The following is a payoff table of a decision that you should make. Using Minimax Regret decision approach, what is your optimal decision? Possible Future Demand Alternatives Low Moderate High 1 10 10 10 2 7 12 12 3 2 14 14 4 -4 2 16 (Class Example)

Three recent college graduates have formed a partnership and have opened an advertising firm. Their first project consists of activities listed in the following table. What is the probability that the project can be completed in 24 days or less?  Time in Days Activity Immediate Predecessor Optimistic Most Likely Pessimistic A – 5 6 7 B – 8 8 11 C A 6 8 10 D – 9 12 15 E C 5 6 9 F D 5 6 7 G F 2 3 7 H B 4 4 5 I H 5 7 8 END E,G,I (Study Guide Question)

Data on the last two years of demand are available as follows Quarter Demand 1 14 2 18 3 35 4 46 1 28 2 36 3 60 4 71 What is the second quarter’s seasonal relative using the centered moving average method? (Class Excel Example)

Department A can produce parts at a rate of 100/day. Department B uses those parts at the rate of 60/day. Each day unused parts are added to the inventory. At what rate does the inventory of unused parts build up? (Study Guide Question)

The advertising manager for Roadside Restaurants, Inc., needs to decide whether to spend this month’s budget for advertising on print media, television, or a mixture of the two. She estimates that the cost per thousand “hits” (readers or viewers) will vary depending upon the success of the new cable television network she plans to use, as follows: Strategy Cable Network Successful Failure Print $10 10 Mixed 4 14 Television 1 21   If she uses the maximin criterion, which advertising strategy will she use? (Variant of Class Example)

A bakery buys flour in 25-pound bags. The bakery uses 1,215 bags a year. The ordering cost is $10 per order. The annual carrying cost is $75 per bag. How many orders per year will there be? (Study Guide Question)

In an assembly operation at a furniture factory, six employees assembled an average of 450 standard dining chairs per five-day week. What is the labor productivity of this operation

Data on the last two years of demand are available as follows Quarter Demand 1 14 2 18 3 35 4 46 1 28 2 36 3 60 4 71   What is the deseasonalized demand for the summer (Quarter 2) of this year if the linear regression trend line for these data is given by Y=14.17+5.06t? (Class Excel Example)

Compute the seasonal relative for quarter 1 for this data using the centered moving average method. Quarter Year 1 Year 2 1 2 3 2 6 10 3 2 6 4 5 9

Below shows a company’s historical demand of 10 previous quarters.   Quarter Demand 1 14 2 18 3 35 4 46 1 28 2 36 3 60 4 71 1 45 2 54   A 4-period seasonality has been identified. Answer the following questions using Centered moving average method. What is the seasonal relative for quarter 1?