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5lotto.ot Fl]!t yourl.!t n.mo (lofrlu8tltyl OSUE{ail identifior chriltobek.ll(righttulttfy) [i.s. Buain6a management EIam lll 331 tttt ttt-) (Last, Name First): Youhave90 minutes complete exam. A countdown to this timerwill be projected the screen on during quiz. No "time the givenby the instructor checks" be verbally will during quiz. Whenthe 90 minutes complete, writing ceas. the are all will Please question is asked. readeachquestion carefully directly and answerthe that You may usea calculator the exam. However, instruction the useof the calculator its functions be gaven icr no on or will during exam. In addition, sha.ing catcutators permitted. the no of is The use o, ce phones. PDAS. anal lPoals(nP3 p/Eversldudno rhe exam are Drohibiaad! Placethe answer the questipn to askedin the boxprovided.Points be deducted answers placed the box. will not in for Do notwriteequations anything or otherthan answer the box. the in Onlyone student allowed a timeto usethe restroom. is at yourexamto the instructor TA priorto Youwi ,urrender or goang the restroom it will be givenbackuponyourreturn. to and No communication any kindis allowed of between students during course the exam. Thas the of includes formsof all vertl communication, witten communication, and/or electronic communication. I heve readthe exam instructionseboveand undeEtandthat any violationoftho gxam rul6swill rosult in a auaDected caaeot acadomicmilconduct. Signaturs: D.te: Do notwritebelow line thE TotalDoints exam on Totaloointsmissed 230 Percent correct Curved score 1 . [3:t Pointatotal - 3 Do,ina ectrbo.x, Calculate ,o. queues: thevalues each he following for of l\4/M/'1 a. Average number units thequeue = 5 and of in [], u=81? -.r. (j' )l 1 x w=)-\tt 2) ,: .o timein the queue0" = 5 and tl = 8l? b. Average Lq= nG4 P",,=lLl o,L<>6 c. Average inthesystem = 5 andF = 8l? time 0" wq= ). pW-^) t 5 ( s- s l o,237 Average numbrof inthesystem : 5 units h and F = 8l? -- I.o + z oZot o |,t"t 1 {,,J ,-f-,,^-> ) ll = itt-s e. Serverutilization = 5 and p = 8l? []. ,^-x=E:::-=0.333 .L L f . P ( n > 4 )[ l = 5 a n d t r = 8 ] ? va1 g . P ( n< 3 ) [ ] , = 5 a n d p = 8 1 ? ,t^-> i- - ?-5 ' t vt- I P -- -g -- o G?-t D t, _ 1 \ 1,r _ (4\t lr^ _,1 = o,o9sy = h. P(n!4)[l=5ands=8]? aJ r hsq 1-Pn,, . tt \3 - l-G)'=otsst O,1or+6 i. P(n 2) Ii"=5and!=81? Z -- r- Pn,q' t1{1'-= o9ovt -- (s,)t - o'39dt Pn, .,- -- Pn., o.31oc j. P(n = 4) [], = 5 and |l = 8]? = Qn=.t Pn-.-4'* = r-)'= ?n-z,z,y,o.g -Pn-, o os?L - Pn=t k. P(n=2, .4.or5) [).=5andp=81? 3 o'33ro Do notwritebelow line this G)'-(+)'= o'r3ro 2 2 . I35 Pointstotal- 5 polaietor eact bor, Anthony hasjustbepromoted manager to ofthecustomer service depanment manager hisfirsttaskis to and determine to allocate 8 customer how his servce (CSRS) representatives to twojobsCA- '8"). He and hasto have least of hisemployees each at two on job. Heknows araivalrate customers the the of and service foreach thejobs. Hedecides look rate of to job jobs at each sparately thenlookat both and per together. CSRS paid The are $12.00 hour and per thecostot waiting estimated $50.00 hour. is at JOB'A' Customers at a rateof 15perhour the call and seNice is I perhour.Thetable theright te at contains calculated the measures each for numbr of servers. a. How many CSRS should assigned job'A' be to to minimize totalcost the ofservice weitino? and Job "A" Sewers 2 3 6 1.032 0.168 0.907 L Lq 15.484 2.521 13.609 0.646 0.134 0 . 1 2 7 0.125 2.003 1.903 1 . 6 6 1 0.128 0.028 0.006 Job'8" 0.043 0.009 0.002 0.000 Servers 2 3 5 2.043 1.876 L Lq 0.229 0 . 1 7 9 0 . 1 6 9 0 1 6 7 Y b \Mat is theoptimal cost? 0.062 0.012 0.003 0.001 23.489 2.635 2.058 1.948 1.924 21.573 0 . 7 1 8 o.142 0.o32 0.007 5e^.,r. c e( o1r 2Y oo 3b.oJ tlt.o.> ^+.15 JOB'8" Customels callata rateof 11.5per hourand the .ate is 6 per hour. Thetableat the right service contains calculated the measures eachnumber for of servers. a. HowmanyCSRS shouldbe assigned job '8" to to minimize totalcostof service waitino? the and San,.r;":. (orr Gb.LS 3L Ls (" 'l t /,5-\c ,. oo (,rjnt ^," Lnsr z)th ao3 a z 3 t 2oV.7s 68 "s sq ."5 b t.5b '7a,oo TDih\ CDr,- b. Whatis the oDtimalcost? 