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<strong>BUS 461 Week 1 DQs</strong>Week 1 DQ 1 The Management Science ProcessThe Management Science Process consists of 1) understanding the problem, 2) building a representative model, 3) solving the mathematical model and, lastly, 4) monitoring/communicating the outcome. Discuss this process and the importance of each. Respond to at least two of your classmates’ postings.Week 1 DQ 2 Defining the ProblemWhen is management science generally applied? What kinds of problems do management scientists face? Provide an example of a “problem” an organization you have been involved with has faced that did, or could have benefited from a management science analysis. Respond to at least two of your classmates’ postings<strong>BUS 461 Week 1 Problems</strong>Week One Problems. Complete Problems 11 through 25 at the end of Chapter 1 using the Greeting Card Sales.xls Excel file on the CD-ROM accompanying the text. Submit to your instructor.<strong>BUS 461 Week 1 Quiz</strong>1. Question : In management science problems, algorithms are:very complex, thus rarely used.used in optimization but not in heuristics.employed in heuristics as well as optimization.substitutes for computer-based solution techniques.2. Question : Which Excel data analysis tool returns the p-value for the F-test?Descriptive Statistics.Regression.Exponential Smoothing.ANOVA.3. Question : Variable constraints may not include:non-negativity constraints.boundary (upper or lower) constraints.integer constraints.resource constraints.4. Question : Constrained mathematical models do not contain:functional constraints.non-negativity requirements.management preferences.boundary restrictions.5. Question : Which name is most commonly associated with Game Theory?Andrey A. MarkovE. K. ErlangJon von NeumanKarmarkar6. Question : Management science applications do not include:simulation.queuing.decision analysis.internet programming.7. Question : Once a mathematical model is complete, you cannot change the problem definition.TrueFalse8. Question : The management science team should make certain that management is sure of its objective before developing and solving a model.TrueFalse9. Question : Mathematical modeling is a process that translates observed or desired phenomena into mathematical expression.TrueFalse10. Question : Decision variable definition need not include:specific units of measure.the time frame involved.variable names.integer requirements, if any.<strong>BUS 461 Week 2 Assignment Writing a Business Report Memo</strong>Writing a Business Report/Memo. Complete Problem 7 in Chapter 3 in the text. Develop a two to three-page business memorandum (not including the title and reference pages, and formatted as outlined on pages 30 through 32) to detail your answers and recommendations. To receive full credit for this assignment you must address the following: (a through d):Determine the optimal weekly production schedule for MVC. What is the optimal weekly profit?What is the minimum price that would justify producing the Plus Model? Explain.If MVC could purchase additional 17 inch monitors for $15 more than what they are currently paying forthem, should they do this? Explain.Suppose an additional worker could be hired for $1000 per week over the existing weekly worker salary.(Recall that workers average 30 hours per week.) Analyze why MVC should do this.Submit to your instructor your two- to three-page paper (not including title and reference pages). Your paper should be formatted according to APA style as outlined in the approved APA style guide, and should cite at least three to four scholarly sources in addition to the textbook.<strong>BUS 461 Week 2 DQs</strong>Week 2 DQ Agriculture ProblemReview problem 12 at the end of Chapter 2 in the text:Frank Hurley is a farmer with 250 acres on which he wishes to plant wheat and corn to maximize his expected return for the season. For crop rotation purposes he must plant at least 50 acres of each crop. He can participate in a federal program that will require him to produce at least as much wheat as corn. Under this program, he is guaranteed to earn $150 per acre of wheat planted and $200 per acre of corn planted. Alternatively, he can opt not to participate in the program, in which case he projects he would make only $125 per acre of wheat planted and $184 per acre of corn planted. What would you recommend to Frank?Based on the output, what key points would you recommend to Frank? In 250 words, sequentially list and explain each activity along with the tools needed to develop your response. (This question is not about the bottom line answer but rather, the solution process, question formulation, data development, output, output explanation, etc.). Respond to at least two of your classmates’ postings.<strong>BUS 461 Week 2 Quiz</strong>1. Question : The functional constraints of a linear model with nonnegative variables are 3X1 + 5X2 = 16 and 4X1 + X2 = 10. Which of the following points could not be an optimal solution for the model?X1 = 2.5, X2 = 0X1 = 0, X2 = 3.2X1 = 1, X2 = 2.25X1 = 2, X2 = 22. Question : A “non-binding” constraint is:redundant.not satisfied with an equality at the optimal solution.one having zero slack or surplusnever a non-negativity variable constraint.3. Question : An over-constrained linear programming problem results in what type of solution?Unbounded.Degenerate.Infeasible.Sub-optimal.4. Question : A non-binding constraint is always a redundant constraint.TrueFalse5. Question : Linear programming and integer linear programming both yield a great amount of sensitivity analysis.TrueFalse6. Question : When specifying linear constraints, the modeler must take into account the unit specification of the decision variables so that the units represented by the left side of the constraints are consistent with the units represented by the right side of the constraints.TrueFalse7. Question : Linear programming models are a subset of constrained optimization models that require the assumptions of continuity of the variables, certainty of the coefficients, additivity of terms, and proportionality of costs, profits, and the use of resources to the value of the decision variables.TrueFalse8. Question : The complementary slackness principle states that either there is zero slack on a constraint or the reduced cost is zero.TrueFalse9. Question : If two extreme points are optimal, then so is every point on the line segment connecting the two extreme points.TrueFalse10. Question : Minimization linear programming models may not involve constraints.TrueFalse<strong>BUS 461 Week 3 DQs </strong>Week 3 DQ 1 PERT/CPMYou have been asked to fill-in for your boss this week. Your boss’s assistant informs you that he had scheduled an engagement to teach a group of students at the local University about PERT/CPM approach to project scheduling and has asked that you do it instead. In an initial write-up for the presentation, discuss the key elements of PERT/CPM to include (but not limited to) assumptions, how it works, and expected outcomes. Respond to at least two of your classmates’ postings.Week 3 DQ 2 Project Scheduling TechniquesHowever, it has not yet been decided whether the prototype materials will be purchased from a vendor (taking two weeks) or produced in another Ajax division (four weeks).  What are the implications of this regarding usage of any standard project scheduling technique? Respond to at least two of your classmates’ postings.Ajax is about to embark on a project involving the design, manufacture and introduction of a new microwave oven.  The first three activities and the immediate predecessors are:Activity PredecessorA       Prototype Design noneB      Acquisition of Materials AC      Prototype Construction B<strong>BUS 461 Week 3 Quiz</strong>1. Question : In a maximal flow problem: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.2. Question : A PERT/CPM network can be represented as a linear programming model by letting the decision variables be the activity start times.TrueFalse3. Question : Which of the following is true about an intermediate node in a transshipment problem?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.4. Question : Any attempt at resource leveling always will involve lengthening the project completion time beyond its “non-leveled” minimum.TrueFalse5. Question : Minimal spanning tree problems do not lend themselves to a convenient linear programming formulation. (True, medium)TrueFalse6. 