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EMGT 501 Fall 2008 Final Exam Due Day: Dec 8 (Monday), 2008 (9:00AM). Note : (a) Do not send me after copying your computer results. See my HW on my HP regarding how to prepare your answers. (b) I need your professional preparation. Large Characters at the level that I can read.
Due Day: Dec 8 (Monday), 2008 (9:00AM)
(a) Do not send me after copying your computer results. See my HW on my HP regarding how to prepare your answers.
(b) I need your professional preparation. Large Characters at the level that I can read.
(c) Answer on a series of PPS.
(d) Do not discuss the exam with other students.
(e) Return your answer attached to your e-mail.
In the basic EOQ model, suppose the stock is replenished uniformly (rather than instantaneously) at the rate of b items per unit time until the order quantity Q is fulfilled. Withdrawals from the inventory are made at the rate of a items per unit time, where a < b. Replenishments and withdrawals of the inventory are made simultaneously. For example, if Q is 60, b is 3 per day, and a is 2 per day, then 3 units of stock arrive each day for days 1 to 20, 31 to 50, and so on, whereas units are withdrawn at the rate of 2 per day every day. The diagram of inventory level versus time is given below for this example.
Point of maximum inventory
The reservation office for Central Airlines has two Agents answering incoming phone calls for flight reservations. In addition, one caller can be put on hold until one of the agents in available to take the call. If all three phone lines (both agent lines and the hold line) are busy, a potential customer gets a busy signal, in which case the call may go to another airline. The calls and attempted calls occur randomly (i.e., according to a Poisson process) at a mean rate of 15 per hour. The length of a telephone conversation has an exponential distribution with a mean of 4 minutes.
Hale’s TV Production is considering producing a pilot for a comedy series in the hope of selling it to a major television network. The network may decide to reject the series, but it may also decide to purchase the rights to the series for either one or two years. At this point in time, Hale may either produce the pilot and wait for the network’s decision or transfer the rights for the pilot and series to a competitor for $100,000. Hale’s decision alternatives and profits (in thousands of dollars) are as follows:
The probabilities for the states of nature are P(s1) = 0.20, P(s2) = 0.30, and P(s3) = 0.50. For a consulting fee of $5000, an agency will review the plans for the comedy series and indicate the overall chances of a favorable network reaction to the series. Assume that the agency review will result in a favorable (F) or an unfavorable (U) review and that the following probabilities are relevant.
The supervisor of a manufacturing process believed that assembly-line speed (in feet/minute) affected the number of defective parts found during on-line inspection. To test this theory, management had the same batch of parts inspected visually at a variety of line speeds. The following data were collected.
Please indicate the current level of your knowledge. (1: no idea, 2: little, 3: considerable, 4: very well).
(2) Decision Analysis
(3) Multi-Criteria Decision Making
(5) Markov Process
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