(Test Bank) Quantitative Methods Questions And Answers

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Question 1 5 out of 5 points In a 0-1 integer programming problem involving a capital budgeting application (where xj = 1, if project j is selected, xj = 0, otherwise) the constraint x1 – x2 ≤ 0 implies that if project 2 is selected, project 1 cannot be selected. Answer Selected Answer: Fals e Correct Answer: Fals e Question 2 5 out of 5 points Adjusted exponential smoothing is an exponential smoothing forecast adjusted for seasonality. Answer Selected Answer: Fals e Correct Answer: Fals e Question 3 5 out of 5 points A cycle is an up and down movement in demand that repeats itself in less than 1 year. Answer Selected Answer: Fals e Correct Answer: Fals eQuestion 4 5 out of 5 points If we are solving a 0-1 integer programming problem, the constraint x1 = x2 is a conditional constraint. Answer Selected Answer: Fals e Correct Answer: Fals e Question 5 5 out of 5 points In a transshipment problem, items may be transported from destination to destination and from source to source. Answer Selected Answer: Tru e Correct Answer: Tru e Question 6 5 out of 5 points Excel can be used to simulate systems that can be represented by both discrete and continuous random variables. Answer Selected Answer: Tru e Correct Answer: Tru e Question 75 out of 5 points A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow. The conservative (maximin) strategy is: Answer Selected Answer: Leas e Correct Answer: Leas e Question 8 5 out of 5 points Events that cannot occur at the same time in any trial of an experiment are: Answer Selected Answer: mutually exclusive Correct Answer: mutually exclusive Question 9 5 out of 5 points A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow. If the probability of brisk business is .40 and for slow business is . 60, the expected value of perfect information is: Answer Selected Answer: 12 Correct Answer: 12 Question 10 5 out of 5 points In linear programming problems, multiple optimal solutions occur Answer Selected Answer: when the objective function is parallel to a constraint line Correct Answer: when the objective function is parallel to a constraint line Question 11 5 out of 5 points In a break-even model, if all of the costs are held constant, how does an increase in price affect the model? Answer Selected Answer: Breakeven point decreases Correct Answer: Breakeven point decreases Question 12 5 out of 5 points Steinmetz furniture buys 2 products for resale: big shelves (B) and medium shelves (M). Each big shelf costs $100 and requires 100 cubic feet of storage space, and each medium shelf costs $50 and requires 80 cubic feet of storage space. The company has $25000 to invest in shelves this week, and the warehouse has 18000 cubic feet available for storage. Profit for each big shelf is $85 and for each medium shelf is $75. What is the objective function? Answer Selected Answer: Max Z = 85B + 75M Correct Answer: Max Z = 85B + 75M Question 13 5 out of 5 points Steinmetz furniture buys 2 products for resale: big shelves (B) and medium shelves (M). Each big shelf costs $100 and requires 100 cubic feet of storage space, and each medium shelf costs $50 and requires 80 cubic feet of storage space. The company has $25000 to invest in shelves this week, and the warehouse has 18000 cubic feet available for storage. Profit for each big shelf is $85 and for each medium shelf is $75. What is the storage space constraint? Answer Selected Answer: 100B + 80M ≤ 18000 Correct Answer: 100B + 80M ≤ 18000 Question 14 5 out of 5 points The production manager for Beer etc. produces 2 kinds of beer: light (L) and dark (D). T wo resources used to produce beer are malt and wheat. He can obtain at most 4800 oz of malt per week and at most 3200 oz of wheat per week respectively. Each bottle of light beer requires 12 oz of malt and 4 oz of wheat, while a bottle of dark beer uses 8 oz of malt and 8 oz of wheat. Profits for light beer are $2 per bottle, and profits for dark beer are $1 per bottle. What is the optimal weekly profit? Answer Selected Answer: $80 0 Correct Answer: $80 0 Question 15 5 out of 5 points The following is an Excel “Answer” and “Sensitivity” reports of a linear programming problem: The Answer Report: The Sensitivity Report: Which additional resources would you recommend to be increased? Answer Selected Answer: kil n Correct Answer: kil n Question 16 5 out of 5 pointsThe owner of Black Angus Ranch is trying to determine the correct mix of two types of beef feed, A and B which cost 50 cents and 75 cents per pound, respectively. Five essential ingredients are contained in the feed, shown in the table below. The table also shows the minimum daily requirements of each ingredient. IngredientPercent per pound in Feed APercent per pound in Feed BMinimum daily requirement (pounds) 1202430 2301050 303020 4241560 5102040 The constraint for ingredient 3 is: Answer Selected Answer: .3B ≥ 20 Correct Answer: .3B ≥ 20 Question 17 5 out of 