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Sri Balaji Society PGDM - Second Semester BATCH: 2019 - 2021 Quantitative Techniques Assignment Set 3 Solve The Following Questions

This document contains 5 quantitative techniques questions related to optimization modeling and probability. Question 1 asks to choose the optimal project to maximize expected profits given probability distributions of summer weather conditions. Question 2 asks to construct a payoff table and suggest strategies for two competing companies. Question 3 provides a linear programming model and asks to find the optimal solution graphically and the maximum profit. Question 4 provides a transportation problem table and asks to find the optimal solution. Question 5 provides parameters of a queuing model and asks to calculate probabilities of an arriving customer accessing service immediately or having to wait, and the expected wait time.

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71 views2 pages

Sri Balaji Society PGDM - Second Semester BATCH: 2019 - 2021 Quantitative Techniques Assignment Set 3 Solve The Following Questions

This document contains 5 quantitative techniques questions related to optimization modeling and probability. Question 1 asks to choose the optimal project to maximize expected profits given probability distributions of summer weather conditions. Question 2 asks to construct a payoff table and suggest strategies for two competing companies. Question 3 provides a linear programming model and asks to find the optimal solution graphically and the maximum profit. Question 4 provides a transportation problem table and asks to find the optimal solution. Question 5 provides parameters of a queuing model and asks to calculate probabilities of an arriving customer accessing service immediately or having to wait, and the expected wait time.

Uploaded by

Swapnil Birade
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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SRI BALAJI SOCIETY

PGDM – SECOND SEMESTER


BATCH: 2019 – 2021
QUANTITATIVE TECHNIQUES ASSIGNMENT
SET 3

SOLVE THE FOLLOWING QUESTIONS

Q.1 An investor rents a stall for the summer and has to decide between two
projects, A and B. He can either run an ice cream parlour (A) or a hot soup and snacks
bar (B). If the summer is very hot he can make an estimated profit of Rs. 13000 or Rs.
2000 from B. If the summer is mild then the estimated profits from A and B are Rs.
2000 and Rs. 10000 respectively. If the summer is hot then the respective estimated
profits from A and B are Rs. 7000 and Rs. 6000. If the probability of very hot summer
is 30 percent and that of mild summer is 40 percent, which project should he choose if
his aim is to maximise expected profits?

Q.2 Two companies, A and P, competing for the same product, are sharing a
market. Each of these attempts to raise its share of the market. An advertising
campaign by A can increase its share of the market by 7 percent provided that P does
nothing. Company P contemplates invoking a price cut if it is worthwhile. The price
cut shall cause a 5 percent gain to the company P, but the gain is subject to the
condition that A takes no action. A price cut by P, accompanied by the advertising
campaign of A shall lead to a 2 percent rise in P's share of market. No action on part
of both the companies shall leave the market share for them undisturbed at 40:60.
Write the information in form of a pay-off table and suggest the best strategy
for each of the companies to follow.

Q.3 The manager of a firm has formulated the following LP model:

Maximise Z = 25X1 + 30X2 (Profit)

Subject to
Labour time: 20X1 + 16X2 < 1,200 hours
Materials: 8X1 + 12X2 < 620 Kg
X1, X2 > 0

Find out the optimal values of the decision variables with the help of graphic
method. What is the maximum profit?

Q.4 Find optimal solution to the transportation problem given in the following
table:
Destination
Origin Availability
B1 B2 B3 B4 B5
A1 71 70 57 21 50 400
A2 55 68 97 50 53 800
A3 58 50 42 58 27 400
A4 66 51 93 35 33 400
Requirement 280 360 460 680 220 2000
Q.5 Customers arrive at a one-window drive according to a Poisson distribution
with mean of ten minutes and service time per customer is exponential with mean of
six minutes. The space in front of the window can accommodate only three vehicles
including the serviced one. Other vehicles have to wait outside this space.
Calculate:

i) Probability that an arriving customer can drive directly to the space in front
of the window.
ii) Probability that an arriving customer will have to wait outside the directed
space.
iii) How long an arriving customer is expected to wait before getting the
service?

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