Egye 231 1s1819 First Exam

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Egye 231 1s1819 First Exam - Quiz

This exam is good for three hours. This is NOT an open book/notes exam. You are also not allowed to consult with anybody regarding regarding the exam while taking it.
You only have one chance to take the exam.


Questions and Answers
  • 1. 

    Upload an electronic copy of your answers for this item. A startup company of 25 employees is planning their two-day team building activity in Baguio City (which includes a one-day tour around the city). Hotel reservations amounting to P 20,000 was paid and is non-refundable. Van rental (driver and van) amounting to P 10,000 has also been reserved but not paid yet. However, the day before the departure, a typhoon hit the northern part of Luzon. Baguio City and nearby provinces were announced to be under typhoon signal number 2 while Metro Manila experienced fair weather. If the group will push through, toll fees and gasoline costs will be P 3,500 while food is estimated at P 1,800/person. If the group stays, the team-building activity will still be held but only for a day in the office conference hall and will cost the company about PhP600/person for food. Considering safety, cost and employee satisfaction taking the company owner’s perspective, construct the Decision Tree and Influence Diagram.

  • 2. 

    The executives of the General Products Company (GPC) have to decide which of three products to introduce, A, B, or C.  Product C is essentially a risk-free proposition, from which the company will obtain a net profit of $ 1 M. Product B is considerably more risky. Sales may be high, with resulting net profit of $ 8 M, medium with net profit of $ 4M, or low, in which case the company just breaks even. The probabilities for high, medium, and low sales for B are 0.38, 0.12, and 0.5, respectively. Product A poses something of a difficulty; a problem with the production system has not yet been solved. The engineering division has indicated its confidence in solving the problem, but there is a slight (5%) chance that devising a workable solution may take a long time. In this event, there will be a delay in introducing the product, and that delay will result in lower sales and profits. Another issue is the price for Product A. The options are to introduce it at either high or low price; the price would not be set until just before the product is to be introduced. Both of these issues have an impact on the ultimate net profit. Finally, once the product is introduced, sales can be either high or low. If the company decides to set a low price, then low sales are just as likely as high sales. If the company sets a high price, the likelihood of low sales depends on whether the product was delayed by the production problem. If there was no delay and the company sets a high price, the probability is 0.4 that sales will be high. However, if there is a delay and the price is set high, the probability is only 0.3 that sales will be high. The following table shows the possible net profit figures (in M) for product A: Price High Sales ($ M) Low Sales ($ M) Time Delay High 5 (0.5) Low 3.5 1 No Delay High 8 0 Low 4.5 1.5 Upload a document containing your solution to the following items:
    1. Draw an influence diagram for GPC’s problem. Specify the possible outcomes and the probability distribution for each chance node. Specify the possible alternatives for each decision node. Write out the complete table for the consequence node.
    2. Draw a complete decision tree for GPC. Solve the decision tree. What should GPC do?

  • 3. 

    Solar PV systems are touted as an important component of climate mitigation strategies in the energy sector. This is primarily because it eliminates the combustion of fossil fuels in the production of electric energy. Identify at least two potential externalities of solar PV systems and propose how these externalities may be quantified.

  • 4. 

    Vanek et al. (2008) discuss three goals of energy systems. One of which is equity. Which of the following is a relevant statement on equity?

    • A.

      Growing world population and increased resource and energy consumption adversely affect the natural environment in a number of ways, which is needed to be addressed by the community of nations

    • B.

      No preference is given on race, economic situation, religious and political beliefs, for countries to pursue the right to improve the well-being of their citizens

    • C.

      Equal weight is given to the right of current and future generations to meet their basic needs.

    • D.

      All of the above

    • E.

