i need the answer quickly I.True/False Questions ;1. If the "Primal" objective function is a "maximization" problem, then the "Dual" objective functionwill be a "minimization" problem with ≤ constraint type.2. Setup cost is the cost associated with the placement of an order.3. A balanced transportation model is a transportation model where Total Supply equals total demand.4. Periodic reviews order at the start of a period (week/month).5. Holding cost (dollars per inventory unit per unit time) includes capital invested in inventory, storage.handling of material, & insurance.

Every Primal has dual and every dual has a primal. The primal of maximization become minimization of…

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Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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A firm manages its inventory with an order-up-to model. Each period is one day, thelead time is two days, the order-up-to level is 10, and its inventory position at the start ofa day (before it submits an order for that day) is –4. Which of the following statementsis definitely true? a. Demand was four units yesterday.b. Demand was 10 units yesterday.c. There are at least four units backordered.d. There are 14 units on order before it orders today.e. After today’s order, there will be 14 units on order.f. It will receive more inventory today
Happy Henry’s car dealer sells an imported car called the EX123. Once everythree months, a shipment of the cars is made to Happy Henry’s. Emergencyshipments can be made between these three-month intervals to resupply the carswhen inventory falls short of demand. The emergency shipments require twoweeks, and buyers are willing to wait this long for the cars, but will generally goelsewhere before the next three-month shipment is due.From experience, it appears that the demand for the EX123 over a three-monthinterval is normally distributed with a mean of 60 and a variance of 36. The cost ofholding an EX123 for one year is $500. Emergency shipments cost $250 per carover and above normal shipping costs.a. How many cars should Happy Henry’s be purchasing every three months?b. Repeat the calculations, assuming that excess demands are back-ordered fromone three-month period to the next. Assume a loss-of-goodwill cost of $100 forcustomers having to wait until the next three-month period and a…
A newsvendor orders the quantity that maximizes expected profit for two products, X and Y. The critical ratio for both products is .8. The demand forecast for both products is 9000 units and both are normally distributed. Product X has more uncertain demand in the sense that it has the larger standard deviation. Of which of the two products does the newsvendor order morea. Product X because it has less certain demand. b. Product Y because it has more certain demand. c. The order quantities are the same because they have the same critical ratio. d. More information is needed to determine which has the higher order quantity.
A. How many vaccines should the Clinic order to maximize its expected profit? The Clinic should order (x) vaccines because it yields the maximum expected profit of $(x).
With a probabilistic model, increasing the service level A. will decrease the level of safety stock level. B. will increase the cost of the inventory holding. C. will have no impact on the cost of the inventory policy. D. will reduce the cost of the inventory holding.
Each day, QBlitz, a Seattle-based startup, offers a single product through its website.The product is available for order only on one day, and no other products are availableduring that day. To add to this odd selling strategy, QBlitz does not post prices for itsproducts. Instead, for each product there is a reserve price. On the day a product is available, customers can submit bids. All of the bids that exceed the reserve price are told atthe end of the day that they “won” the product and they pay the price they bid. QBlitzthen adds up all of the winning bids and submits an order to a supplier for the neededquantity. If the supplier delivers that quantity, then QBlitz ships the product to the winners once the product is received. However, if the supplier delivers only a portion ofthe ordered quantity, then QBlitz ships the product to the highest bidders that it cansatisfy and notifies the others that they will receive a refund because they will not in factreceive the product. The…
35) Orders for a stock trading system are coded as follows from left to right: i. The first character is 'B' for a "buy" order, 'S' for a "sell" order ii. The number of shares to buy or sell iii. The stock ticker symbol in all uppercase letters for a "buy" order or alf lowercase letters for a "sell" order iv. If the order is a "limit" order with a specific buy/sell price, the requested price in pennies, otherwise the price should be omitted and the order will be a market order at the current asking price for the stock v. If the order is a "limit" order with an expiration time, the character 'T' followed by the number of minutes until the order expires and should no longer be executed
Which of the following is NOT an assumption of the EOQ model?a. It is possible to receive a purchase discount if the order quantity is sufficiently large.b. There is a fixed cost to submit each order that is independent of the amount ordered.c. Demand occurs at a constant rate per unit of time.d. There is a cost to hold each unit of inventory per unit of time
Suppose the newsvendor model is used to manage inventory. Which of the followingcan happen when the order quantity is increased by one unit? a. Expected sales increases by more than one unit.b. Expected leftover inventory increases by more than one unit.c. Expected sales decrease by less than one unit.d. Expected leftover inventory increases by less than one unit.
The EOQ is optimal because it a. minimizes the total inventory cost. b. minimizes the ordering cost of inventory. c. minimizes the holding cost of inventory. d. maximizes the on-hand inventory. e. does none of these.
A business introduces e-purchasing and is able to process the same number of orders with lesser buyers. As a result of this: purchase quantity should be reduced inventory holding cost must be reduced O purchase lead time should be reduced inventory pooling must be initiated
13) Which of the following method is used for calculating Time value of Money? a. Future Value b. All of the options c. Annuity method d. Present value

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