BSOP 209 Final Exam 100% Correct Answers

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1. (TCO 8) What are the three parts of a wait-line system2. (TCO 9) What is the objective function of LP3. (TCO 11 & 12) What are two of the steps in a simplex maximization problem4. (TCO 10) What will happen if the right-hand side of a constraint is changed5. (TCO 15 & 16) What are three of the basic steps that both PERT and CPM follow6. (TCO 16) What is a “dummy activity?”

7. (TCO 3, 4, & 5) What is the formula for linear regression? Define each part.

8. (TCO 1) What are the four qualitative forecasting approaches that are available to us9. (TCO 6) Describe the “revenue junction.”

10. (TCO 8) What are the three parts of a typical queuing system11. (TCO 8) When designing a waiting line system, what “qualitative” concerns need to be considered12. (TCO 8) What is the expected value with perfect information1. (TCO 1 &2) What is the forecast for Aug based on a weighted moving average applied to the following past demand data and using the weights: 5, 3, 1.5? (largest weight is for most recent data)

Feb. Mar. Apr. May Jun. Jul.

30 35 22 27 33 40

2. (TCO 3, 4, and 5) The XYZ Paint Shop owns and operates a dozen shops in southern Iowa. Their signature paint is black epoxy. Sales (X, in millions of dollars) is related to Profits (Y, in hundreds of thousands of dollars) by the regression equation Y = 6.321 + 0.65X. What is your forecast of profit for a store with sales of $25 million? $65 million3. (TCO 6 and 7) A product is currently made in a job shop, where fixed costs are $4,500 per year and variable cost is $10 per unit. The firm sells the product for $70 per unit. What is the break-even point for this operation?…

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