Exam 17: Optimization Models with Uncertainty

Use the table below to answer the following question(s). Below is the spreadsheet for a project selection model. -What is the value of mean obtained from the simulation results? [Hint: Choose the approximate value.]

Use the table below to answer the following question(s). Below is a spreadsheet for Stone Age Surfboards. Assume that the finishing time for a pair of Rockwell surfboards is triangular with a minimum value of 1.4, a most likely value of 1.5, and a maximum value of 1.8 and that finishing time for a pair of Limestone surfboards is also triangular with a minimum value of 1.8, a most likely value of 2.0, and a maximum value of 2.4.The number of trials per simulation is equal to 5000. -What is the mean absolute deviation obtained from the simulation results?

Use the table below to answer the following question(s). Below is the spreadsheet for an economic order quantity model. Assume that the distribution of demand is normal with a mean of 20,000 and standard deviation of 2,000. -What is the increase in total cost?

Use the table below to answer the following question(s). Below is a spreadsheet for Stone Age Surfboards. Assume that the finishing time for a pair of Rockwell surfboards is triangular with a minimum value of 1.4, a most likely value of 1.5, and a maximum value of 1.8 and that finishing time for a pair of Limestone surfboards is also triangular with a minimum value of 1.8, a most likely value of 2.0, and a maximum value of 2.4.The number of trials per simulation is equal to 5000. -What is the value of mean obtained from the simulation results?

Use the table below to answer the following question(s). Below is the spreadsheet for a newsvendor model. Answer the following question(s)using multiple parameterized simulations.The range of the historical data is 40 to 51. -What is the value of mean profit if the purchase quantity is equal to 45?

Use the table below to answer the following question(s). Below is the spreadsheet for a portfolio allocation model. Assume that the distributions of life insurance annual return is uniform distribution with minimum 4% and maximum 6%, bond mutual funds annual return is normal with mean 7% and standard deviation 1%, stock mutual funds annual return is lognormal with mean 11% and standard deviation 4%. -What is the mean absolute deviation obtained from the simulation results for maximizing the total expected return? [Hint: Choose the approximate value.]

Use the table below to answer the following question(s). Below is the spreadsheet for a project selection model. -What is the mean absolute deviation obtained from the simulation results? [Hint: Choose the approximate value.]

Use the table below to answer the following question(s). Below is the spreadsheet for an economic order quantity model. Assume that the distribution of demand is normal with a mean of 20,000 and standard deviation of 2,000. -What is the value of safety stock?

Use the table below to answer the following question(s). Below is the spreadsheet for a project selection model. -A chance constraint is one that specifies the fraction of trials in a simulation that must satisfy a constraint.

Define a chance constraint.

Use the table below to answer the following question(s). Below is a spreadsheet for Stone Age Surfboards. Assume that the finishing time for a pair of Rockwell surfboards is triangular with a minimum value of 1.4, a most likely value of 1.5, and a maximum value of 1.8 and that finishing time for a pair of Limestone surfboards is also triangular with a minimum value of 1.8, a most likely value of 2.0, and a maximum value of 2.4.The number of trials per simulation is equal to 5000. -Which of the following cells is defined as the uncertain output cell?

Use the table below to answer the following question(s). Below is the spreadsheet for a portfolio allocation model. Assume that the distributions of life insurance annual return is uniform distribution with minimum 4% and maximum 6%, bond mutual funds annual return is normal with mean 7% and standard deviation 1%, stock mutual funds annual return is lognormal with mean 11% and standard deviation 4%. -What is the value of standard deviation obtained from the simulation results for maximizing the total expected return? [Hint: Choose the approximate value.]

Use the table below to answer the following question(s). Below is the spreadsheet for a newsvendor model. Answer the following question(s)using multiple parameterized simulations.The range of the historical data is 40 to 51. -Which of the following is the best purchase quantity to maximize the expected profit?

Use the table below to answer the following question(s). Below is the spreadsheet for an economic order quantity model. Assume that the distribution of demand is normal with a mean of 20,000 and standard deviation of 2,000. -What is the mean absolute deviation obtained from the simulation results?

Use the table below to answer the following question(s). Below is the spreadsheet for a project selection model. -A value at risk measure is more conservative in nature than a conditional value at risk measure.

Use the table below to answer the following question(s). Below is the spreadsheet for a portfolio allocation model. Assume that the distributions of life insurance annual return is uniform distribution with minimum 4% and maximum 6%, bond mutual funds annual return is normal with mean 7% and standard deviation 1%, stock mutual funds annual return is lognormal with mean 11% and standard deviation 4%. -What is the coefficient of variation obtained from the simulation results for maximizing the total expected return? [Hint: Choose the approximate value.]

Use the table below to answer the following question(s). The Atlas Movies Theater has repriced their ticket rates to maximize revenues.They have three classes of tickets: Classic, Silver, and Gold.The table below provides information on the average ticket sales, revenue and price elasticity on demand.They have a total seating capacity of 300.The table also provides the new price for the three classes obtained using Solver. Assume the distributions of elasticities for three classes of tickets are uniform with minimum and maximum values equal to 75% and 125% of their estimated values, respectively.Under this assumption, use Monte Carlo simulation to answer the following questions.The model is simulated for 10,000 trials. -What is the value of standard deviation obtained from the simulation results?

Use the table below to answer the following question(s). The Atlas Movies Theater has repriced their ticket rates to maximize revenues.They have three classes of tickets: Classic, Silver, and Gold.The table below provides information on the average ticket sales, revenue and price elasticity on demand.They have a total seating capacity of 300.The table also provides the new price for the three classes obtained using Solver. Assume the distributions of elasticities for three classes of tickets are uniform with minimum and maximum values equal to 75% and 125% of their estimated values, respectively.Under this assumption, use Monte Carlo simulation to answer the following questions.The model is simulated for 10,000 trials. -What is the value of mean obtained from the simulation results?

Use the table below to answer the following question(s). Below is the spreadsheet for a portfolio allocation model. Assume that the distributions of life insurance annual return is uniform distribution with minimum 4% and maximum 6%, bond mutual funds annual return is normal with mean 7% and standard deviation 1%, stock mutual funds annual return is lognormal with mean 11% and standard deviation 4%. -What is the value of mode obtained from the simulation results for maximizing the total expected return? [Hint: Choose the approximate value.]

Use the table below to answer the following question(s). Below is the spreadsheet for a project selection model. -A service level is a constraint that represents the probability that demand can be satisfied.