Final Exam and Grade Calculation

Final Exam Outline and Grade Calculation

Exam Structure

  • Date: Thursday, May 22nd, 5:30 PM

  • Format:

    • 15 True/False questions (1 mark each = 15 marks)

    • 16 Multiple Choice questions (1.5 marks each = 24 marks)

    • 14 Fill-in-the-blank questions (1.5 marks each = 21 marks) - Terms will be given

    • Four problems out of six (10 marks each = 40 marks)

  • Total: 100 marks

  • Weight: 30% of final semester grade

Content

  • Comprehensive Final Exam: Covers all chapters.

  • Review Materials: PowerPoints, past tests, quizzes, and assignments.

Problem Areas

  • Inventory Management Chapter:

    • Total cost of ordering and holding

    • Economic Order Quantity (EOQ)

    • Cost of ordering and holding goods using EOQ

    • Number of orders to be processed per year

    • Expected time between orders

    • Formulas will be provided for this section.

  • Decision Tree:

    • Draw a decision tree.

    • Calculate payoff for decision nodes and event nodes.

    • Choose the best alternative.

    • No formulas will be provided.

  • Control Charts:

    • Upper Control Limit (UCL)

    • Lower Control Limit (LCL)

    • Construct Control Chart

    • Focus specifically on p-charts.

    • Formulas for p-chart will be provided (UCL, LCL, pp-bar).

    • σp=pˉ(1−pˉ)n\sigma_p = \sqrt{\frac{\bar{p}(1-\bar{p})}{n}}

    • UCL=pˉ+zσpUCL = \bar{p} + z \sigma_p

    • LCL=pˉ−zσpLCL = \bar{p} - z \sigma_p

  • Network Diagram:

    • Drawing network diagrams.

    • Calculating ES (Early Start), EF (Early Finish), LS (Late Start), LF (Late Finish), and Slack.

    • Identifying the critical path.

    • No formulas will be provided.

  • Decision Making:

    • Choosing the best alternative using:

      • Maximax

      • Maximin

      • Minimax Regret

      • Expected Value

      • Laplace

    • No formulas will be provided.

  • Causal Method - Linear Regression:

    • Interpretation of independent and dependent variables from a regression equation.

    • Develop a regression equation from a table.

    • Interpret x-intercept, y-intercept, correlation coefficient, and coefficient of determination.

    • Refer to Example 8.1 (new edition) or 13.1 (old edition) in the textbook.

Formulas Provided

The following formulas will be provided on the exam:

  • Sigma p : σp=pˉ(1−pˉ)n\sigma_p = \sqrt{\frac{\bar{p}(1-\bar{p})}{n}}

  • Upper Control Limit for p: UCL=pˉ+zσpUCL = \bar{p} + z \sigma_p

  • Lower Control Limit for p: LCL=pˉ−zσpLCL = \bar{p} - z \sigma_p

  • Total Inventory Cost: Q2⋅H+DQ⋅S\frac{Q}{2} \cdot H + \frac{D}{Q} \cdot S

    • QQ = Order quantity

    • HH = Holding cost per unit per year

    • DD = Annual demand

    • SS = Ordering cost per order

  • Economic Order Quantity (EOQ): EOQ=2DSHEOQ = \sqrt{\frac{2DS}{H}}

  • Time Between Orders: EOQD\frac{EOQ}{D}

  • Number of Orders per Year: DEOQ\frac{D}{EOQ}

Important Reminders

  • Bring:

    • Calculator

    • Pencil

    • Eraser

    • ID

  • No cell phones are allowed.

  • Leave bags at the front of the exam hall.

Course Outline Review

  • Almost all topics are covered, including:

    • Planning capacity

    • Forecasting demand

    • Inventories

    • Managing effective supply chain and supply chain logistics.

  • Breakeven analysis is covered.

  • Last two topics: Students should read chapters on their own and can use the concepts for the group project.

    • Limited questions from these sections (simple multiple choice or true/false).

  • Group presentations and final papers are due on May 9th (Friday).

  • No class meeting on Thursday of exam week.

  • Assignments: 10%

    • Average of three assignments multiplied by 0.1.

  • Quizzes: 15%

    • Three quizzes with varying point values (two out of 15, one out of 20).

  • Tests: 30%

    • Average of two tests multiplied by 0.3.

  • Group Project: 10%

  • Group Presentation: 5%

  • Final Exam: 30%

No Formulas Provided for:

Decision Tree, Decision Making and Network Diagram.

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