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Assignment Details:

Topic :: Quantitative Analysis For Managerial Decisions

Document Type :: Assignment help (any type)

Subject :: Management

Deadline :*: As Per Required

Number of Words :: As Per Required

Citation/Referencing Style :: Harvard style

 Quantitative Analysis for Managerial Decisions

Attempt all the questions!

1).   Distinguish between quantitative and qualitative decision making process.

2).   Why are models required?

3).   Describe the basic types of models.

4).   Is OR an art or science? Justify with supportive reasons.

5).   When is quantitative analysis required in decision making?

6).   Elaborate the application of Operations Research techniques in service giving enterprises.

7).   Explain the management science approach to decision making.

8).   Identify application areas of Operations Research in business.

9).   What are the drawbacks of using quantitative analysis?

10).   Briefly explain the criteria of model classification.

11).   Give examples of allocation models.

12).   Explain the milestones in the development of OR/MS/DS/SS.

 

Attempt all the following word problems and show all the necessary steps you follow to answer the required questions.

13).   The Flair Furniture Company produces inexpensive tables and chairs. The production process for each is similar in that both require a certain number of hours of carpentry work and a certain number of labor hours in the painting and varnishing department. Each table takes 4 hours of carpentry and 2 hours in the painting and varnishing shop. Each chair requires 3 hours in carpentry and 1 hour in painting and varnishing. During the current production period, 240 hours of carpentry time are available and 100 hours in painting and varnishing time are available. Each table sold yields a profit of $70; each chair produced is sold for a $50 profit. Flair Furniture’s problem is to determine the best possible combination of tables and chairs to manufacture in order to reach the maximum profit.

Required:

A).  Develop a Linear Programing Model.

B).  Change the LPP into standard form.

C).  Solve the LPP by using;

1. Graphical method
2. Simplex algorithm method
3. Identify the unused resources.
4. Test for post optimality.
5. Use an Excel solver to solve the LPP and compare your answer.

14).   The Holiday Meal Turkey Ranch is considering buying two different brands of turkey feed and blending them to provide a good, low-cost diet for its turkeys. Each feed contains, in varying proportions, some or all of the three nutritional ingredients essential for fattening turkeys. Each pound of brand 1 purchased, for example, contains 5 ounces of ingredient A, 4 ounces of ingredient B, and 0.5 ounce of ingredient C. Each pound of brand 2 contains 10 ounces of ingredient A, 3 ounces of ingredient B, but no ingredient C. The brand 1 feed costs the ranch 2 cents a pound, while the brand 2 feed costs 3 cents a pound. The minimum requirements of Ingredient A, B & C are 90, 48 &1.5 ounces. The owner of the ranch would like to use LP to determine the lowest-cost diet that meets the minimum monthly intake requirement for each nutritional ingredient.

Required:

1. Formulate a LPP.
2. Change the LPP in to its standard form.
3. Solve the LPP by using;

• Graphical method
• Simplex algorithm method
• Check for its post optimality (Sensitivity analysis)

1. Use an Excel solver to solve the LPP and compare your answer.

15).   A Medical Supply Company produces catheters in packs at three productions facilities. The company ships the packs from the production facilities to four warehouses. The table shows the costs per pack to ship to the four warehouses.

ToFrom	Seattle	New York	Phoenix	Miami	Supply
Juarez	19	3	7	21	100
Seoul	15	21	18	6	300
Telaviv	11	14	15	22	200
Demand	150	100	200	150	600

 

Required:

1. Form a general linear programming form (standard form).
2. Find the optimum solution by using; 1. NWM, 2. Least-cost method, 3. VAM and check its optimality by using;

a.  Stepping-stone method

b.  MODI for evaluation purpose.

 

16).   A marketing manager in XYZ Company wants to assign 4 salespersons to 4 regions. The table below summarizes the expected monthly sales revenue (in 1000’s of Br.) that can be generated by each sales person in each region.

	Regions
Sales Person	West	South	East	North
Alemu	50	40	35	42
Abdi	35	30	29	27
Chaltu	28	40	25	38
Ahmed	26	35	30	34

 

Required:

1. Form the general linear programming/ the standard form.
2. Find the assignment schedule that maximizes expected sales revenue.
3. What is the expected total revenue?

 

Reference ID: #getanswers19120031