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?Shortest pathMinimal spanning treeTraveling salesmanTransportation7. Question : In which of the following network models is it not possible to “ship” both in and out of a given node?TransshipmentTraveling salesmanMaximal flowAssignment8. 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?Shortest pathMinimal spanning treeTraveling salesmanMaximal flow9. Question : You can solve the traveling salesman problem by selecting a cycle with the lowest cost.TrueFalse10. 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.TrueFalse<strong>BUS 461 Week 4 DQs</strong>Week 4 DQ 1 Decision AnalysisMany 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.Week 4 DQ 2 Forecasting ApproachesCompare 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.<strong>BUS 461 Week 4 Quiz</strong>Question 1. 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.TrueFalseQuestion 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.TrueFalseQuestion 3. Question : The fact that so many people enter sweepstakes and/or buy lottery tickets demonstrates the difference between:the expected value and the expected utility criteria.altruism and selfishness.risk aversion and risk indifference.certainty and uncertainty.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:maximin.minimaxmaximaxthe principle of insufficient reason.Question 5. Question : The expected value of perfect information (EVPI):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.Question 6. Question : An aggressive decision maker would prefer the minimax regret criterion over the maximin criterion.TrueFalseQuestion 7. Question : The states of nature in a payoff table should be mutually exclusive and collectively exhaustive.TrueFalseQuestion 8. Question : Utilities are generally well approximated by monetary payoffs for:risk-averse individuals.risk-preferring individuals.small businesses.large corporations.Question 9. Question : Consider the payoff table in chapter 6 problem 7 (page 376). The optimal decision under the maximin criterion is:D1D2D3D4Question 10. Question : The payoff table always has more states of nature than decision alternatives.TrueFalse<strong>BUS 461 Week 5 DQs</strong>Week 5 DQ 1 Queuing ModelsIn 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.Week 5 DQ 2 Simulation ModelsUnder 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.<strong>BUS 461 Week 5 Final Paper</strong>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 modelingNetwork modelingProject scheduling modelingTime series forecastingInventoryQueuing modelingSimulation modelingThe 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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<strong>BUS 461 Week 1 DQs</strong>Week 1 DQ 1 The Management Science ProcessThe Management Science Process consists of 1) understanding the problem, 2) building a representative model, 3) solving the mathematical model and, lastly, 4) monitoring/communicating the outcome. Discuss this process and the importance of each. Respond to at least two of your classmates’ postings.Week 1 DQ 2 Defining the ProblemWhen is management science generally applied? What kinds of problems do management scientists face? Provide an example of a “problem” an organization you have been involved with has faced that did, or could have benefited from a management science analysis. Respond to at least two of your classmates’ postings<strong>BUS 461 Week 1 Problems</strong>Week One Problems. Complete Problems 11 through 25 at the end of Chapter 1 using the Greeting Card Sales.xls Excel file on the CD-ROM accompanying the text. Submit to your instructor.<strong>BUS 461 Week 1 Quiz</strong>1. Question : In management science problems, algorithms are:very complex, thus rarely used.used in optimization but not in heuristics.employed in heuristics as well as optimization.substitutes for computer-based solution techniques.2. Question : Which Excel data analysis tool returns the p-value for the F-test?Descriptive Statistics.Regression.Exponential Smoothing.ANOVA.3. Question : Variable constraints may not include:non-negativity constraints.boundary (upper or lower) constraints.integer constraints.resource constraints.4. Question : Constrained mathematical models do not contain:functional constraints.non-negativity requirements.management preferences.boundary restrictions.5. Question : Which name is most commonly associated with Game Theory?Andrey A. MarkovE. K. ErlangJon von NeumanKarmarkar6. Question : Management science applications do not include:simulation.queuing.decision analysis.internet programming.7. Question : Once a mathematical model is complete, you cannot change the problem definition.TrueFalse8. Question : The management science team should make certain that management is sure of its objective before developing and solving a model.TrueFalse9. Question : Mathematical modeling is a process that translates observed or desired phenomena into mathematical expression.TrueFalse10. Question : Decision variable definition need not include:specific units of measure.the time frame involved.variable names.integer requirements, if any.<strong>BUS 461 Week 2 Assignment Writing a Business Report Memo</strong>Writing a Business Report/Memo. Complete Problem 7 in Chapter 3 in the text. Develop a two to three-page business memorandum (not including the title and reference pages, and formatted as outlined on pages 30 through 32) to detail your answers and recommendations. To receive full credit for this assignment you must address the following: (a through d):Determine the optimal weekly production schedule for MVC. What is the optimal weekly profit?What is the minimum price that would justify producing the Plus Model? Explain.If MVC could purchase additional 17 inch monitors for $15 more than what they are currently paying forthem, should they do this? Explain.Suppose an additional worker could be hired for $1000 per week over the existing weekly worker salary.(Recall that workers average 30 hours per week.) Analyze why MVC should do this.Submit to your instructor your two- to three-page paper (not including title and reference pages). Your paper should be formatted according to APA style as outlined in the approved APA style guide, and should cite at least three to four scholarly sources in addition to the textbook.<strong>BUS 461 Week 2 DQs</strong>Week 2 DQ Agriculture ProblemReview problem 12 at the end of Chapter 2 in the text:Frank Hurley is a farmer with 250 acres on which he wishes to plant wheat and corn to maximize his expected return for the season. For crop rotation purposes he must plant at least 50 acres of each crop. He can participate in a federal program that will require him to produce at least as much wheat as corn. Under this program, he is guaranteed to earn $150 per acre of wheat planted and $200 per acre of corn planted. Alternatively, he can opt not to participate in the program, in which case he projects he would make only $125 per acre of wheat planted and $184 per acre of corn planted. What would you recommend to Frank?Based on the output, what key points would you recommend to Frank? In 250 words, sequentially list and explain each activity along with the tools needed to develop your response. (This question is not about the bottom line answer but rather, the solution process, question formulation, data development, output, output explanation, etc.). Respond to at least two of your classmates’ postings.