NORC at the University of Chicago
The University of Chicago
The University of Chicago Press
NORC at the University of Chicago
http:/www.jstor.org/stable/10.1086/506485 .
Society of Labor Economists
Your use of the JSTOR archive indicates your acceptance o
Table 291. Federal Student Financial Assistance: 1995 to 2011
[For award years July 1 of year shown to the following June 30 (35,477 represents $35,477,000,000). Funds utilized exclude
operating costs, etc., and represent funds given to students]
Type of
TABLE 1
YTM Calculated for several Coupon bond prices: Relationship Between Price and Yield to Maturity
Coupon rate
10%
Face Value
1,000
Maturity (n. years
10
Price of bond (Pt0)
1
2
3
4
5
-1,200
-1,100
-1,000
-900
-800
1
100
100
100
100
100
2
100
100
100
1/23/2017
Operations Management
Write-up #1
1) In order to fill a rush order, it will take 6 minutes (time to wash and mix the ingredients)
+ 2 minutes for spooning the cookies into the tray + 1 minute for setting the oven and
thermostat to the correct te
Flow Chart of a Relationship
Man gets
Few
High
JIT
and
Gantt
Process
Flow
In-class
Problem:
Ouslander
Setting
Playing
Up
Round
the
Example:
Flowchart
of
Student
Types
of
Flowchart
In
this
model,
each
scenario
is
Jurans
Lazy
Current
Issues
in
Current
Deali
Solutions to LP Practice Problems1
1. Furnco manufactures desks and chairs. Each desk uses 4 units of wood, and
each chair uses 3 units of wood. A desk contributes $40 to profit, and a chair
contributes $25. Marketing restrictions require that the number
Queueing Theory
Overview
Basic definitions and metrics
Examples of some theoretical
models
Operations - Prof. Juran
2
Basic Queueing Theory
A set of mathematical tools for the analysis of probabilistic
systems of customers and servers.
Can be traced to
Solution to CPM Practice
F
5
4
1
E
20
A
5
5
C
7
2
B
5
D
10
3
1. The total number of paths in this network is _
a. 1
b. 2
c. 3
d. 4
e. 5
2. The early start time for activity C is _
a. 0
b. 5
c. 10 (5 from 1-2 and 5 from 2-3)
d. 15
e. 20
3. The early finish
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
A
B
C
D
E
F
G
Microsoft Excel 14.0 Answer Report
Worksheet: [s-downhill.xls]downhill
Report Created: 6/16/2012 8:56:24 AM
Result: Solver found a solution. All Constrain
LP Practice Problems1
1. Furnco manufactures desks and chairs. Each desk uses 4 units of wood, and
each chair uses 3 units of wood. A desk contributes $40 to profit, and a chair
contributes $25. Marketing restrictions require that the number of chairs
pro
Solution to Queueing Problems1
1. Customers arrive at a local 7-11 at the rate of = 40 per hour (and follow a
Poisson process). The only employee in the store can check them out at a
rate of = 60 per hour (following an exponential distribution). Compute t
Solutions to SPC Practice Problems
1. The overall average on a process you are attempting to monitor is 50 units.
The process standard deviation is known to be 1.72. Determine the upper and
lower control limits for a mean chart, if you choose to use a sam
Queuing Questions
The Poisson probability distribution is used in waiting line management when we
are interested in the number of arrivals to a queue during some fixed time period T
Gas stations loading docks, and parking lots have infinite potential leng
Queuing Formulas
KEY:
Variables
Lambda
Arrival Rate
S
number of servers Servers
values to plug in for the formulas
in the form of "x customers per time period"
From the example: 1 doctor
mu
Service Rate How quickly the server can process the customer
rho
mms.xls
M/M/s Queueing Formula Spreadsheet
Inputs:
Definitions of terms:
20
25
lambda
mu
lambda = arrival rate
mu = service rate
s
= number of servers
Lq = average number in the queue
Ls = average number in the system
Wq = average wait in the queue
Ws = a
20.02.16
Prof. Golrezaei
The Goal
Alex Rogo, a plant manager, faced the hardest challenge he could have possibly
encountered. His boss, Mr. Peach, gave him 90 days to show significant improvements
on his plants performance and prove that it was worth to k
02.06.2016
Prof. Golrezaei
Timeshare Exchange Fair
1) To provide better probabilities of successful exchange by collecting all of the
timeshare owners requests into a pool and executing a one-shot exchange on a
specific day.
2) Gold members can request an
Homework #2
Optimization and Revenue Management
BUAD311- Operations Management
Spring 2016
Homework 2 has a maximum of 70 points. There are 3 questions. Students can discuss
homework questions with each other or with the instructor, provided that the actu
BUAD 311
Prof. Golrezaei
Nike Operations Problems
Nike is a multinational corporation that designs and sells sports equipment,
clothing, footwear and accessories. Valued at $19 billion, Nike has clearly become an
industry leader and one of the most import
Homework #2
Optimization and Revenue Management
BUAD311- Operations Management
Spring 2016
Due 4 pm on Wednesday 3/30
Homework 2 has a maximum of 70 points. There are 3 questions. Students can discuss
homework questions with each other or with the instruc
Inventory Management
Outline
Basic Definitions and Ideas
Reasons to Hold Inventory
Inventory Costs
Inventory Control Systems
Continuous Review Models
Basic EOQ Model
Quantity Discounts
Safety Stock
Special Case: The News Vendor Problem
Discrete Probab
The Principles
of
Scientific Management
by
Frederick Winslow Taylor, M.E., Sc.D.
Past President of The American Society of Mechanical Engineers
(Originally Published in 1911)
Introduction
"national efciency," are less visible, less
tangible, and are but v
QuSolutions to Inventory Practice Problems
1. If D = 1,000 per year, S = $62.50 per order, and H = $0.50 per unit per
year, what is the economic order quantity?
Well use these symbols to represent the parameters of inventory systems:
Q = Number of units p
CPM Practice
F
5
4
1
E
20
A
5
5
C
7
2
B
5
D
10
3
1. The total number of paths in this network is _
a. 1
b. 2
c. 3
d. 4
e. 5
2. The early start time for activity C is _
a. 0
b. 5
c. 10
d. 15
e. 20
3. The early finish time for activity D is _
a. 5
b. 10
c.
A B C D E
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
F G H
I
J
K
L
M
N
O
P
26
t0 t1 t2 t3 t4 t5
0 5 13 17 23 26
1
A
5
0
Start
A
B
C
D
E
F
G
t0
-1
0
0
0
0
0
0
t1
1
-1
0
0
0
0
0
t2
0
1
-1
-1
-1
0
0
t3
0
0
0
0
1
-1
0
t4
0
0
1
0
0
1
-1
t5
0
0
0
1
0
0
1
5
8