5tix,.l,--: L C'ott- 5V.9o JOBS'4" and"B' a. Howshould 8 CSRS assigned eachof the be to thetwojobsto minimize totalcostof service the (all andwaiting 8 CSRS mustbe assigned)? '8" LV oi 3b.o" {t.oo Qo oo 7L.oe 3 Y /o'18,')o as.bs /lo?.?o 1 l.tos t o. 1 o tt?3 o,-s8 sY,qD bt,13 1 L.tt b. What theoptimalcost? loq.b< is Do notwite below this line 3 3. [27 Points toaal- 3 Do,in6 tor each box] Smith greadCompany a smallbakerspecializing herb is in bread.Jim Smithmustdecidehowmanyloaves of breadhe shouldbakefor saleon Saturday. Each loafof bread costs$3.00to bakeand package and he sellsthe bread $6.00per loal Sincethe for bread at its bestwhenit is fresh,Jimwillsellthe ls unsold loaves a reduced at Drice $1.50whenthe of bakery openson Monday.Create Jim'spayoff table showing prolitfromthe saleof his bread. his Loavesof EreadDemand t,u,-, ' (".or ( o--"^"* ) r /Jo ( !,\.;-D - a.|q!J 3 os ( 6^*--) 10 10 20 3o,dD Co'oo 30 &,oD e1),oD 3o.oo /t,oD E3 -9U dl 20 30 qs, os 4^... 4. I20 Poin6 total - 1 pint for each boxl Giventhe payofftable below, determane valuesin the the regret (opportunity table loss) PayoffTable B I 2 X Y 7 c 8 D 3 3 0 3 0 0 ,1 3 9 (Oppotunity Regret Loss) Table B ? c o o 8 5 b (. + x Y s L z o G 3 (- 1 8 Z z L o Do notwritebelow line this c. 136poinfs- 1 poln.sfor eact Dox, civen the payoff following iable: Decision #1 #2 State1 [p] State [1-p] 2 1 2 -3 -2 5 #3 a. What would be the equationfor the ExDected Monetary Value(EMV) a tunction p? Put as of youranswe6in the form"a + bp"where"a" and 'b" are constants. Oecision #1? Oecision #2? Decision #3? Decision #4? EVWPI t+P Left Axis is p = 0 RightAxisis p = 1 2 -+P -l t \t? ,.-7P Horizontal Scale:1 box= 0.10 VerticalScale: box = 1.00 1 b. Vvhat EVWPI p = 0.5? is with 4,o whatis EVPI p = 0.5? with d. \Mich decision(s) is purely are dominated by another decision? purely All dominated decision(s) mustbe listed get credit.lf no to decision(s) dominated. is writeNONE. N oxlq Whichof theEAEL24g decision(s) is dominated a combination otherdecisions? by of Alldominated decision(s) mustbe listedto get credit.lf no decision(s) dominated, is write NONE. *3 Do notwritebelow this line 5 6. [36 Flnts - 1 poinb to. eact boxJ Given the payoff following table: Siates Nature of Decision #1 f2 I B 4 4 0 6 c 6 D 1 7 5 E 8 F 3 (el lrf I tl:r*l t ^V o! I.l-? q.Lt Vz ?, s ,t1 :, b'l 0 2 #3 #4 2 0 1 7 0 o a @ \7 L \<:f/ q.U Zte @ q,s-1) #5 *6 3 9 7 2 6 d) 313 3.SI o 5-,OO q.8i What decision(s) bemade would using following the (#1, criteria? onlythedecision(s) #2,etc.), List not thevalue thedecision. of a. Maximax criteria? +l ,a7,*3,* G '*2 ts o C L D tt5 t- A!. b b. Maximin criteria? I 3 3 L L (. o L o6 sa 1O q' tr(Hurowicz Criteria realisrh of criteria) with 04? @ -7 o I o 1 *3 Expected monetary assuming equallyvalue an likely criteria. -t+ 5 I 5 I 3 o a t e Minimax regret criteria? at f. Expected opportunity assuming equallyloss an likely criteria. + Do not write belowthis line 6 7. [tt3 Polnts toaaq Wildwoodasa "dry" city lno alcoholsales). However, thereia a referendum on the ballotto allowfor the licensing bars. A real of estateinvestor wantsto knowif he shouldbuya property Ocean storefront on Avenue auction.He at estimates he cansellthe property $2.2Mif that icr passes the referendum anda bar can be opened. However, the referendurn defeated, can only it is he sellthe property $1.1M. for The investor needsto decide whether notto bid or on the property.lf he decides bid,he will bid to or that $1.25M, $1.45M 1.85M.The probability he winsthe auction 25016, and 85% respectively. is 45%, It he bidsand losesthe auctaon, willforfeit5% of he (for his bidamount example, will lose$50,000 he if his bidwas$1M). A decision is shownbelow. tre a. [2 Point eachl Determine payoffs place the and the valuesin the boldboxesat the endof the branches the decision of tree. the b. [3 Polnbeachl Dete.mine expected of monetary at thetollowing value states nature passes given 80% a chanc thereferendum that (p=0.80). Nod. EMV ilode Et{v ?3o ooo 53oooo l3il.'2-t c o 19td'ts 9<,tts /3o ooo c. 15 Poin.sl What decisionshouldthe investor make to maximizehis expectedmonetaryvalue (indicate an 'X' in the appropriate criteria with DOX). Oci!ion Bd $1.25M Bid$1.45M "x" Doci!lon Bid$1 85M "x" x Do notbid ?3oq)o fsoooo (r-p) /?it1f Bd 1 25U (0.25) -lSDooo - 6LS\>o (075) -S3Dot)o (P' ? $ oot: -3SDoo\) 118 utr Bii 1 45M (0.45) (1-p) (0:,5) - ? zsDo /3oooo 3sDo.r: Defe3red %ta< Bid 1 85M 085 -?Spoop (0.1s) Do nol bd - 9z sb) Do notwritebelow this line 7

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