<strong>BUS 461 Week 2 Quiz</strong>1. Question : The functional constraints of a linear model with nonnegative variables are 3X1 + 5X2 = 16 and 4X1 + X2 = 10. Which of the following points could not be an optimal solution for the model?X1 = 2.5, X2 = 0X1 = 0, X2 = 3.2X1 = 1, X2 = 2.25X1 = 2, X2 = 22. Question : A “non-binding” constraint is:redundant.not satisfied with an equality at the optimal solution.one having zero slack or surplusnever a non-negativity variable constraint.3. Question : An over-constrained linear programming problem results in what type of solution?Unbounded.Degenerate.Infeasible.Sub-optimal.4. Question : A non-binding constraint is always a redundant constraint.TrueFalse5. Question : Linear programming and integer linear programming both yield a great amount of sensitivity analysis.TrueFalse6. Question : When specifying linear constraints, the modeler must take into account the unit specification of the decision variables so that the units represented by the left side of the constraints are consistent with the units represented by the right side of the constraints.TrueFalse7. Question : Linear programming models are a subset of constrained optimization models that require the assumptions of continuity of the variables, certainty of the coefficients, additivity of terms, and proportionality of costs, profits, and the use of resources to the value of the decision variables.TrueFalse8. Question : The complementary slackness principle states that either there is zero slack on a constraint or the reduced cost is zero.TrueFalse9. Question : If two extreme points are optimal, then so is every point on the line segment connecting the two extreme points.TrueFalse10. Question : Minimization linear programming models may not involve constraints.TrueFalse<strong>BUS 461 Week 3 DQs </strong>Week 3 DQ 1 PERT/CPMYou have been asked to fill-in for your boss this week. Your boss’s assistant informs you that he had scheduled an engagement to teach a group of students at the local University about PERT/CPM approach to project scheduling and has asked that you do it instead. In an initial write-up for the presentation, discuss the key elements of PERT/CPM to include (but not limited to) assumptions, how it works, and expected outcomes. Respond to at least two of your classmates’ postings.Week 3 DQ 2 Project Scheduling TechniquesHowever, it has not yet been decided whether the prototype materials will be purchased from a vendor (taking two weeks) or produced in another Ajax division (four weeks).  What are the implications of this regarding usage of any standard project scheduling technique? Respond to at least two of your classmates’ postings.Ajax is about to embark on a project involving the design, manufacture and introduction of a new microwave oven.  The first three activities and the immediate predecessors are:Activity PredecessorA       Prototype Design noneB      Acquisition of Materials AC      Prototype Construction B<strong>BUS 461 Week 3 Quiz</strong>1. Question : In a maximal flow problem: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.2. Question : A PERT/CPM network can be represented as a linear programming model by letting the decision variables be the activity start times.TrueFalse3. Question : Which of the following is true about an intermediate node in a transshipment problem?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.4. Question : Any attempt at resource leveling always will involve lengthening the project completion time beyond its “non-leveled” minimum.TrueFalse5. Question : Minimal spanning tree problems do not lend themselves to a convenient linear programming formulation. (True, medium)TrueFalse6. 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?Shortest pathMinimal spanning treeTraveling salesmanTransportation7. Question : In which of the following network models is it not possible to “ship” both in and out of a given node?TransshipmentTraveling salesmanMaximal flowAssignment8. 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?Shortest pathMinimal spanning treeTraveling salesmanMaximal flow9. Question : You can solve the traveling salesman problem by selecting a cycle with the lowest cost.TrueFalse10. 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.TrueFalse<strong>BUS 461 Week 4 DQs</strong>Week 4 DQ 1 Decision AnalysisMany 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.Week 4 DQ 2 Forecasting ApproachesCompare 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.<strong>BUS 461 Week 4 Quiz</strong>Question 1. 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.TrueFalseQuestion 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.TrueFalseQuestion 3. Question : The fact that so many people enter sweepstakes and/or buy lottery tickets demonstrates the difference between:the expected value and the expected utility criteria.altruism and selfishness.risk aversion and risk indifference.certainty and uncertainty.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:maximin.minimaxmaximaxthe principle of insufficient reason.Question 5. Question : The expected value of perfect information (EVPI):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.Question 6. Question : An aggressive decision maker would prefer the minimax regret criterion over the maximin criterion.TrueFalseQuestion 7. Question : The states of nature in a payoff table should be mutually exclusive and collectively exhaustive.TrueFalseQuestion 8. Question : Utilities are generally well approximated by monetary payoffs for:risk-averse individuals.risk-preferring individuals.small businesses.large corporations.Question 9. Question : Consider the payoff table in chapter 6 problem 7 (page 376). The optimal decision under the maximin criterion is:D1D2D3D4Question 10. Question : The payoff table always has more states of nature than decision alternatives.TrueFalse<strong>BUS 461 Week 5 DQs</strong>Week 5 DQ 1 Queuing ModelsIn 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.Week 5 DQ 2 Simulation ModelsUnder 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.<strong>BUS 461 Week 5 Final Paper</strong>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 modelingNetwork modelingProject scheduling modelingTime series forecastingInventoryQueuing modelingSimulation modelingThe 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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Download exams at http://www.ashfordhomeworks.com/download/bus-461-entire-course/
<strong>BUS 461 Week 1 DQs</strong>Week 1 DQ 1 The Management Science ProcessThe Management Science Process consists of 1) understanding the problem, 2) building a representative model, 3) solving the mathematical model and, lastly, 4) monitoring/communicating the outcome. Discuss this process and the importance of each. Respond to at least two of your classmates’ postings.Week 1 DQ 2 Defining the ProblemWhen is management science generally applied? What kinds of problems do management scientists face? Provide an example of a “problem” an organization you have been involved with has faced that did, or could have benefited from a management science analysis. Respond to at least two of your classmates’ postings<strong>BUS 461 Week 1 Problems</strong>Week One Problems. Complete Problems 11 through 25 at the end of Chapter 1 using the Greeting Card Sales.xls Excel file on the CD-ROM accompanying the text. Submit to your instructor.<strong>BUS 461 Week 1 Quiz</strong>1. Question : In management science problems, algorithms are:very complex, thus rarely used.used in optimization but not in heuristics.employed in heuristics as well as optimization.substitutes for computer-based solution techniques.2. Question : Which Excel data analysis tool returns the p-value for the F-test?Descriptive Statistics.Regression.Exponential Smoothing.ANOVA.3. Question : Variable constraints may not include:non-negativity constraints.boundary (upper or lower) constraints.integer constraints.resource constraints.4. Question : Constrained mathematical models do not contain:functional constraints.non-negativity requirements.management preferences.boundary restrictions.5. Question : Which name is most commonly associated with Game Theory?Andrey A. MarkovE. K. ErlangJon von NeumanKarmarkar6. Question : Management science applications do not include:simulation.queuing.decision analysis.internet programming.7. Question : Once a mathematical model is complete, you cannot change the problem definition.TrueFalse8. Question : The management science team should make certain that management is sure of its objective before developing and solving a model.TrueFalse9. Question : Mathematical modeling is a process that translates observed or desired phenomena into mathematical expression.TrueFalse10. Question : Decision variable definition need not include:specific units of measure.the time frame involved.variable names.integer requirements, if any.