BUS 461 Week 5 Final Paper

BUS 461 Week 5 Final Paper

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Submit a six to eight-page paper (not including the title and reference pages) on one of the major topics listed below. Incorporate at least two related scholarly sources:

Linear and integer programming modeling

Network modeling

Project scheduling modeling

Time series forecasting

Inventory

Queuing modeling

Simulation modeling

The paper must (a) identify the main issues in the chosen area, (b) apply and reference new learning to the chosen area, (c) build upon class activities or incidents that facilitated learning and understanding, and (d) present specific current and/or future applications and relevance to the workplace. The emphasis of the paper should be on modeling application, outcomes, and new learning.

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BUS 461 Week 5 DQ 2 Simulation Models

BUS 461 Week 5 DQ 2 Simulation Models

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Simulation Models. Under what conditions would you choose to use a simulation model? What is the simulation process? Explain the pros and cons of using simulation modeling. Respond to at least two of your classmates’ postings.

BUS 461 Week 5 DQ 1 Queuing Models

BUS 461 Week 5 DQ 1 Queuing Models

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Queuing Systems. In today’s fast-paced environment, individuals are continually trying to do more with the same limited time constraints. In a retail store like Wal-Mart, explain how components of queuing systems can influence customer satisfaction or dissatisfaction. How might the queuing process positively or negatively impact customer loyalty? Respond to at least two of your classmates’ postings.

BUS 461 Week 4 Quiz

BUS 461 Week 4 Quiz

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  1.  Question :    The “principle of insufficient reason” indicates the decision maker’s belief that any state of nature is as likely to occur as any other state.

Student Answer:            True
False

Points Received:    1 of 1
Comments:

Question 2.    Question :    The indifference approach for assigning utility values asks the decision maker which of two alternatives is preferred: the payoff under consideration or a chance at the highest payoff with a risk of the lowest payoff.

Student Answer:            True
False

Points Received:    0 of 1
Comments:

Question 3.    Question :    The fact that so many people enter sweepstakes and/or buy lottery tickets demonstrates the difference between:

Student Answer:           the expected value and the expected utility criteria.

altruism and selfishness.

risk aversion and risk indifference.

certainty and uncertainty.

Points Received:    1 of 1
Comments:

Question 4.    Question :    If it is assumed that each possible state of nature has an equal likelihood of occurrence, the expected value criterion will yield the same result as:

Student Answer:          maximin.

minimax

maximax

the principle of insufficient reason.

Points Received:    1 of 1
Comments:

Question 5.    Question :    The expected value of perfect information (EVPI):

Student Answer:          is the same as the expected return with perfect information (ERPI).

is never less than the expected value of sample information (EVSI).

does not require probabilities in its calculation.

requires the availability of sample information.

Points Received:    1 of 1
Comments:

Question 6.    Question :    An aggressive decision maker would prefer the minimax regret criterion over the maximin criterion.

Student Answer:           True
False

Points Received:    1 of 1
Comments:

Question 7.    Question :    The states of nature in a payoff table should be mutually exclusive and collectively exhaustive.

Student Answer:            True
False

Points Received:    1 of 1
Comments:

Question 8.    Question :    Utilities are generally well approximated by monetary payoffs for:

Student Answer:          risk-averse individuals.

risk-preferring individuals.

small businesses.

large corporations.

Points Received:    0 of 1
Comments:

Question 9.    Question :    Consider the payoff table in chapter 6 problem 7 (page 376). The optimal decision under the maximin criterion is:

Student Answer:           D1

D2

D3

D4

Points Received:    1 of 1
Comments:

Question 10.    Question :    The payoff table always has more states of nature than decision alternatives.

Student Answer:           True
False

Points Received:    1 of 1
Comments:

BUS 461 Week 4 DQ 2 Forecasting Approaches

BUS 461 Week 4 DQ 2 Forecasting Approaches

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Forecasting Approaches. Compare and contrast the stationary forecasting model approach with that of a time series forecasting approach. Identify and explain key factors that are relevant in the selection of a specific approach. Respond to at least two of your classmates’ postings.

BUS 461 Week 4 DQ 1 Decision Analysis

BUS 461 Week 4 DQ 1 Decision Analysis

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Decision Analysis. Many real-world decision problems consist of a sequence of dependent decisions. Develop a scenario that has a series/sequence of activities applicable to a “Decision Tree” type analysis. Explain why the scenario you selected is applicable. Also identify and explain critical factors that should be consider. Are there any risks in your scenario? Respond to at least two of your classmates’ postings.

BUS 461 Week 3 Quiz

BUS 461 Week 3 Quiz

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  1.  Question :    In a maximal flow problem:

Student Answer:          Multiple sources may be accommodated, but multiple sinks may not.

Arc capacities must be the same in either direction.

There are several different linear programming formulations for the model.

The connected arcs may contain no cycles.

Points Received:    1 of 1
Comments:

  1.  Question :    A PERT/CPM network can be represented as a linear programming model by letting the decision variables be the activity start times.

Student Answer:            True
False

Points Received:    1 of 1
Comments:

  1.  Question :    Which of the following is true about an intermediate node in a transshipment problem?

Student Answer:           The net flow out must be zero.

The node must connect to at least one supply node and at least one demand node.
The number of arcs connected to supply nodes must be less than or equal to the number of arcs connected to demand nodes.
The total capacity of outbound arcs must equal the total capacity of inbound arcs.

Points Received:    0 of 1
Comments:

  1.  Question :    Any attempt at resource leveling always will involve lengthening the project completion time beyond its “non-leveled” minimum.

Student Answer:           True
False

Points Received:    1 of 1
Comments:

  1.  Question :    Minimal spanning tree problems do not lend themselves to a convenient linear programming formulation. (True, medium)

Student Answer:            True
False

Points Received:    1 of 1
Comments:

  1.  Question :    A B-1 bomber must fly through a choice of “safe areas,” deliver its bombing payload, and return to its home base using minimum fuel. Which network model would be the most appropriate representation?

Student Answer:           Shortest path

Minimal spanning tree

Traveling salesman

Transportation

Points Received:    1 of 1
Comments:

  1.  Question :    In which of the following network models is it not possible to “ship” both in and out of a given node?

Student Answer:          Transshipment

Traveling salesman

Maximal flow

Assignment

Points Received:    1 of 1
Comments:

  1.  Question :    An environmental impact report for a proposed new industrial center complex must include the total amount of sewage that can be pumped through existing pipes. Which network model would be the most appropriate representation?

Student Answer:          Shortest path

Minimal spanning tree

Traveling salesman

Maximal flow

Points Received:    1 of 1
Comments:

  1.  Question :    You can solve the traveling salesman problem by selecting a cycle with the lowest cost.

Student Answer:            True
False

Points Received:    1 of 1
Comments:

  1.  Question :    Using the Critical Path Method, the normal time to complete activity D is 10 weeks, and its normal cost is $500. Under maximum crashing, activity D can be completed is 4 weeks for $2,300. Therefore, if $1,100 is spent on activity D, its completion time will be 6 weeks.

Student Answer:           True
False

Points Received:    1 of 1