Littlefield Laboratories, LLC (LL) provides an integrated genetic test called MaterniT 21 PLUS for expected parents in Northern California. LL charges its customers a premium price of $1,900 per test and promises to return the result within 24 hours after receiving the order; otherwise a rebate will be provided. LL runs 24x7 and customer orders for the test come in to the lab with blood samples on a continuous basis. Demand for the test is relatively stable at an average of 3,000 tests per month, with an estimated standard deviation of 100 tests for the weekly demand. Each test requires an advanced testing kit that can be purchased from a sole supplier at a wholesale price of $600 each. LL can purchase the testing kits from the supplier in a batch. The supplier charges a fixed setup cost (including shipping) of $6,000 for each batch LL orders, regardless of the size of the batch. It will take exactly 7 days for the supplier to deliver the batch to LL after LL places the order. If LL runs out of inventory for less than a week, the backlog cost is estimated to be $156 per unit. As soon as the batch is delivered, LL pays the supplier out of is operational cash account, which generates interest for LL on a compound annual growth rate (CAGR) of 8%. Test kits are very small parts that do not require any physical resources (e.g., extra space or climate control) to hold.
1. Which of the following are necessary inventory control decisions LL has to make? (Select all that apply.) Group of answer choices
Determining how many testing machines to purchase.
Determining how many units of testing kits to order in a batch.
Determining how many operators to staff in each shift.
Determining the reorder point that triggers the testing kit replenishment order.
Determining how often to order testing kits.
Determining what price promotions can be offered to customers.
2. Which of the following are appropriate strategies for making the inventory decisions. (Select all that apply.) Group of answer choices
Use the EOQ model to determine how many testing kit units to order each time.
Use the EOQ model to determine how often to place testing kit orders.
Use the EOQ model to determine the reorder point to trigger the replenishment order in order to keep a good amount of testing kits on hand during the 7‐day supplier lead time.
Use the EOQ model to determine how many operators to staff in each shift.
Use the order-up-to model to determine the optimal reorder point.
Use the order-up-to model to determine how many testing machines to purchase.
3. LL plans to use the EOQ model to make some of its inventory decisions. Which of the following hypotheses, if true, will make the EOQ method invalid? (Select all that apply.) Group of answer choices
The incoming demand is relatively stable at a constant rate that can be easily estimated.
The supplier can offer discounts on the fixed setup charge based on ordering quantities, e.g., 50% off if the batch size is larger than 10,000 units.
The supplier can offer discounts on the per unit wholesale price based on ordering quantities, e.g., 10% off if the batch size is larger than 5,000 units.
LL’s operational cash is put into an actively managed account with a systematic withdrawal plan that allows LL to withdraw a flexible amount of fund only on the first of each month to pay employees and bills and make necessary procurements.
The supplier’s setup charge and wholesale price are constants.
4. LL plans to set its reorder point at 700 units, which equals the average weekly demand LL faces. Which of the following are true? (Select all that apply.) Group of answer choices
If LL keeps 700 units on hand during the 7‐day supplier lead time, LL has a 50% chance of running out of inventory before the supplier delivers the ordered batch of testing kits.
If LL keeps 700 units on hand during the 7‐day supplier lead time, LL has a 50% chance of having leftover inventory when supplier delivers the ordered batch of testing kits.
700 is the optimal reorder point for LL to set. LL should set a reorder point higher than 700 in order to have a positive safety stock buffer.
LL should set a reorder point lower than 700 in order to have a negative safety stock buffer.
5. LL has made an inventory decision of ordering 3000 units in a batch each time it orders from the supplier. Which of the following are true? (Select all that apply.) Group of answer choices
This is the EOQ solution.
LL is expected to order 12 times a year.
LL is expected to order once per month.
The solution will impose an annual inventory holding cost that is much higher than the annual total setup cost.
The solution will impose an annual total setup cost that is much higher than the annual inventory holding cost
6.LL plans to place an order of 3000 units to its supplier on a monthly basis. LL is also considering to set the reorder point to 900 units to trigger the order. Once the ordered batch is delivered in exactly 7 days, any leftover testing kit inventory LL has will impose a $4 per unit of carrying cost for another month. Which of following are true? (Select all that apply.) Group of answer choices
Setting the reorder point at 900 units, or 2 standard deviations above the mean weekly demand, will give LL approximately a 97.5% probability of not running of inventory during the 7‐day supplier lead time.
