Question 1

A factory operates 7 days a week.Due to labor union regulations,employees are allowed to work a maximum of 5 consecutive days.The minimum number of employees that are needed on a given day is provided as follows:
 $$\begin{array} { l c } 
\text { Day } & \text { Number of Employees Needed } \
\hline \text { Sunday } & 20 \
\text { Monday } & 30 \
\text { Tuesday } & 35 \
\text { Wednesday } & 40 \
\text { Thursday } & 37 \
\text { Friday } & 30 \
\text { Saturday } & 25
\end{array}$$ 
Use Excel to formulate and solve this labor planning problem to determine the minimum number of employees needed each day.

Accepted Answer

The answer of A factory operates 7 days a week.Due...

Question 2

The objective of transportation problems is typically to either minimize total shipping costs or distances.

Accepted Answer

A) True 
 B)False

Question 3

An investment company currently has 1 million dollars available for investment in five different stocks.The company wants to maximize the interest earned over the next year.The five investment possibilities along with the expected interest earned are shown below.To manage risk,the investment firm wishes to have at least 35% of the investment in stocks A and B.Furthermore,no more than 15% of the investment may be in stock E.Model and solve this problem in Excel.
 $$\begin{array} { l c } 
\text { Investment } & \text { Expected Interest Earned (\%) } \
 \text { Stock A } & 7 \
\text { Stock B } & 9 \
\text { Stock C } & 8 \
\text { Stock D } & 10 \
\text { Stock E } & 11
\end{array}$$

Accepted Answer

The answer of An investment company currently has 1 million...

Question 4

In a "Portfolio Selection" application,the objective function is always to minimize risk,given a set of legal and policy constraints.

Accepted Answer

A) True 
 B)False

Question 5

Consider the following constraint: X₂ ≤ 30.This implies that at least 30 units of product X₂ can be produced.

Accepted Answer

A) True 
 B)False

Question 6

In a multi-period production scheduling application,the decision choices in later periods are directly dependent on the decision made in earlier periods.

Accepted Answer

A) True 
 B)False

Question 7

The "Diet" problem can be classified as an "ingredient blending" linear programming application.

Accepted Answer

A) True 
 B)False

Question 8

An insurance company has three secretaries,A,B,and C,who are each capable of processing four different types of insurance claims.The amount of time required by each secretary to process a particular type of a claim is summarized in the following table.
  
On a typical week,the insurance firm has 5 type 1 claims,4 type 2 claims,2 type 3 claims,and 3 type 4 claims.Each secretary works a maximum of 40 hours per week.The office manager wants to know how many of each type of an insurance claim should be processed by each secretary to minimize the total processing time.Use Excel to formulate and solve this problem.

Accepted Answer

The answer of An insurance company has three secretaries,A,B,and C,who...

Question 9

Use this information to answer the following questions.
The following table contains information on the cost to run four jobs (1,2,3,and 4)on four available machines (A,B,C,and D).
 
-Refer to the table above.Assume that job number 4 was canceled and will no longer be processed.How will this affect the job-machine assignment? Use Excel to model and solve this problem to determine the least costly assignment.

Accepted Answer

The answer of Use this information to answer the following...

Exam 3: Linear Programming Modeling Applications with Computer Analyses in Excel

The objective of transportation problems is typically to either minimize total shipping costs or distances.

In a "Portfolio Selection" application,the objective function is always to minimize risk,given a set of legal and policy constraints.

Consider the following constraint: X₂ ≤ 30.This implies that at least 30 units of product X₂ can be produced.

In a multi-period production scheduling application,the decision choices in later periods are directly dependent on the decision made in earlier periods.

The "Diet" problem can be classified as an "ingredient blending" linear programming application.