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ASSIGNMENT
DRIVE Spring
2017
PROGRAM MBA
SEMESTER II
SUBJECT CODE & NAME MBA205
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.
Set 1
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
Question2. a. Discuss
any four applications of linear programming.
Answer2a. Four applications of linear
programming are as follows
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
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
b.
Solve the following transportation problem using North-west corner method &
Matrix minimum method.
Answer3(b).
The
Set 2
Question1. 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.
Answer1.
Question2.
Define following criteria’s used for decision making under Uncertainty
a.
Optimism (maximax or minimin) criterion
Answer
2(a).
Maximax
(Optimist)
The maximax
looks at the best that could happen under each action and then chooses the
action with the largest
b.
Pessimism (maximin or minimax) criterion
Answer2(b).
Maximin
(Pessimist)
The maximin
person looks at the worst that could happen under each action and then choose
the action with the largest payoff. They assume that the worst that can happen
will, and then they take the
c.
Equal probabilities (Laplace) criterion
Answer2(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 equalprobability. I.e. assign
an equal probability
d.
Coefficient of optimism (Hurwicz) criterion
Answer2(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,
e.
Regret (salvage) criterion
Answer2(e).
Question3.
Explain the following:
a.
Economic Order Quantity (EOQ)
Answer
3(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 variables. This is done to minimize variable
inventory costs, and the formula takes into account storage, or holding
b. PERT and CPM
Answer
3(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 Method (CPM) was developed for project
management in the private sector at about the same time.
CPM and PERT
(Program Evaluation and Review Technique) are most commonly used methods for
project
c. Applications of queuing models
Answer
3(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 Design
and Employee
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