Setting the reorder point at 900 units, or 2 standard deviations above the mean weekly demand, will give LL approximately a 2.5% probability of not running of inventory during the 7‐day supplier lead time.
The critical ratio is $156/($156+$4) = 0.975.
Setting the reorder point at 900 units, or 2 standard deviations above the mean weekly demand, can be considered optimal.
With a reorder point of 900 units, LL will not have a sufficient safety stock buffer during the 7‐day supplier lead time to take on incoming customer orders.
In: Accounting
|
genotype |
T1T1 |
T1T2 |
T2T2 |
T1T3 |
T2T3 |
T3T3 |
|
pop. 1 individuals |
42 |
5 |
5 |
88 |
10 |
67 |
|
pop. 2. individuals |
150 |
10 |
20 |
450 |
50 |
800 |
|
genotype |
T1T1 |
T1T2 |
T2T2 |
|
frequency |
0.10 |
0.10 |
0.80 |
|
fitness |
1 |
0.90 |
0.90 |
In: Biology
In: Finance
A survey of the mean number of cents off that coupons give was conducted by randomly surveying one coupon per page from the coupon sections of a recent Rockford newspaper. The following data were collected: 20¢; 75¢; 50¢; 75¢; 30¢; 55¢; 10¢; 40¢; 30¢; 55¢; $1.50; 40¢; 65¢; 40¢. Assume the underlying distribution is approximately normal. Construct a 95% confidence interval for the population mean worth of coupons. Find the lower limit of the confidence interval. Enter it rounded to the nearest cent (2 decimal places)
In: Statistics and Probability
Write a program
that manages a list of patients for a medical office. Patients should be
represented as objects with the following data members:
•
name (string)
•
patient id # (string)
•
address (string)
•
height (integer; measured in inches)
•
weight (double)
•
date of birth (Date)
•
date of initial visit (Date)
•
date of last visit (Date)
The data member “patient id #” is defined to be a
key
. That is, no two patients can have
the same patient id #. In addition to the standard set of accessors for the above data
members, define the fol
lowing methods for class Patient.
•
standard set of accessors
•
get_age
method: to compute and returns a patient’s age in years (integer)
•
get_time_as_patient
method: to compute the number of years (integer) since
the patient’s initial visit. Note that this va
lue can be 0.
•
get_time_since_last_visit
method:
to compute the number of years (integer)
since the patient’s last visit. This value can be 0, too.
Your program will create a list of patient objects and provide the user with a menu of
choices for accessing
and manipulating the
data on that list. The list must be an object of
the class List that you will define.
Internally, the list object must maintain its list as a
singly linked list with two references, one for head and one for tail.
As usual, your Li
st
class will have the methods “
find,” “
size,” “contains
,” “remove,”
“add,”, “get,”
“getNext,”, “reset,” “toString
,”. At the start, your program should read in patient data
from a text file for an initial set of patients for the list. The name of this file
should be
included on the “command line” when the program is run.
(Don’t hard code
the file name)
Each data item for a patient will appear on a separate line in
the file.
Your program
should be menu-
driven, meaning that it will display a menu of options for the user. The
user will choose one of
these options, and your program will carry out the request. The
program will then display the same menu again and get another
choice from the user.
This interaction will go on until the user chooses QUIT, which should be the last of the
menu’s options. The
menu should look something like the following:
1.
Display list
2.
Add a new patient
3.
Show information for a patient
4.
Delete a patient
5.
Show average patient age
6.
Show information for the youngest patient
7.
Show notification l
ist
8.
Quit
Enter your choice:
Details of each option:
•
Option 1: Display (on the screen) the names and patient id #’s of all patients in
order starting from the first one. Display the
information for one patient per line;
something like: Susan
Smith, 017629
•
Option
2: Add a new patient to the
END
of the list.
All
information about the new
patient (including name, patient id #, etc.)
is to be requested (input) from the user
interactively. That is, you will need to ask for 14 pieces of data from the user.
You’ll, of course, need to create a new patient object to hold this data.
NOTE:
As mentioned above, the patient id # field is a
key
. So, if the user types in
a patient id # that happens to be the same as
an already existing patient’s, then
you should display an error message and cancel the operation. Therefore, it is
probably a
good idea to ask for the patient id # first and test it immediately (by
scanning the objects on the list).