<strong>BUS 461 Week 2 Assignment Writing a Business Report Memo</strong>Writing a Business Report/Memo. Complete Problem 7 in Chapter 3 in the text. Develop a two to three-page business memorandum (not including the title and reference pages, and formatted as outlined on pages 30 through 32) to detail your answers and recommendations. To receive full credit for this assignment you must address the following: (a through d):Determine the optimal weekly production schedule for MVC. What is the optimal weekly profit?What is the minimum price that would justify producing the Plus Model? Explain.If MVC could purchase additional 17 inch monitors for $15 more than what they are currently paying forthem, should they do this? Explain.Suppose an additional worker could be hired for $1000 per week over the existing weekly worker salary.(Recall that workers average 30 hours per week.) Analyze why MVC should do this.Submit to your instructor your two- to three-page paper (not including title and reference pages). Your paper should be formatted according to APA style as outlined in the approved APA style guide, and should cite at least three to four scholarly sources in addition to the textbook.<strong>BUS 461 Week 2 DQs</strong>Week 2 DQ Agriculture ProblemReview problem 12 at the end of Chapter 2 in the text:Frank Hurley is a farmer with 250 acres on which he wishes to plant wheat and corn to maximize his expected return for the season. For crop rotation purposes he must plant at least 50 acres of each crop. He can participate in a federal program that will require him to produce at least as much wheat as corn. Under this program, he is guaranteed to earn $150 per acre of wheat planted and $200 per acre of corn planted. Alternatively, he can opt not to participate in the program, in which case he projects he would make only $125 per acre of wheat planted and $184 per acre of corn planted. What would you recommend to Frank?Based on the output, what key points would you recommend to Frank? In 250 words, sequentially list and explain each activity along with the tools needed to develop your response. (This question is not about the bottom line answer but rather, the solution process, question formulation, data development, output, output explanation, etc.). Respond to at least two of your classmates’ postings.<strong>BUS 461 Week 2 Quiz</strong>1. Question : The functional constraints of a linear model with nonnegative variables are 3X1 + 5X2 = 16 and 4X1 + X2 = 10. Which of the following points could not be an optimal solution for the model?X1 = 2.5, X2 = 0X1 = 0, X2 = 3.2X1 = 1, X2 = 2.25X1 = 2, X2 = 22. Question : A “non-binding” constraint is:redundant.not satisfied with an equality at the optimal solution.one having zero slack or surplusnever a non-negativity variable constraint.3. Question : An over-constrained linear programming problem results in what type of solution?Unbounded.Degenerate.Infeasible.Sub-optimal.4. Question : A non-binding constraint is always a redundant constraint.TrueFalse5. Question : Linear programming and integer linear programming both yield a great amount of sensitivity analysis.TrueFalse6. Question : When specifying linear constraints, the modeler must take into account the unit specification of the decision variables so that the units represented by the left side of the constraints are consistent with the units represented by the right side of the constraints.TrueFalse7. Question : Linear programming models are a subset of constrained optimization models that require the assumptions of continuity of the variables, certainty of the coefficients, additivity of terms, and proportionality of costs, profits, and the use of resources to the value of the decision variables.TrueFalse8. Question : The complementary slackness principle states that either there is zero slack on a constraint or the reduced cost is zero.TrueFalse9. Question : If two extreme points are optimal, then so is every point on the line segment connecting the two extreme points.TrueFalse10. Question : Minimization linear programming models may not involve constraints.TrueFalse<strong>BUS 461 Week 3 DQs </strong>Week 3 DQ 1 PERT/CPMYou have been asked to fill-in for your boss this week. Your boss’s assistant informs you that he had scheduled an engagement to teach a group of students at the local University about PERT/CPM approach to project scheduling and has asked that you do it instead. In an initial write-up for the presentation, discuss the key elements of PERT/CPM to include (but not limited to) assumptions, how it works, and expected outcomes. Respond to at least two of your classmates’ postings.Week 3 DQ 2 Project Scheduling TechniquesHowever, it has not yet been decided whether the prototype materials will be purchased from a vendor (taking two weeks) or produced in another Ajax division (four weeks).  What are the implications of this regarding usage of any standard project scheduling technique? Respond to at least two of your classmates’ postings.Ajax is about to embark on a project involving the design, manufacture and introduction of a new microwave oven.  The first three activities and the immediate predecessors are:Activity PredecessorA       Prototype Design noneB      Acquisition of Materials AC      Prototype Construction B<strong>BUS 461 Week 3 Quiz</strong>1. Question : In a maximal flow problem: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.2. Question : A PERT/CPM network can be represented as a linear programming model by letting the decision variables be the activity start times.TrueFalse3. Question : Which of the following is true about an intermediate node in a transshipment problem?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.4. Question : Any attempt at resource leveling always will involve lengthening the project completion time beyond its “non-leveled” minimum.TrueFalse5. Question : Minimal spanning tree problems do not lend themselves to a convenient linear programming formulation. (True, medium)TrueFalse6. 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?Shortest pathMinimal spanning treeTraveling salesmanTransportation7. Question : In which of the following network models is it not possible to “ship” both in and out of a given node?TransshipmentTraveling salesmanMaximal flowAssignment8. 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?Shortest pathMinimal spanning treeTraveling salesmanMaximal flow9. Question : You can solve the traveling salesman problem by selecting a cycle with the lowest cost.TrueFalse10. 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.TrueFalse<strong>BUS 461 Week 4 DQs</strong>Week 4 DQ 1 Decision AnalysisMany 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.Week 4 DQ 2 Forecasting ApproachesCompare 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.<strong>BUS 461 Week 4 Quiz</strong>Question 1. 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.TrueFalseQuestion 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.TrueFalseQuestion 3. Question : The fact that so many people enter sweepstakes and/or buy lottery tickets demonstrates the difference between:the expected value and the expected utility criteria.altruism and selfishness.risk aversion and risk indifference.certainty and uncertainty.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:maximin.minimaxmaximaxthe principle of insufficient reason.Question 5. Question : The expected value of perfect information (EVPI):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.Question 6. Question : An aggressive decision maker would prefer the minimax regret criterion over the maximin criterion.TrueFalseQuestion 7. Question : The states of nature in a payoff table should be mutually exclusive and collectively exhaustive.TrueFalseQuestion 8. Question : Utilities are generally well approximated by monetary payoffs for:risk-averse individuals.risk-preferring individuals.small businesses.large corporations.Question 9. Question : Consider the payoff table in chapter 6 problem 7 (page 376). The optimal decision under the maximin criterion is:D1D2D3D4Question 10. Question : The payoff table always has more states of nature than decision alternatives.TrueFalse<strong>BUS 461 Week 5 DQs</strong>Week 5 DQ 1 Queuing ModelsIn 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.Week 5 DQ 2 Simulation ModelsUnder 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.