      None of the above

    Correct Answer
    B. No preference is given on race, economic situation, religious and political beliefs, for countries to pursue the right to improve the well-being of their citizens
    Explanation
    The statement "No preference is given on race, economic situation, religious and political beliefs, for countries to pursue the right to improve the well-being of their citizens" is a relevant statement on equity because it emphasizes that all countries should have the opportunity to improve the well-being of their citizens, regardless of factors such as race, economic situation, religious beliefs, or political beliefs. This aligns with the goal of equity in energy systems, which aims to ensure fair and equal access to resources and opportunities for all individuals and communities.

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  • 5. 

    In addition to equity, another goal of energy systems is intertemporarility. Which of the following is a relevant statement on intertemporality?

    • A.

      Growing world population and increased resource and energy consumption adversely affect the natural environment in a number of ways, which is needed to be addressed by the community of nations

    • B.

      No preference is given on race, economic situation, religious and political beliefs, for countries to pursue the right to improve the well-being of their citizens.

    • C.

      Equal weight is given to the right of current and future generations to meet their basic needs.

    • D.

      All of the above

    • E.

      None of the above

    Correct Answer
    C. Equal weight is given to the right of current and future generations to meet their basic needs.
    Explanation
    The statement "Equal weight is given to the right of current and future generations to meet their basic needs" is a relevant statement on intertemporality because it recognizes the importance of considering the needs of both present and future generations when making decisions about energy systems. This means that the goal is not only to address the current energy needs of society but also to ensure that future generations have access to the resources and energy they require for their well-being. By giving equal weight to the needs of current and future generations, energy systems can be designed and managed in a way that is sustainable and considers the long-term impact on the environment and society.

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  • 6. 

    Vanek et al. (2008) discussed four categories of solutions that can enable the achievement of physical, financial and environmental objectives for energy systems. Which of the following describes Conserving through personal choice ?

    • A.

      The primary source of energy remains the same but a new technology is used to improve efficiency of the system

    • B.

      The same primary source of energy is used but the conversion technology is replaced with a more efficient one to conserve energy

    • C.

      Choosing to use an existing technology in a different way to achieve objectives

    • D.

      Total amount of end-use energy consumption is not changed but change is made at the energy source

    Correct Answer
    C. Choosing to use an existing technology in a different way to achieve objectives
    Explanation
    Conserving through personal choice refers to choosing to use an existing technology in a different way to achieve objectives. This means finding innovative ways to utilize existing technologies in order to conserve energy and achieve physical, financial, and environmental objectives for energy systems. It does not involve changing the primary source of energy or the conversion technology, but rather focuses on using existing technology in a more efficient and effective manner.

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  • 7. 

    Vanek et al. (2008) discussed four categories of solutions that can enable the achievement of physical, financial and environmental objectives for energy systems. Which of the following describes Conserving by replacing end-use technology ?

    • A.

      The primary source of energy remains the same but a new technology is used to improve efficiency of the system

    • B.

      The same primary source of energy is used but the conversion technology is replaced with a more efficient one to conserve energy

    • C.

      Choosing to use an existing technology in a different way to achieve objectives

    • D.

      Total amount of end-use energy consumption is not changed but change is made at the energy source

    Correct Answer
    A. The primary source of energy remains the same but a new technology is used to improve efficiency of the system
    Explanation
    Conserving by replacing end-use technology refers to the use of a new technology to improve the efficiency of a system while keeping the primary source of energy the same. This means that even though the primary source of energy remains unchanged, the system is able to achieve its objectives by utilizing a more efficient technology. This approach allows for the conservation of energy without the need to change the primary energy source.

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  • 8. 

    Vanek et al. (2008) discussed four categories of solutions that can enable the achievement of physical, financial and environmental objectives for energy systems. Which describes Conserving by replacing energy conversion technology?

    • A.

      The primary source of energy remains the same but a new technology is used to improve efficiency of the system

    • B.

      The same primary source of energy is used but the conversion technology is replaced with a more efficient one to conserve energy

    • C.

      Choosing to use an existing technology in a different way to achieve objectives

    • D.