5 points In a portfolio problem, X1, X2, and X3 represent the number of shares purchased of stocks 1, 2, an 3 which have selling prices of $15, $47.25, and $110, respectively. The investor has up to $50,000 to invest. The investor stipulates that stock 1 must not account for more than 35% of the number of shares purchased. Which constraint is correct? Answer Selected Answer: X1 ≤ 0.35(X1 + X2 + X3) Correct Answer: X1 ≤ 0.35(X1 + X2 + X3) Question 18 5 out of 5 points If we are solving a 0-1 integer programming problem, the constraint x1 = x2 is a __________ constraint. Answer Selected Answer: corequisi te Correct Answer: corequisi te Question 19 5 out of 5 points In a capital budgeting problem, if either project 1 or project 2 is selected, then project 5 cannot be selected. Which of the alternatives listed below correctly models this situation? AnswerSelected Answer: x1 + x5 ≤ 1, x2 + x5 ≤ 1 Correct Answer: x1 + x5 ≤ 1, x2 + x5 ≤ 1 Question 20 5 out of 5 points A professor needs help from 3 student helpers to complete 4 tasks. The first task is grading; the second is scanning; the third is copying, and the fourth is organizing student portfolios. The estimated time for each student to do each task is given in the matrix below. Which of the following constraints represents the assignment for student A? Answer Selected Answer: XA1 +XA2 + XA3 + XA4 = 1 Correct Answer: XA1 +XA2 + XA3 + XA4 = 1 Question 21 0 out of 5 pointsThe following table represents the cost to ship from Distribution Center 1, 2, or 3 to Customer A, B, or C. The constraint that represents the quantity supplied by DC 1 is: Answer Selected Answer: X1A + X1B + X1C ≥500 Correct Answer: X1A + X1B + X1C ≤ 500 Question 22 5 out of 5 points Jack is considering pursuing an MS in Information Systems degree. He has applied to two different universities. The acceptance rate for applicants with similar qualifications is 30% for University X and 60% for University Y . The decisions of each university have no effect on each other. This means that they are: Answer Selected Answer: independ ent Correct Answer:independ ent Question 23 5 out of 5 points The metropolitan airport commission is considering the establishment of limitations on noise pollution around a local airport. At the present time, the noise level per jet takeoff in one neighborhood near the airport is approximately normally distributed with a mean of 100 decibels and a standard deviation of 3 decibels. What is the probability that a randomly selected jet will generate a noise level of more than 105 decibels? Note: please provide your answer to 2 places past the decimal point, rounding as appropriate. Answer Selected Answer: 0.0 5 Correct Answer: 0.0 5 Question 24 5 out of 5 points __________ moving averages react more slowly to recent demand changes than do __________ moving averages. Answer Selected Answer: Longer-period, shorter- period Correct Answer: Longer-period, shorter- period Question 25 5 out of 5 points A bakery is considering hiring another clerk to better serve customers. T o help with this decision, records were kept to determine how many customers arrived in 10-minute intervals. Based on 100 ten-minute intervals, the following probability distribution and random number assignments developed. Suppose the next three random numbers were .18, .89 and .67. How many customers would have arrived during this 30-minute period? Answer Selected Answer: 24 Correct Answer: 24 Question 26 5 out of 5 pointsNumber of ArrivalsProbabilityRandom numbers 6.1.01 - .10 7.3.11 - .40 8.3.41 - .70 9.2.71 - .90 10.1.91 - .00Given an actual demand of 59, a previous forecast of 64, and an alpha of .3, what would the forecast for the next period be using simple exponential smoothing? Answer Selected Answer: 62. 5 Correct Answer: 62. 5 Question 27 5 out of 5 points Consider the following graph of sales. Which of the following characteristics is exhibited by the data? Answer Selected Answer: Trend plus irregular Correct Answer: Trend plus irregular Question 28 5 out of 5 pointsCarter’s Bed & Breakfast breaks even every month if they book 30 rooms over the course of a month. Their fixed cost is $1050 per month and the revenue they receive from each booked room is $150. What is the variable cost per occupied room? (Note: The answer is a whole dollar amount. Give the answer as a whole number, omitting the decimal point. For instance, use 105 to write $105.00). Answer Selected Answer: 115 Correct Answer: Evaluation Method Correct Answer Exact Match 115 Question 29 5 out of 5 points Ford’s Bed & Breakfast breaks even if they sell 50 rooms each month. They have a fixed cost of $6500 per month. The variable cost per room is $30. For this model to work, what must be the revenue per room? (Note: The answer is a whole dollar amount. Give the answer as a whole number, omitting the decimal point. For instance, use 105 to write $105.00). Answer Selected Answer: 160 Correct Answer: Evaluation Method Correct Answer Exact Match 160 Question 30 5 out of 5 points