<strong>BUS 461 Week 5 Final Paper</strong>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 modelingNetwork modelingProject scheduling modelingTime series forecastingInventoryQueuing modelingSimulation modelingThe 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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<strong>BUS 461 Week 1 DQs</strong>Week 1 DQ 1 The Management Science ProcessThe Management Science Process consists of 1) understanding the problem, 2) building a representative model, 3) solving the mathematical model and, lastly, 4) monitoring/communicating the outcome. Discuss this process and the importance of each. Respond to at least two of your classmates’ postings.Week 1 DQ 2 Defining the ProblemWhen is management science generally applied? What kinds of problems do management scientists face? Provide an example of a “problem” an organization you have been involved with has faced that did, or could have benefited from a management science analysis. Respond to at least two of your classmates’ postings<strong>BUS 461 Week 1 Problems</strong>Week One Problems. Complete Problems 11 through 25 at the end of Chapter 1 using the Greeting Card Sales.xls Excel file on the CD-ROM accompanying the text. Submit to your instructor.<strong>BUS 461 Week 1 Quiz</strong>1. Question : In management science problems, algorithms are:very complex, thus rarely used.used in optimization but not in heuristics.employed in heuristics as well as optimization.substitutes for computer-based solution techniques.2. Question : Which Excel data analysis tool returns the p-value for the F-test?Descriptive Statistics.Regression.Exponential Smoothing.ANOVA.3. Question : Variable constraints may not include:non-negativity constraints.boundary (upper or lower) constraints.integer constraints.resource constraints.4. Question : Constrained mathematical models do not contain:functional constraints.non-negativity requirements.management preferences.boundary restrictions.5. Question : Which name is most commonly associated with Game Theory?Andrey A. MarkovE. K. ErlangJon von NeumanKarmarkar6. Question : Management science applications do not include:simulation.queuing.decision analysis.internet programming.7. Question : Once a mathematical model is complete, you cannot change the problem definition.TrueFalse8. Question : The management science team should make certain that management is sure of its objective before developing and solving a model.TrueFalse9. Question : Mathematical modeling is a process that translates observed or desired phenomena into mathematical expression.TrueFalse10. Question : Decision variable definition need not include:specific units of measure.the time frame involved.variable names.integer requirements, if any.<strong>BUS 461 Week 2 Assignment Writing a Business Report Memo</strong>Writing a Business Report/Memo. Complete Problem 7 in Chapter 3 in the text. Develop a two to three-page business memorandum (not including the title and reference pages, and formatted as outlined on pages 30 through 32) to detail your answers and recommendations. To receive full credit for this assignment you must address the following: (a through d):Determine the optimal weekly production schedule for MVC. What is the optimal weekly profit?What is the minimum price that would justify producing the Plus Model? Explain.If MVC could purchase additional 17 inch monitors for $15 more than what they are currently paying forthem, should they do this? Explain.Suppose an additional worker could be hired for $1000 per week over the existing weekly worker salary.(Recall that workers average 30 hours per week.) Analyze why MVC should do this.Submit to your instructor your two- to three-page paper (not including title and reference pages). Your paper should be formatted according to APA style as outlined in the approved APA style guide, and should cite at least three to four scholarly sources in addition to the textbook.<strong>BUS 461 Week 2 DQs</strong>Week 2 DQ Agriculture ProblemReview problem 12 at the end of Chapter 2 in the text:Frank Hurley is a farmer with 250 acres on which he wishes to plant wheat and corn to maximize his expected return for the season. For crop rotation purposes he must plant at least 50 acres of each crop. He can participate in a federal program that will require him to produce at least as much wheat as corn. Under this program, he is guaranteed to earn $150 per acre of wheat planted and $200 per acre of corn planted. Alternatively, he can opt not to participate in the program, in which case he projects he would make only $125 per acre of wheat planted and $184 per acre of corn planted. What would you recommend to Frank?Based on the output, what key points would you recommend to Frank? In 250 words, sequentially list and explain each activity along with the tools needed to develop your response. (This question is not about the bottom line answer but rather, the solution process, question formulation, data development, output, output explanation, etc.). Respond to at least two of your classmates’ postings.<strong>BUS 461 Week 2 Quiz</strong>1. Question : The functional constraints of a linear model with nonnegative variables are 3X1 + 5X2 = 16 and 4X1 + X2 = 10. Which of the following points could not be an optimal solution for the model?X1 = 2.5, X2 = 0X1 = 0, X2 = 3.2X1 = 1, X2 = 2.25X1 = 2, X2 = 22. Question : A “non-binding” constraint is:redundant.not satisfied with an equality at the optimal solution.one having zero slack or surplusnever a non-negativity variable constraint.3. Question : An over-constrained linear programming problem results in what type of solution?Unbounded.Degenerate.Infeasible.Sub-optimal.4. Question : A non-binding constraint is always a redundant constraint.TrueFalse5. Question : Linear programming and integer linear programming both yield a great amount of sensitivity analysis.TrueFalse6. Question : When specifying linear constraints, the modeler must take into account the unit specification of the decision variables so that the units represented by the left side of the constraints are consistent with the units represented by the right side of the constraints.TrueFalse7. Question : Linear programming models are a subset of constrained optimization models that require the assumptions of continuity of the variables, certainty of the coefficients, additivity of terms, and proportionality of costs, profits, and the use of resources to the value of the decision variables.TrueFalse8. Question : The complementary slackness principle states that either there is zero slack on a constraint or the reduced cost is zero.TrueFalse9. Question : If two extreme points are optimal, then so is every point on the line segment connecting the two extreme points.TrueFalse10. Question : Minimization linear programming models may not involve constraints.TrueFalse<strong>BUS 461 Week 3 DQs </strong>Week 3 DQ 1 PERT/CPMYou have been asked to fill-in for your boss this week. Your boss’s assistant informs you that he had scheduled an engagement to teach a group of students at the local University about PERT/CPM approach to project scheduling and has asked that you do it instead. In an initial write-up for the presentation, discuss the key elements of PERT/CPM to include (but not limited to) assumptions, how it works, and expected outcomes. Respond to at least two of your classmates’ postings.Week 3 DQ 2 Project Scheduling TechniquesHowever, it has not yet been decided whether the prototype materials will be purchased from a vendor (taking two weeks) or produced in another Ajax division (four weeks).  What are the implications of this regarding usage of any standard project scheduling technique? Respond to at least two of your classmates’ postings.Ajax is about to embark on a project involving the design, manufacture and introduction of a new microwave oven.  The first three activities and the immediate predecessors are:Activity PredecessorA       Prototype Design noneB      Acquisition of Materials AC      Prototype Construction B<strong>BUS 461 Week 3 Quiz</strong>1. Question : In a maximal flow problem: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.2. Question : A PERT/CPM network can be represented as a linear programming model by letting the decision variables be the activity start times.TrueFalse3. Question : Which of the following is true about an intermediate node in a transshipment problem?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.4. Question : Any attempt at resource leveling always will involve lengthening the project completion time beyond its “non-leveled” minimum.TrueFalse5. Question : Minimal spanning tree problems do not lend themselves to a convenient linear programming formulation. (True, medium)TrueFalse6. 