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ASSIGNMENT
DRIVE SUMMER
2016
PROGRAM MBA
SEMESTER II
SUBJECT CODE & NAME MB0048
OPERATIONS RESEARCH
Note: Answer all
questions. Kindly note that answers for 10 marks questions should be
approximately of 400 words. Each question is followed by evaluation scheme.
Question1. Explain the process of OR.
Answer:
Operations
Research is “the use of mathematical models, statistics and algorithms to aid
in decision-making. It is most often used to analyze complex real-world
systems, typically with the goal of improving or optimizing performance. It is
one form of applied mathematics.” (Wikipedia)
The quest for
improvement has been a continual one and operations research has been one of
the
Question2. a. Discuss
any four applications of linear programming.
Answer 2a. Four applications of linear
programming are as follows:
1.
Marketing applications:
·
Main application of linear
programming in marketing is “media selection”.
b.
An organisation produces X1 and X2 units of products R and S, respectively. In
this case, the objective function and constraints are expressed as follows:
Maximise Z = 60X1 + 120X2
Subject to, 3X1 + 6X2 ≤
240 Raw material
constraint
2X1 +
4X2 ≤
800 Labour hours constraint
X1,
X2 ≥ 0
Non-negativity condition
Use
graphical method to determine how many units of products R and S the
organisation should produce to maximise its profits.
Answer 2(b) - Here,
We have to
maximise Z = 60X1 + 120X2
Subject to,
3X1 + 6X2 ≤ 240
2X1 + 4X2
Question3.a. Explain the concept of Trans-shipment.
Answer3(a). Transhipment is the
act of off-loading a container from one ship and loading it onto another ship. In
any service operated by any line there are practical restrictions in terms of
coverage of ports.. There is no shipping line that can cover all ports around
the world on a single service and therefore the
b.
Solve the following transportation problem using North-west corner method &
Matrix minimum method.
Answer3(b).
The
transportation problem given is :
Question4. The processing time of four jobs and five machines
(in hours, when passing is not allowed) is given in following table
a. Find an optimal sequence for the above sequencing problem.
b. Calculate minimum elapsed time & idle time for
machines A, B, C, D & E.
Answer4.
Question5.
Define following criteria’s used for decision making under Uncertainty
a.
Optimism (maximax or minimin) criterion
Answer
5(a).
Maximax
(Optimist)
The maximax
looks at the best that could happen under each action and then chooses the
action with the largest value. They assume that they will get the most possible
and then they take the action with
b.
Pessimism (maximin or minimax) criterion
Answer5(b).
Maximin
(Pessimist)
The
c.
Equal probabilities (Laplace) criterion
Answer5(c).
Laplace
criterion is also called as law of equal probabilities criterion or criterion
of rationality, since probability of states of nature are not known it is
assumed that all states of nature will occur in equal
d.
Coefficient of optimism (Hurwicz) criterion
Answer5(d).
A compromise
between the maximax and maximin criteria. The decision maker is neither totally
optimistic (as the maximax criterion assumes) nor totally pessimistic (as the
maximin criterion assumes). With the Hurwicz criterion, the decision payoffs
are weighted by a coefficient of optimism, a
e.
Regret (salvage) criterion
Answer5(e).
The minimization
of regret that is highest when one decision has been made instead of another.
In a situation
Question6.
Explain the following:
a.
Economic Order Quantity(EOQ)
Answer6(a).
Economic
order quantity (EOQ) is an equation for inventory that determines the ideal
order quantity a company should purchase for its inventory given a set cost of
production, demand rate and other
b. PERT and CPM
Answer6(b).
PERT stands
for Program Evaluation Review Technique, a methodology developed by the U.S.
Navy in the 1950s to manage the Polaris submarine missile program. A similar
methodology, the Critical Path
c. Applications of queuing models
Answer6(c).
Queueing
Theory has a wide range of applications, and this section is designed to give
an illustration of some of these. It has
been divided into 3 main sections, Traffic Flow, Scheduling and Facility
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