•
Option
3: Display (in a neat format) all the information pertaining to the patien
t
whose patient id # is given by the user. Namely, display the following information:
o
name
o
patient id #
o
address
o
height (shown in feet and inches; for example, 5 ft, 10 in)
o
weight
o
age
o
number of years as a patient (display “less than one year” if 0)
o
number of years since last visit (display “less than one year” if 0)
o
Indication that patient is overdue for a visit
NOTE:
The last item is displayed only if it has been 3 or more years since
the patient’s last visit.
If the user inputs a patient id
# that does
not
exist, then the program should
display an error message and the operation should be canceled (with the menu
immediately being displayed again for another request).
•
Option
4: Delete the patient whose id # is given by the user. If the patient is not
on the
list, display an error message.
•
Option 5: Show the average age (to one decimal place) of the patients.
•
Option
6:
Display (in a neat format) all the information (same as operation 3)
about the youngest patient.
•
Option
7: Display the names (and patient id
#’s) of all patients who are overdue
for a visit. As noted above, “overdue” is
defined as 3 or more years since the last
visit.
•
Option 8: Quit the program.
NOTE:
When the user chooses to quit, you should ask if they would like to save
the patient information to a file. If so, then
you should prompt for the name of an
output (text) file, and then write the data pertaining to
all
patients to that file. The
output for each patient should be in the same format as in the input file. In this
way, your output fil
e can be used as input on
another run of your program. Make
certain to maintain the order of the patients in the output file as they appear on the
list. Be
careful not to overwrite your original input file (or any other file, for that
matter).
Note
:
Try to
implement the various menu options as separate methods (aside
from
“main”)
.
However:
DO NOT DEFINE such “option methods
” as part of the class
List.
Of course, the Java code that implements an option (whether it’s in the “main”
method or not) should def
initely use List’s methods
to help do its job.
In: Computer Science
The radii of two circles are 8 cm and 6 cm respectively. Find the radius of the
circle having area equal to the sum of the areas of the two circles.
In: Math
Lincoln Machine Tool
Company maintains an inventory pool consisting of 10 items. Each of
these items has a unique demand pattern and may require a different
kind of inventory management system. The annual demand pattern and
the unit cost of these items are given in the following table.
Classify the items in A, B, and C categories according to annual
dollar usage.
Using the above data, Item 6 will be classified as:
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Using the data of
Question 14, Item 7 will be classified as:
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Using the data of
Question 14, Item 8 will be classified as:
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One end item A requires
three component parts: B, C, and D. The bill of material indicates
that for each completed A, 3 units of B, 2 units of C, and 1 unit
of D are required. Current inventory for the four items is as
follows: There are 18 As, 40 Bs, 50 Cs and 35 Ds in stock. If the
lead time for all items is one week and there are no scheduled
receipts for any item, how many units of product A can be delivered
to customers at the start of next week (week 2)?
|
In: Operations Management
Consider a normal distribution with a mean of 50 and standard deviation of 10. Which of the following is FALSE?
Question 4 options: P(x<=50) = .50
P(x>=40) = 1-P(x<40)
P(x<=20)+P(x<=20) = P(x<=40)
P(x<=30) = P(x>=70)
In: Statistics and Probability
|
Suppose that many stocks are traded in the market and that it is possible to borrow at the risk-free rate, rƒ. The characteristics of two of the stocks are as follows: |
| Stock | Expected Return | Standard Deviation | ||||
| A | 8 | % | 40 | % | ||
| B | 11 | % | 60 | % | ||
| Correlation = –1 | ||||||
| a. |
Calculate the expected rate of return on this risk-free portfolio? (Hint: Can a particular stock portfolio be substituted for the risk-free asset?) (Round your answer to 2 decimal places.) |
| Rate of return | % |
| b. |
Could the equilibrium rƒ be greater than 9.20%? |
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|
In: Finance
Suppose that many stocks are traded in the market and that it is possible to borrow at the risk-free rate, rƒ. The characteristics of two of the stocks are as follows:
| Stock | Expected Return | Standard Deviation | ||||||||
| A | 8 | % | 40 | % | ||||||
| B | 12 | % | 60 | % | ||||||
| Correlation = –1 | ||||||||||
|
a. Calculate the expected rate of return on this risk-free portfolio? (Hint: Can a particular stock portfolio be substituted for the risk-free asset?) (Round your answer to 2 decimal places.) Rate of return % b. Could the equilibrium rƒ be greater than 9.60%?
|
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In: Finance