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?Shortest pathMinimal spanning treeTraveling salesmanTransportation7. Question : In which of the following network models is it not possible to “ship” both in and out of a given node?TransshipmentTraveling salesmanMaximal flowAssignment8. 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?Shortest pathMinimal spanning treeTraveling salesmanMaximal flow9. Question : You can solve the traveling salesman problem by selecting a cycle with the lowest cost.TrueFalse10. 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.TrueFalse<strong>BUS 461 Week 4 DQs</strong>Week 4 DQ 1 Decision AnalysisMany 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.Week 4 DQ 2 Forecasting ApproachesCompare 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.<strong>BUS 461 Week 4 Quiz</strong>Question 1. 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.TrueFalseQuestion 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.TrueFalseQuestion 3. Question : The fact that so many people enter sweepstakes and/or buy lottery tickets demonstrates the difference between:the expected value and the expected utility criteria.altruism and selfishness.risk aversion and risk indifference.certainty and uncertainty.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:maximin.minimaxmaximaxthe principle of insufficient reason.Question 5. Question : The expected value of perfect information (EVPI):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.Question 6. Question : An aggressive decision maker would prefer the minimax regret criterion over the maximin criterion.TrueFalseQuestion 7. Question : The states of nature in a payoff table should be mutually exclusive and collectively exhaustive.TrueFalseQuestion 8. Question : Utilities are generally well approximated by monetary payoffs for:risk-averse individuals.risk-preferring individuals.small businesses.large corporations.Question 9. Question : Consider the payoff table in chapter 6 problem 7 (page 376). The optimal decision under the maximin criterion is:D1D2D3D4Question 10. Question : The payoff table always has more states of nature than decision alternatives.TrueFalse<strong>BUS 461 Week 5 DQs</strong>Week 5 DQ 1 Queuing ModelsIn 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.Week 5 DQ 2 Simulation ModelsUnder 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.<strong>BUS 461 Week 5 Final Paper</strong>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 modelingNetwork modelingProject scheduling modelingTime series forecastingInventoryQueuing modelingSimulation modelingThe 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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<strong>BUS 461 Week 1 DQs</strong>Week 1 DQ 1 The Management Science ProcessThe Management Science Process consists of 1) understanding the problem, 2) building a representative model, 3) solving the mathematical model and, lastly, 4) monitoring/communicating the outcome. Discuss this process and the importance of each. Respond to at least two of your classmates’ postings.Week 1 DQ 2 Defining the ProblemWhen is management science generally applied? What kinds of problems do management scientists face? Provide an example of a “problem” an organization you have been involved with has faced that did, or could have benefited from a management science analysis. Respond to at least two of your classmates’ postings<strong>BUS 461 Week 1 Problems</strong>Week One Problems. Complete Problems 11 through 25 at the end of Chapter 1 using the Greeting Card Sales.xls Excel file on the CD-ROM accompanying the text. Submit to your instructor.<strong>BUS 461 Week 1 Quiz</strong>1. Question : In management science problems, algorithms are:very complex, thus rarely used.used in optimization but not in heuristics.employed in heuristics as well as optimization.substitutes for computer-based solution techniques.2. Question : Which Excel data analysis tool returns the p-value for the F-test?Descriptive Statistics.Regression.Exponential Smoothing.ANOVA.3. Question : Variable constraints may not include:non-negativity constraints.boundary (upper or lower) constraints.integer constraints.resource constraints.4. Question : Constrained mathematical models do not contain:functional constraints.non-negativity requirements.management preferences.boundary restrictions.5. Question : Which name is most commonly associated with Game Theory?Andrey A. MarkovE. K. ErlangJon von NeumanKarmarkar6. Question : Management science applications do not include:simulation.queuing.decision analysis.internet programming.7. Question : Once a mathematical model is complete, you cannot change the problem definition.TrueFalse8. Question : The management science team should make certain that management is sure of its objective before developing and solving a model.TrueFalse9. Question : Mathematical modeling is a process that translates observed or desired phenomena into mathematical expression.TrueFalse10. Question : Decision variable definition need not include:specific units of measure.the time frame involved.variable names.integer requirements, if any.<strong>BUS 461 Week 2 Assignment Writing a Business Report Memo</strong>Writing a Business Report/Memo. Complete Problem 7 in Chapter 3 in the text. Develop a two to three-page business memorandum (not including the title and reference pages, and formatted as outlined on pages 30 through 32) to detail your answers and recommendations. To receive full credit for this assignment you must address the following: (a through d):Determine the optimal weekly production schedule for MVC. What is the optimal weekly profit?What is the minimum price that would justify producing the Plus Model? Explain.If MVC could purchase additional 17 inch monitors for $15 more than what they are currently paying forthem, should they do this? Explain.Suppose an additional worker could be hired for $1000 per week over the existing weekly worker salary.(Recall that workers average 30 hours per week.) Analyze why MVC should do this.Submit to your instructor your two- to three-page paper (not including title and reference pages). Your paper should be formatted according to APA style as outlined in the approved APA style guide, and should cite at least three to four scholarly sources in addition to the textbook.<strong>BUS 461 Week 2 DQs</strong>Week 2 DQ Agriculture ProblemReview problem 12 at the end of Chapter 2 in the text:Frank Hurley is a farmer with 250 acres on which he wishes to plant wheat and corn to maximize his expected return for the season. For crop rotation purposes he must plant at least 50 acres of each crop. He can participate in a federal program that will require him to produce at least as much wheat as corn. Under this program, he is guaranteed to earn $150 per acre of wheat planted and $200 per acre of corn planted. Alternatively, he can opt not to participate in the program, in which case he projects he would make only $125 per acre of wheat planted and $184 per acre of corn planted. What would you recommend to Frank?Based on the output, what key points would you recommend to Frank? In 250 words, sequentially list and explain each activity along with the tools needed to develop your response. (This question is not about the bottom line answer but rather, the solution process, question formulation, data development, output, output explanation, etc.). Respond to at least two of your classmates’ postings.