QANT300FINALEXAMFALL2023.xlsx
Problem 1
| A firm uses simple exponential smoothing with alpha of 0.1 to forecast demand. The forecast for the week of February 1 was 500 units, |
| whereas actual demand turned out to be 450 units. |
|
| (a) |
Forecast the demand for the week of February 8. |
|
| (b) |
Assume that the actual demand during the week of February 8 turned out to be 505 units. Forecast the demand for the week of February 15. |
|
|
| Continue on forecasting through March 15, assuming that subsequent demands were actually 516, 488, 467, 554, and 510 units. |
Problem 2
|
| An office supply store open 5 days a week must determine the best inventory policy for boxes of copier paper. |
|
| Weekly demand is nearly constant at 250 boxes and when orders are placed, then entire shipment arrives at once. |
|
| The cost per box is $22 and the inventory holding cost is 30%. Orders are placed at a cost of $40 each, |
|
| including preparation time and communication charges, and the lead time is 2 days. |
| a. |
Find the optimal order quantity. |
| b. |
What is the reorder point? |
| c. |
How often should an order be placed? |
| d. |
What is the cycle time? |
Problem 3
| Using the factor ratings shown below, determine which location alternative should be chosen on the basis of maximum composite score. |
|
|
| Location |
| Factor |
Weight |
A |
B |
C |
| Easy access |
0.15 |
86 |
72 |
90 |
| Parking facilities |
0.2 |
72 |
77 |
91 |
| Display area |
0.18 |
86 |
90 |
90 |
| Shopper (walking) traffic |
0.21 |
94 |
86 |
80 |
| Neighborhood wealth |
0.16 |
99 |
89 |
81 |
| Neighborhood safety |
0.1 |
96 |
85 |
75 |
Problem 4
| A telecommunications firm is planning to lay fiber optic cable from several community college distance learning sites to a central studio, |
| in such a way that the miles of cable is minimized. Some locations require more than one set of cables (these are the loads). |
| Where should the studio be located to accomplish the objective? |
| College |
Map Coordinate (x, y) |
Load |
| A |
(2,10) |
3 |
| B |
(6,8) |
2 |
| C |
(4,9) |
4 |
| D |
(9,5) |
1 |
| E |
(8,1) |
3 |
| F |
(3,2) |
2 |
| G |
(2,6) |
1 |
Problem 5
| Jack Bennetton, manager of the Sandy Bottom Grocery Store, is concerned that his stock clerks are mispricing items. |
| For those items stocked during the last eight hours, he has counted 32 that were mispriced. What would be the 99.7% control limits on this process? |
Jay10
3 years ago
40
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