BUS 435 Module 7 Assignment Solution
“In Problem 3 of Chapter 13 (Burger Office Equipment), suppose that the amount of labor required per desk is uncertain. Assume that the amount of labor required for a standard desk is triangular with parameters (9, 10, 12), and the amount of labor required for a deluxe desk is triangular with parameters (14, 16, 21). If the company wishes to limit the probability of requiring overtime beyond the 400 hours available to at most 20%, how many desks of each type should they produce?
Problem 3 from chapter 13: This is for reference for problem above do not solve: Burger Office Equipment produces two types of desks, standard and deluxe. Deluxe desks have oak tops and more-expensive hardware and require additional time for finishing and polishing. Standard desks require 80 board feet of pine and 10 hours of labor, whereas deluxe desks require 60 board feet of pine, 18 squarefeet of oak, and 16 hours of labor. For the next week, the company has 5,000 board feet of pine, 750 board feet of oak, and 400 hours of labor available. Standard desks net a profit of $150, and deluxe desks net a profit of $320. All desks can be sold to national chains such as Staples or Office Depot.”
” For the Rosenberg Land Development problem (Problem 2 in Chapter 14), suppose that the construction costs are uncertain. Specifically, assume that the distribution of construction costs is normally distributed, with the mean values as given, and standard deviations equal to 15% of the mean. Using the optimal solution to the linear optimization model, find the probability of exceeding the budget after construction is started.
Chapter 14 problem 2 for reference do not solve: Rosenberg Land Development (RLD) is a developer of condominium properties in the Southwest United States. RLD has recently acquired a 40.625-acre site outside Phoenix, Arizona. Zoning restrictions allow at most 8 units per acre. Three types of condominiums are planned: one-, two-, and three-bedroom units. The average construction costs for each type of unit are $450,000, $600,000, and $750,000, respectively. These units will generate a net profit of 10%. The company has equity and loans totaling $180 million dollars for this project. From prior development projects, senior managers have determined that there must be a minimum of 15% one-bedroom units, 25% two-bedroom units, and 25% three-bedroom units.”
“Develop a Monte Carlo simulation model for the pharmacy situation described in Problem 9 of Chapter 8. Use the IntUniform distribution in Risk Solver Platform tomodel the demand and find the distribution of profit for an order quantity of 15. Use multiple parameterized simulation to identify the best order quantity to maximize profit.
Chapter 8 problem 9 for reference do not solve: A local pharmacy orders 15 copies of a monthly magazine. Depending on the cover story, demand for the magazine varies. The pharmacy purchases the magazines for $2.25 and sells them for $5.00. Any magazines left over at the end of the month are donated to hospitals and other health care facilities. Modify the newsvendor example spreadsheet to model this situation. Investigate the financial implications of this policy if the demand is expected to vary between 5 and 15 copies each month.”
“Midwestern Hardware must decide how many snow shovels to order for the coming snow season. Each shovel costs $15.00 and is sold for $29.95. No inventory is carried from one snow season to the next. Shovels unsold after February are sold at a discount price of $10.00. Past data indicate that sales are highly dependent on the severity of the winter season. Past seasons have been classified as mild or harsh, and the forecast calls for a 70% chance of a harsh winter. Shovels must be ordered from the manufacturer in lots of 200. Develop a Monte Carlo simulation model to find the profit for any order quantity and use multiple parameterized simulation to identify the best order quantity.The following distribution of regular price demand has been tabulated:”
“Bevs Bakery specializes in sourdough bread. Early each morning, Bev must decide how many loaves to bake for the day. Each loaf costs $0.75 to make and sells for $2.85. Bread left over at the end of the day can be sold the next for $1.00. Develop a Monte Carlo simulation model to find the profit for baking any quantity of bread and use multiple parameterized simulation to identify the best number to bake.
Past data indicate that demand is distributed as follows:”
“Develop and analyze a simulation model for Koehler Vision Associates (KVA) in Problem 10 of Chapter 8 with the following assumptions. The weekly demand averages 175, but anywhere between 10% and 20% of prospective patients fail to show up or cancel their exam at the last minute. Determine the best level of overbooking to maximize the net profit (revenue less overbooking costs). Assume that the demand is uniform between 110 and 160 per week.
Chapter 8 problem 10 for reference: do not solve Koehler Vision Associates (KVA) specializes in laser-assisted corrective eyesurgery. Prospective patients make appointments for prescreening exams to determine their candidacy for the surgery: if they qualify, the $300 charge is applied as a deposit for the actual procedure. The weekly demand is 175, and about 15% of prospective patients fail to show up or cancel their exam at the last minute. Patients that do not show up are refunded the prescreening fee. KVA can handle 125 patients per week and is considering overbooking its appointments to reduce the lost revenue associated with cancellations. However, any patientthat is overbooked may spread unfavorable comments about the company; thus, the overbooking cost is estimated to be $125, the value of a referral. Develop a spreadsheet model for calculating net revenue.”
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