<strong>BUS 461 Week 2 Quiz</strong>1. Question : The functional constraints of a linear model with nonnegative variables are 3X1 + 5X2 = 16 and 4X1 + X2 = 10. Which of the following points could not be an optimal solution for the model?X1 = 2.5, X2 = 0X1 = 0, X2 = 3.2X1 = 1, X2 = 2.25X1 = 2, X2 = 22. Question : A “non-binding” constraint is:redundant.not satisfied with an equality at the optimal solution.one having zero slack or surplusnever a non-negativity variable constraint.3. Question : An over-constrained linear programming problem results in what type of solution?Unbounded.Degenerate.Infeasible.Sub-optimal.4. Question : A non-binding constraint is always a redundant constraint.TrueFalse5. Question : Linear programming and integer linear programming both yield a great amount of sensitivity analysis.TrueFalse6. Question : When specifying linear constraints, the modeler must take into account the unit specification of the decision variables so that the units represented by the left side of the constraints are consistent with the units represented by the right side of the constraints.TrueFalse7. Question : Linear programming models are a subset of constrained optimization models that require the assumptions of continuity of the variables, certainty of the coefficients, additivity of terms, and proportionality of costs, profits, and the use of resources to the value of the decision variables.TrueFalse8. Question : The complementary slackness principle states that either there is zero slack on a constraint or the reduced cost is zero.TrueFalse9. Question : If two extreme points are optimal, then so is every point on the line segment connecting the two extreme points.TrueFalse10. Question : Minimization linear programming models may not involve constraints.TrueFalse<strong>BUS 461 Week 3 DQs </strong>Week 3 DQ 1 PERT/CPMYou have been asked to fill-in for your boss this week. Your boss’s assistant informs you that he had scheduled an engagement to teach a group of students at the local University about PERT/CPM approach to project scheduling and has asked that you do it instead. In an initial write-up for the presentation, discuss the key elements of PERT/CPM to include (but not limited to) assumptions, how it works, and expected outcomes. Respond to at least two of your classmates’ postings.Week 3 DQ 2 Project Scheduling TechniquesHowever, it has not yet been decided whether the prototype materials will be purchased from a vendor (taking two weeks) or produced in another Ajax division (four weeks).  What are the implications of this regarding usage of any standard project scheduling technique? Respond to at least two of your classmates’ postings.Ajax is about to embark on a project involving the design, manufacture and introduction of a new microwave oven.  The first three activities and the immediate predecessors are:Activity PredecessorA       Prototype Design noneB      Acquisition of Materials AC      Prototype Construction B<strong>BUS 461 Week 3 Quiz</strong>1. Question : In a maximal flow problem: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.2. Question : A PERT/CPM network can be represented as a linear programming model by letting the decision variables be the activity start times.TrueFalse3. Question : Which of the following is true about an intermediate node in a transshipment problem?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.4. Question : Any attempt at resource leveling always will involve lengthening the project completion time beyond its “non-leveled” minimum.TrueFalse5. Question : Minimal spanning tree problems do not lend themselves to a convenient linear programming formulation. (True, medium)TrueFalse6. 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?Shortest pathMinimal spanning treeTraveling salesmanTransportation7. Question : In which of the following network models is it not possible to “ship” both in and out of a given node?TransshipmentTraveling salesmanMaximal flowAssignment8. 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?Shortest pathMinimal spanning treeTraveling salesmanMaximal flow9. Question : You can solve the traveling salesman problem by selecting a cycle with the lowest cost.TrueFalse10. 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.TrueFalse<strong>BUS 461 Week 4 DQs</strong>Week 4 DQ 1 Decision AnalysisMany 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.Week 4 DQ 2 Forecasting ApproachesCompare 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.<strong>BUS 461 Week 4 Quiz</strong>Question 1. 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.TrueFalseQuestion 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.TrueFalseQuestion 3. Question : The fact that so many people enter sweepstakes and/or buy lottery tickets demonstrates the difference between:the expected value and the expected utility criteria.altruism and selfishness.risk aversion and risk indifference.certainty and uncertainty.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:maximin.minimaxmaximaxthe principle of insufficient reason.Question 5. Question : The expected value of perfect information (EVPI):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.Question 6. Question : An aggressive decision maker would prefer the minimax regret criterion over the maximin criterion.TrueFalseQuestion 7. Question : The states of nature in a payoff table should be mutually exclusive and collectively exhaustive.TrueFalseQuestion 8. Question : Utilities are generally well approximated by monetary payoffs for:risk-averse individuals.risk-preferring individuals.small businesses.large corporations.Question 9. Question : Consider the payoff table in chapter 6 problem 7 (page 376). The optimal decision under the maximin criterion is:D1D2D3D4Question 10. Question : The payoff table always has more states of nature than decision alternatives.TrueFalse<strong>BUS 461 Week 5 DQs</strong>Week 5 DQ 1 Queuing ModelsIn 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.Week 5 DQ 2 Simulation ModelsUnder 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.<strong>BUS 461 Week 5 Final Paper</strong>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 modelingNetwork modelingProject scheduling modelingTime series forecastingInventoryQueuing modelingSimulation modelingThe 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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<strong>BUS 461 Week 1 DQs</strong>Week 1 DQ 1 The Management Science ProcessThe Management Science Process consists of 1) understanding the problem, 2) building a representative model, 3) solving the mathematical model and, lastly, 4) monitoring/communicating the outcome. Discuss this process and the importance of each. Respond to at least two of your classmates’ postings.Week 1 DQ 2 Defining the ProblemWhen is management science generally applied? What kinds of problems do management scientists face? Provide an example of a “problem” an organization you have been involved with has faced that did, or could have benefited from a management science analysis. Respond to at least two of your classmates’ postings<strong>BUS 461 Week 1 Problems</strong>Week One Problems. Complete Problems 11 through 25 at the end of Chapter 1 using the Greeting Card Sales.xls Excel file on the CD-ROM accompanying the text. Submit to your instructor.<strong>BUS 461 Week 1 Quiz</strong>1. Question : In management science problems, algorithms are:very complex, thus rarely used.used in optimization but not in heuristics.employed in heuristics as well as optimization.substitutes for computer-based solution techniques.2. Question : Which Excel data analysis tool returns the p-value for the F-test?Descriptive Statistics.Regression.Exponential Smoothing.ANOVA.3. Question : Variable constraints may not include:non-negativity constraints.boundary (upper or lower) constraints.integer constraints.resource constraints.4. Question : Constrained mathematical models do not contain:functional constraints.non-negativity requirements.management preferences.boundary restrictions.5. Question : Which name is most commonly associated with Game Theory?Andrey A. MarkovE. K. ErlangJon von NeumanKarmarkar6. Question : Management science applications do not include:simulation.queuing.decision analysis.internet programming.7. Question : Once a mathematical model is complete, you cannot change the problem definition.TrueFalse8. Question : The management science team should make certain that management is sure of its objective before developing and solving a model.TrueFalse9. Question : Mathematical modeling is a process that translates observed or desired phenomena into mathematical expression.TrueFalse10. Question : Decision variable definition need not include:specific units of measure.the time frame involved.variable names.integer requirements, if any.