ECO314 Past Question

NATIONAL OPEN UNIVERSITY OF  NIGERIA FACULTY OF SOCIAL SCIENCES DEPARTMENT OF ECONOMICS 2018_1 EXAMINATION 

COURSE TITLE: OPERATIONS RESEARCH 
COURSE CODE: ECO 314 
UNITS:2 
TIME ALLOWED: 2 HOURS 
INSTRUCTIONS: ANSWER THREE QUESTIONS

QUESTION 1 
A firm produces an alloy having the following specifications:
(i)specific gravity≤0.98,
(ii)chromium≥8%,
(iii)melting point≥450°C.
Raw materials A, B and  C having the properties show ninth table can be used to make the alloy.

Property	Properties of raw material
	A	B	C
Specific gravity	0.92	0.97	1.04
Chromium	7%	13%	16%
Melting point	0	0	o
	440C	490C	480C

Costs of the various raw materials pert on are:#90 for A,#280 for B and #40 for C.Formulate the L.P model to find the proportions in which A,B and C be used to obtain analoy of desired properties while the cost of raw materials is minimum.

(Total Mark=20%)

QUESTION 2

What conditions must be satisfied before linear programming can be used for

optimization problems?                                                                                                       

(6Mark)

List and explain the assumptions in linear programming models.  (11 Mark)

(Total Mark=17%)

QUESTION 3

Define operations research.                                                                             (3 Mark)

Discuss the scope of operations research in financial management.    (8 Mark)

List the various schemes by which models can be classified.                (6 Mark)

(Total Mark=17%)

QUESTION 4

What are the most popular priority rules for job sequencing?(8 Mark)

What are the components of inventory carrying cost?           (9 Mark)

(Total Mark=17%)

QUESTION 5

Assuming eight jobs are waiting to be processed.  The processing time and due dates for the jobs are given below:

JOB	PROCESSING TIME	DUE DATE(DAYS)
A	4	9
B	10	18
C	6	6
D	12	19
E	7	17
F	14	20
G	9	24
H	18	28

Determine the sequence processing according to First Come,First Serve (FCFS)

in the light of the following criteria:

Average flow time

Average number of jobs in the system

Average job lateness

Utilization of the workers.

(17 Mark)

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