Exam 1: Introduction

Zipco Printing operates a shop that has five printing machines. The machines differ in their capacities to perform various printing operations due to differences in the machines' designs and operator skill levels. At the start of the workday there are five printing jobs to schedule. The manager must decide what the job-machine assignments should be. a.How could a quantitative approach to decision making be used to solve this problem? b.What would be the uncontrollable inputs for which data must be collected? c.Define the decision variables, objective function, and constraints to appear in the mathematical model. d.Is the model deterministic or stochastic? e.Suggest some simplifying assumptions for this problem.

A furniture store has set aside 800 square feet to display its sofas and chairs. Each sofa utilizes 50 sq. ft. and each chair utilizes 30 sq. ft. At least five sofas and at least five chairs are to be displayed. a. Write a mathematical model representing the store's constraints. b. Suppose the profit on sofas is $200 and on chairs is $100. On a given day, the probability that a displayed sofa will be sold is .03 and that a displayed chair will be sold is .05. Mathematically model each of the following objectives: 1.Maximize the total pieces of furniture displayed. 2.Maximize the total expected number of daily sales. 3.Maximize the total expected daily profit. a.Write a mathematical model representing the store's constraints. b.Suppose the profit on sofas is $200 and on chairs is $100. On a given day, the probability that a displayed sofa will be sold is .03 and that a displayed chair will be sold is .05. Mathematically model each of the following objectives:

In a multicriteria decision problem

​Which of the following is not one of the commonly used names for the body of knowledge involving quantitative approaches to decision-making?

Management science and operations research both involve

The value of any model is that it enables the user to make inferences about the real situation.

The field of management science

​Explain the relationship among model development, model accuracy, and the ability to obtain a solution from a model.

Three production processes - A, B, and C - have the following cost structure:​ ​ ​ a. What is the most economical process for a volume of 8,000 units? b.​ How many units per year must be sold with each process to have annual profits of $50,000 if the selling price is $6.95 per unit? c. What is the break-even volume for each process?

Problem definition

Model development should be left to quantitative analysts; the model user's involvement should begin at the implementation stage.

A model that uses a system of symbols to represent a problem is called

A physical model that does not have the same physical appearance as the object being modeled is

The volume that results in marginal revenue equaling marginal cost is called the break-even point.

An author has received an advance against royalties of $10,000. The royalty rate is $1.00 for every book sold in the United States, and $1.35 for every book sold outside the United States. Define variables for this problem and write an expression that could be used to calculate the number of books to be sold to cover the advance.

The volume that results in total revenue being equal to total cost is the

When the value of the output cannot be determined even if the value of the controllable input is known, the model is

​Give three benefits of model development and an example of each.

The decision making process includes implementation and evaluation of the decision.

Frederick Taylor is credited with forming the first MS/OR interdisciplinary teams in the 1940's.