<strong>BUS 461 Week 2 Assignment Writing a Business Report Memo</strong>Writing a Business Report/Memo. Complete Problem 7 in Chapter 3 in the text. Develop a two to three-page business memorandum (not including the title and reference pages, and formatted as outlined on pages 30 through 32) to detail your answers and recommendations. To receive full credit for this assignment you must address the following: (a through d):Determine the optimal weekly production schedule for MVC. What is the optimal weekly profit?What is the minimum price that would justify producing the Plus Model? Explain.If MVC could purchase additional 17 inch monitors for $15 more than what they are currently paying forthem, should they do this? Explain.Suppose an additional worker could be hired for $1000 per week over the existing weekly worker salary.(Recall that workers average 30 hours per week.) Analyze why MVC should do this.Submit to your instructor your two- to three-page paper (not including title and reference pages). Your paper should be formatted according to APA style as outlined in the approved APA style guide, and should cite at least three to four scholarly sources in addition to the textbook.<strong>BUS 461 Week 2 DQs</strong>Week 2 DQ Agriculture ProblemReview problem 12 at the end of Chapter 2 in the text:Frank Hurley is a farmer with 250 acres on which he wishes to plant wheat and corn to maximize his expected return for the season. For crop rotation purposes he must plant at least 50 acres of each crop. He can participate in a federal program that will require him to produce at least as much wheat as corn. Under this program, he is guaranteed to earn $150 per acre of wheat planted and $200 per acre of corn planted. Alternatively, he can opt not to participate in the program, in which case he projects he would make only $125 per acre of wheat planted and $184 per acre of corn planted. What would you recommend to Frank?Based on the output, what key points would you recommend to Frank? In 250 words, sequentially list and explain each activity along with the tools needed to develop your response. (This question is not about the bottom line answer but rather, the solution process, question formulation, data development, output, output explanation, etc.). Respond to at least two of your classmates’ postings.<strong>BUS 461 Week 2 Quiz</strong>1. Question : The functional constraints of a linear model with nonnegative variables are 3X1 + 5X2 = 16 and 4X1 + X2 = 10. Which of the following points could not be an optimal solution for the model?X1 = 2.5, X2 = 0X1 = 0, X2 = 3.2X1 = 1, X2 = 2.25X1 = 2, X2 = 22. Question : A “non-binding” constraint is:redundant.not satisfied with an equality at the optimal solution.one having zero slack or surplusnever a non-negativity variable constraint.3. Question : An over-constrained linear programming problem results in what type of solution?Unbounded.Degenerate.Infeasible.Sub-optimal.4. Question : A non-binding constraint is always a redundant constraint.TrueFalse5. Question : Linear programming and integer linear programming both yield a great amount of sensitivity analysis.TrueFalse6. Question : When specifying linear constraints, the modeler must take into account the unit specification of the decision variables so that the units represented by the left side of the constraints are consistent with the units represented by the right side of the constraints.TrueFalse7. Question : Linear programming models are a subset of constrained optimization models that require the assumptions of continuity of the variables, certainty of the coefficients, additivity of terms, and proportionality of costs, profits, and the use of resources to the value of the decision variables.TrueFalse8. Question : The complementary slackness principle states that either there is zero slack on a constraint or the reduced cost is zero.TrueFalse9. Question : If two extreme points are optimal, then so is every point on the line segment connecting the two extreme points.TrueFalse10. Question : Minimization linear programming models may not involve constraints.TrueFalse<strong>BUS 461 Week 3 DQs </strong>Week 3 DQ 1 PERT/CPMYou have been asked to fill-in for your boss this week. Your boss’s assistant informs you that he had scheduled an engagement to teach a group of students at the local University about PERT/CPM approach to project scheduling and has asked that you do it instead. In an initial write-up for the presentation, discuss the key elements of PERT/CPM to include (but not limited to) assumptions, how it works, and expected outcomes. Respond to at least two of your classmates’ postings.Week 3 DQ 2 Project Scheduling TechniquesHowever, it has not yet been decided whether the prototype materials will be purchased from a vendor (taking two weeks) or produced in another Ajax division (four weeks).  What are the implications of this regarding usage of any standard project scheduling technique? Respond to at least two of your classmates’ postings.Ajax is about to embark on a project involving the design, manufacture and introduction of a new microwave oven.  The first three activities and the immediate predecessors are:Activity PredecessorA       Prototype Design noneB      Acquisition of Materials AC      Prototype Construction B<strong>BUS 461 Week 3 Quiz</strong>1. Question : In a maximal flow problem: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.2. Question : A PERT/CPM network can be represented as a linear programming model by letting the decision variables be the activity start times.TrueFalse3. Question : Which of the following is true about an intermediate node in a transshipment problem?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.4. Question : Any attempt at resource leveling always will involve lengthening the project completion time beyond its “non-leveled” minimum.TrueFalse5. Question : Minimal spanning tree problems do not lend themselves to a convenient linear programming formulation. (True, medium)TrueFalse6. 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?Shortest pathMinimal spanning treeTraveling salesmanTransportation7. Question : In which of the following network models is it not possible to “ship” both in and out of a given node?TransshipmentTraveling salesmanMaximal flowAssignment8. 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?Shortest pathMinimal spanning treeTraveling salesmanMaximal flow9. Question : You can solve the traveling salesman problem by selecting a cycle with the lowest cost.TrueFalse10. 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.TrueFalse<strong>BUS 461 Week 4 DQs</strong>Week 4 DQ 1 Decision AnalysisMany 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.Week 4 DQ 2 Forecasting ApproachesCompare 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.<strong>BUS 461 Week 4 Quiz</strong>Question 1. 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.TrueFalseQuestion 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.TrueFalseQuestion 3. Question : The fact that so many people enter sweepstakes and/or buy lottery tickets demonstrates the difference between:the expected value and the expected utility criteria.altruism and selfishness.risk aversion and risk indifference.certainty and uncertainty.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:maximin.minimaxmaximaxthe principle of insufficient reason.Question 5. Question : The expected value of perfect information (EVPI):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.Question 6. Question : An aggressive decision maker would prefer the minimax regret criterion over the maximin criterion.TrueFalseQuestion 7. Question : The states of nature in a payoff table should be mutually exclusive and collectively exhaustive.TrueFalseQuestion 8. Question : Utilities are generally well approximated by monetary payoffs for:risk-averse individuals.risk-preferring individuals.small businesses.large corporations.Question 9. Question : Consider the payoff table in chapter 6 problem 7 (page 376). The optimal decision under the maximin criterion is:D1D2D3D4Question 10. Question : The payoff table always has more states of nature than decision alternatives.TrueFalse<strong>BUS 461 Week 5 DQs</strong>Week 5 DQ 1 Queuing ModelsIn 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.Week 5 DQ 2 Simulation ModelsUnder 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.<strong>BUS 461 Week 5 Final Paper</strong>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 modelingNetwork modelingProject scheduling modelingTime series forecastingInventoryQueuing modelingSimulation modelingThe 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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