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    Faculty of Commerce and Law

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    Faith Mpofu
    This document provides instructions and questions for an Operations Research exam. It includes 5 questions, with students required to answer 4. Question 1 has parts on finding minimum average cost and using Newton-Raphson method. Question 2 covers opening a trust fund and manufacturing optimization. Question 3 involves decision making under uncertainty for biscuit production. Question 4 defines project management terms and includes a network diagram exercise. Question 5 covers inventory management terms and calculations.

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    Faculty of Commerce and Law

    Uploaded by

    Faith Mpofu
    5 views4 pages
    This document provides instructions and questions for an Operations Research exam. It includes 5 questions, with students required to answer 4. Question 1 has parts on finding minimum average cost and using Newton-Raphson method. Question 2 covers opening a trust fund and manufacturing optimization. Question 3 involves decision making under uncertainty for biscuit production. Question 4 defines project management terms and includes a network diagram exercise. Question 5 covers inventory management terms and calculations.

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    515

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    This document provides instructions and questions for an Operations Research exam. It includes 5 questions, with students required to answer 4. Question 1 has parts on finding minimum average cost and using Newton-Raphson method. Question 2 covers opening a trust fund and manufacturing optimization. Question 3 involves decision making under uncertainty for biscuit production. Question 4 defines project management terms and includes a network diagram exercise. Question 5 covers inventory management terms and calculations.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    5 views4 pages

    Faculty of Commerce and Law

    Uploaded by

    Faith Mpofu
    This document provides instructions and questions for an Operations Research exam. It includes 5 questions, with students required to answer 4. Question 1 has parts on finding minimum average cost and using Newton-Raphson method. Question 2 covers opening a trust fund and manufacturing optimization. Question 3 involves decision making under uncertainty for biscuit production. Question 4 defines project management terms and includes a network diagram exercise. Question 5 covers inventory management terms and calculations.

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    Download as doc, pdf, or txt
    of 4

    FACULTY OF COMMERCE AND LAW

    MASTER OF BUSINESS ADMINISTRATION

    MBAZ515: OPERATIONS RESEARCH

    May 2018

    Time: 3 Hours

    INSTRUCTIONS

    Answer any Four Questions. Each question carries 25 marks.

    Each question should start on a fresh answer sheet.

    Formula Sheet and Annuity Tables are attached.

    Marks will be awarded for clear, concise and practical illustrations.

    All Answers must be written in Answer Books provided.

    MBAZ515: OPERATIONS RESEARCH


    PAGE 1 OF 4
    ANSWER ANY FOUR QUESTIONS

    Question 1

    (a) A manufacturer’s total cost function is given by where is the


    number of units produced.

    (i) At what level of output will the average cost per unit be a minimum? [13]

    (ii) Find the minimum average cost. [3]

    (b) Use the Newton- Raphson method to find the roots of the equation using
    as the first approximation. [9]

    Question 2

    (a) Mr Tom wishes to open a Trust Fund with a Building Society which pays 0.16%
    interest compounded quarterly. If the amount required in 15 years is $30 000, how
    much should be the initial deposit? [8]

    (b) Two products A and B are to be manufactured with unit profits of $40 and $35
    respectively. Maximum material available is 60 kg while maximum labour available is
    96 hours. Each unit of A needs 2kg of material and 3 manhours, whereas each unit of
    B needs 4kg of material and 3 man hours. Find the optimal units of A and B to be
    manufactured in order to maximise profits. [17]

    Question 3

    A company has to decide which type of biscuits to produce between cream, coconut and
    glucose given high uncertainty in expected sales. The estimated profits are as follows:

    Type of biscuits Profits on estimated level of sales


    5 000 10 000 20 000
    Cream 15 25 45
    Coconut 20 55 65
    Glucose 25 40 70

    Determine the appropriate decision that the company should make using the following
    approaches:

    a) Maximin Criterion [4]


    b) Minimax Criterion [4]
    c) Maximax Criterion [4]
    d) Laplace Criterion [6]
    e) Regret Criterion [7]

    MBAZ515: OPERATIONS RESEARCH


    PAGE 2 OF 4
    Question 4

    (a) Define the following terms as they relate to Project Management:

    i. Critical path
    ii. Slack time
    iii. Dummy activity [3]

    (b) Explain any three objectives of network analysis. [6]

    (c) The table below shows a list of activities required for the launch of a new degree
    programme and the estimated time for each activity.

    Activit Estimated duration Must be preceded by


    y (Weeks)
    A 5 -
    B 7 A
    C 2 B
    D 3 B
    E 1 C
    F 2 D
    G 1 C
    H 3 E, F
    I 10 G, H

    (i) Draw a network diagram for this project? [10]

    (ii) Find the critical path. [4]

    (iii) Determine the minimum time for completion of the project. [2]

    Question 5

    (a) Define the following terms associated with an inventory management:

    i. Order cycle
    ii. Lead time
    iii. Buffer stock
    iv. Re-order quantity [4]

    (b) Identify five types of costs associated with inventory. [5]

    (c) The demand for a particular commodity is 18 000 units per year. Holding cost per unit
    is $1.20 per year and the cost of procurement is $400. No shortages are allowed and
    the replenishment rate is instantaneous. Determine the:

    MBAZ515: OPERATIONS RESEARCH


    PAGE 3 OF 4
    i. optimum order quantity. [5]

    ii. number of orders per year. [3]

    iii. time between orders. [3]

    iv. total cost per year of the inventory if the cost of one unit is $1. [5]

    MBAZ515: OPERATIONS RESEARCH


    PAGE 4 OF 4

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