      Total amount of end-use energy consumption is not changed but change is made at the energy source

    Correct Answer
    B. The same primary source of energy is used but the conversion technology is replaced with a more efficient one to conserve energy
    Explanation
    The correct answer is "the same primary source of energy is used but the conversion technology is replaced with a more efficient one to conserve energy". This option describes the scenario where the primary source of energy remains the same, but a new technology is implemented to improve the efficiency of the energy conversion process. This solution aims to conserve energy by reducing waste and increasing the overall efficiency of the system.

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  • 9. 

    Vanek et al. (2008) discussed four categories of solutions that can enable the achievement of physical, financial and environmental objectives for energy systems. Which of the followign describes Replacing existing energy sources with alternatives?

    • A.

      The primary source of energy remains the same but a new technology is used to improve efficiency of the system

    • B.

      The same primary source of energy is used but the conversion technology is replaced with a more efficient one to conserve energy

    • C.

      Choosing to use an existing technology in a different way to achieve objectives

    • D.

      Total amount of end-use energy consumption is not changed but change is made at the energy source

    Correct Answer
    D. Total amount of end-use energy consumption is not changed but change is made at the energy source
    Explanation
    The correct answer is "total amount of end-use energy consumption is not changed but change is made at the energy source." This means that instead of completely replacing the primary source of energy, the focus is on changing the energy source itself while keeping the overall energy consumption the same. This can be achieved by using alternative energy sources such as renewable energy instead of fossil fuels. By making this change, the objective of replacing existing energy sources with alternatives can be achieved without altering the total amount of energy consumed.

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  • 10. 

    (True or False) A startup company of 25 employees is planning their two-day team building activity in Baguio City (which includes a one-day tour around the city). Hotel reservations amounting to P 20,000 was paid and is non-refundable. Van rental (driver and van) amounting to P 10,000 has also been reserved but not paid yet. However, the day before the departure, a typhoon hit the northern part of Luzon. Baguio City and nearby provinces were announced to be under typhoon signal number 2 while Metro Manila experienced fair weather. If the group will push through, toll fees and gasoline costs will be P 3,500 while food is estimated at P 1,800/person. If the group stays, the team-building activity will still be held but only for a day in the office conference hall and will cost the company about PhP600/person for food. The BEST option result in a cost of P 35, 000.

    • A.

      TRUE

    • B.

      FALSE

    • C.

      Option 3

    • D.

      Option 4

    Correct Answer
    B. FALSE
    Explanation
    The correct answer is FALSE. The best option does not result in a cost of P 35,000. The cost of the team-building activity in Baguio City would be higher than the cost of holding it in the office conference hall. The cost of the hotel reservation and the van rental would still be incurred even if the group stays in the office. Therefore, the cost would be higher than PhP 35,000.

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  • 11. 

    (TRUE OR FALSE) A startup company of 25 employees is planning their two-day team building activity in Baguio City (which includes a one-day tour around the city). Hotel reservations amounting to P 20,000 was paid and is non-refundable. Van rental (driver and van) amounting to P 10,000 has also been reserved but not paid yet. However, the day before the departure, a typhoon hit the northern part of Luzon. Baguio City and nearby provinces were announced to be under typhoon signal number 2 while Metro Manila experienced fair weather. If the group will push through, toll fees and gasoline costs will be P 3,500 while food is estimated at P 1,800/person. If the group stays, the team-building activity will still be held but only for a day in the office conference hall and will cost the company about PhP600/person for food. The BEST option cannot be determined based on cost.

    • A.

      TRUE

    • B.

      FALSE

    Correct Answer
    A. TRUE
    Explanation
    The statement is true because the question states that the best option cannot be determined based on cost. This means that there are other factors to consider besides cost when deciding whether to push through with the team building activity or not. These factors could include the safety and well-being of the employees due to the typhoon, the feasibility of traveling to Baguio City given the typhoon signal, and the potential impact on productivity if the team building activity is held in the office conference hall instead.

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