Which option to choose using the Maximin criterion? States of Nature Alternatives S1 S2 Option 1 $10,000 $30,000 Option 2 $5,000 $45,000 Option 3 $-4,000 $60,000

  

Which option to choose using the Maximin criterion?
States of Nature
Alternatives
S1
S2
Option 1
$10,000
$30,000
Option 2
$5,000
$45,000
Option 3
$-4,000
$60,000
A.
Option 1
B.
Option 2
C.
Option 3
D.
Cannot be determined
Plant A is located at the (X, Y) coordinates of (600, 200) and has a shipment volume of 400 units per day. Plant B is located at the (X, Y) coordinates of (200, 500) and has the same shipment volume of 400 units per day. Using the Center-of-Gravity method, which of the following is the X coordinate of the centroid? Find the closest value.
A.
500
B.
400
C.
350
D.
275
Which of the following is NOT a condition that must be satisfied for an occurrence to be an event?
A.
The occurrence involves uncertainty.
B.
The decision maker has little control over the uncertainty in the situation.
C.
All alternatives must be available in each state of the occurrence.
D.
The uncertainty in the situation has an impact on the outcome.
The seven wastes identified by Ohno can be removed by the use of:
A.
Level scheduling
B.
All of the three
C.
Quality supplier
D.
Kanban
Which of the following statements is INCORRECT regarding the level curves of the same objective function?
A.
Level curves shift away from the origin point as the objective value they represent increases.
B.
Level curves of the same objective function are always parallel to each other.
C.
Level curves can only be used to represent objective values that are non-negative integers.
D.
Level curves must be straight lines on a graph for LP models.
A retailer decides to use a continuous review model for inventory control. The average daily demand for dishwasher water pumps is 10 per day. The standard deviation of the daily demand is 2 per day, and the order lead time is 1 day. Suppose the retailer wants to achieve a service level of 98%. What is the reorder point for the dishwasher water pumps? Find the closest value.
A.
12
B.
14
C.
20
D.
41

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