ENT321 March/April 2014 Examination

                                                                  

                                                               

  National Open University of Nigeria

                                                            14-16 Ahmadu Bello Way, Victoria Island Lagos 

                                                                      School of Management Science

                                                                      March/April 2014 Examination 

                  COURSE CODE: ENT321

                  COURSE TITTLE: QUANTITATIVE METHODS FOR BUSINESS DECISION 

                  TIME ALLOWED: 2hrs 30mins

                   Instructions: ANSWER QUESTION 1 AND ANY OTHER 2 QUESTIONS

                                               Q1 ISCOMPULSORY AND CARRIES 30MARKS WHILE OTHER 2 CARIIES 20MARKS EACH

                                               PRESENT ALL YOUR POINTS IN COHERENT AND ORDERLY MANNER 

1a. 5x-3y=12

    -4y+4x=4

b. suppose for a particular inventory there exists (a) the weekly minimum, normal and maximum usage of 1000,1500 and 2500 respectively (b) the lead time which vary between 4 and 8 weeks (average =6 weeks) and (c) the normal ordering quantity (EOQ)of 35,000. you are required to determine 

i. re-order level

ii. minimum stock level.

iii. maximum stock level 

2a. briefly describe the following terms.

i. lead time

ii. economics ordering quantity

iii. economic batch quantity

iv. safety stock 

v. maximum stock

b. define linear equation

c. mention four areas of management decision in which quantitative techniques are essential

3. define the following 

a. descriptive statistics

b. inferential statistics.

c. statistics

d. linear inequalities

4a. the following are the data on the daily wages paid to works in ward business enterprise

DAILY WAGES IN NAIRA	NUMBER OF WORKERS (F)
100-200 201-301 302-402 403-503 504-604 605-705 706-806 907-1007 1008-2008 2009-3009	2 4 6 8 10 12 14 16 18 20

YOU ARE REQUIRED TO COMPLETE THE DAILY WAGES

5. assuming you were given the following data by NOUN pure water L.T.D for the production 

of bottled water cost(including labour and material) is 140 per unit

fixed cost is #500,000 and each unit of the product is sold fo #350

determine the number of units of bottled  water products which would be sold for the company to earn a profit of 2,200,000 on that product

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