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2. (TCOs 11 and 12) Describe the steps of the simplex method that follow setting up
the initial tableau.(Points : 15)
3. (TCOs 15 and 16) List the two approaches to setting up a PERT or CPM network,
and describe the difference between the two.(Points : 15)
6. (TCO 8) List the characteristics all waiting line models have in common.(Points : 15)
1. (TCO 9) What is sensitivity analysis and why is it important to a supply chain or
operations manager?(Points : 20)
3. (TCO 1) Describe the difference between qualitative and quantitative forecasting and
provide an example of each.(Points : 30)
4. (TCO 2) The Tons of Fun Hobby Company general manager knows she can use
sales and payroll data to do an estimated regression equation and forecast sales for
next year. Her finance director gives her the following data table.
Year
Sales (millions)
y
Payroll (millions)
x2
xy
1.5
4.5
2.4
16
10.8
25
15
20.5
9.9
55
42.8
Ey
Ex
Ex2
Exy
Define the regression equation she is able to deduce from the table, and calculate her year
six sales forecast if Year 6 payroll is $3.1 million (please show your work).(Points : 30)
5. (TCOs 13 and 14) Consider the following decision table, which Sally Smith has
developed for her firm, Production Enterprises.
6.
Decision
Probability
0.2
0.6
0.2
Alternatives
Low
Medium
High
$60
$100
$85
$65
$75
$85
$80
$135
$90
$70
$90
$50
$70
$85
$75
Which decision alternative maximizes the expected value of the payoff?(Points : 30)
6. (TCO 6, 7) ZXY is going ahead on an expansion project. It will be able to earn $750
per hour and run 4,700 hours per year. What is the net present value for the next 5
years with an interest rate of 6%?(Points : 30)
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