand of:
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 answer is a whole dollar amount.
Give the answer as a whole number, omitting the decimal point. For instance,use 105 to write $105.00).
Carter’s Bed & Breakfast breaks even every month if they book 30 rooms over the course of a month. Their fixed cost is $1050 per month and the revenue they receive from each booked room is $150. What is the variable cost per occupied room? (Note: The answer is a whole dollar amount. Give the answer as a whole number, omitting the decimal point. For instance, use 105 to write $105.00).
Joseph is considering pursuing an MS in Information Systems degree. He has applied to two different universities. The acceptance rate for applicants with similar qualifications is 30% for University X and 60% for University Y. What is the probability that Jim will not be accepted at either university? (Note: write your answer as a probability, with two decimal places. If necessary, round to two decimal places. For instance, a probability of 0.252 should be written as 0.25).