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business
an introduction to management science

Questions and Answers of An Introduction to Management Science

=c. How small can the unit revenue be before this new product ceases to be profitable?
=b. How large can the marginal production cost be before this new product ceases to be profitable?
=a. How large can the leasing cost be before this new product ceases to be profitable?
=1.2. Refer to Problem 1.1. A sales forecast has been obtained that indicates that 4,000 units of the new product could be sold. This forecast is considered to be quite reliable, but there is
=1.1. The manager of a small firm is considering whether to produce a new product that would require leasing some special equipment at a cost of $20,000 per month. In addition to this leasing cost, a
=6. What does the IF(a,b, c) Excel function do?
=5. What does the MIN(a,b) Excel function do?
=4. How can a spreadsheet be used to perform sensitivity analysis?
=3. What is the purpose of sensitivity analysis?
=2. What are the factors included in the complete mathematical model for the Special Products Company problem, in addition to an equation for profit?
=1. How do the production and sales volume of a new product need to compare to its break-even point to make it worthwhile to introduce the product?
=6. What are some common quantitative factors around which many managerial problems revolve?
=5. What is a decision support system?
=4. Upon which scientific fields and social sciences is management science especially based?
=3. What does a management science study provide to managers to aid their decision making?
=2. What is the traditional name given to this discipline that still is widely used outside of business schools?
=1. When did the rapid development of the management science discipline begin?
=7. Identify some special features of this book.
=6. Identify the levels of annual savings that management science sometimes can provide to organizations.
=5. Use a spreadsheet model to perform break-even analysis.
=4. Use a mathematical model to perform break-even analysis.
=3. Explain what a mathematical model is.
=2. Describe the nature of management science.
=1. Define the term management science.
In the example used to demonstrate model construction in this chapter, a firm sells a product, x, for $20 that costs $5 to make, it has 100 pounds of steel to make the product, and it takes 4 pounds
In Problem 33, Annie has used historical weather data to determine that next season there is a 60% chance that the weather will be good and a 40% chance the weather will be bad. Given this additional
Although Annie Russell (in problem 22) has been told by the athletic department at Tech that all the games will likely be sellouts, she is aware that the weather will affect how many fans will
The owners of Backstreets Italian Restaurant are considering starting a delivery service for pizza and their other Italian dishes in the small college town where they are located. They can purchase a
The Tech Student Government Association (SGA) has several campus projects it undertakes each year, and its primary source of funding to support these projects is a T-shirt sale in the fall for what
Should the college consider doing this?
The College of Business at Tech is planning to begin an online MBA program. The initial start-up cost for computing equipment, facilities, course development, and staff recruitment and development is
Hannah Byers and Kathleen Taylor are considering the possibility of teaching swimming to kids during the summer. A local swim club opens its pool at noon each day, so it is available to rent during
Annie Russell, a student at Tech, plans to open a hot dog stand inside Tech’s football stadium during home games. There are seven home games scheduled for the upcoming season. She must pay the Tech
In problem 20, the production process for making pizzas that Benny’s Big Slice Pizza uses is very labor intensive. Benny is considering a more automated process design that requires the purchase of
David from Problem 16 is now concerned as the market demand does not look very promising, and he may not be able to sell more than the breakeven volume. Therefore, instead of buying brandnew
If Evergreen Fertilizer Company changes its production process to add a weed killer to the fertilizer to increase sales, the variable cost per pound will increase from $0.15 to $0.22. What effect
Gobblecakes is a bakery that specializes in cupcakes. The annual fixed cost to make cupcakes is$18,000. The variable cost including ingredients and labor to make a cupcake is $0.90. The bakery sells
A new police car costs the Bay City Police Department $26,000. The annual maintenance cost for a car depends on the age of the car at the beginning of the year. (All cars accumulate approximately the
Suppose in Problem 35 that the processing cost per unit at each plant is different because of different machinery, workers’ abilities, overhead, and so on, according to the following table:There
A steel mill in Gary, Indiana, supplies steel to manufacturers in eight other midwestern cities by truck, as shown in the following network:The travel time between cities, in hours, is shown along
=1. Describe the role of Crystal Ball in performing computer simulations.
=2. Use Crystal Ball to perform various basic computer simulations that cannot be readily performed with the standard Excel package.
=3. Interpret the results generated by Crystal Ball when performing a computer simulation.
=4. Use a Crystal Ball feature that enables stopping a simulation run after achieving the desired level of precision.
=5. Describe the characteristics of many of the probability distributions that can be incorporated into a computer simulation when using Crystal Ball.
=6. Use a Crystal Ball procedure that identifies the continuous distribution that best fits historical data.
=7. Use a Crystal Ball feature that generates both a decision table and a trend chart as an aid to decision making.
=8. Use a Crystal Ball tool called OptQuest that automatically searches for an optimal solution for a simulation model.
=1. Define the random input cells.
=2. Define the output cells to forecast.
=3. Set the run preferences.
=4. Run the simulation.
=1. What is the decision that Freddie the newsboy needs to make?
=2. What is an assumption cell when using Crystal Ball?
=3. What is entered into the assumption cell in Freddie’s spreadsheet model?
=4. What is a forecast cell when using Crystal Ball?
=5. What is entered into the forecast cell in Freddie’s spreadsheet model?
=6. What kind of information is provided by a frequency chart when using Crystal Ball?
=7. What are the key statistics provided by the statistics table when using Crystal Ball?
=8. What is the significance of the mean standard error of the results from a computer simulation?
=9. What provision does Crystal Ball provide for perhaps stopping a simulation run before the specified number of trials have been completed?
=10. What has Freddie the newsboy learned so far about what his order quantity should be?
=3. What are the quantities in the assumption cells in this example’s spreadsheet model for applying computer simulation?
=4. What quantity appears in the forecast cell for this spreadsheet model?
=2. A PERT/CPM procedure can obtain only a rough approximation of a certain key quantity, so computer simulation is used to obtain a much closer estimate of the quantity. What is this quantity?
=5. What can be done to quickly enter these parameters into all the assumption cells after using the dialogue box for the distribution of the duration of only the first activity?
=6. What quantity appears in the forecast cell of the spreadsheet model for this example?
=1. What is the cash flow management problem that is currently confronting the management of the Everglade Golden Years Company?
=2. Which management science technique was previously used to address this cash flow management problem before applying computer simulation?
=3. What aspect of the problem does computer simulation take into account that this prior management science technique could not?
=4. What are the quantities in the assumption cells in this example’s spreadsheet model for applying computer simulation?
=5. How are the sizes of the short-term loans determined in this spreadsheet model?
=6. What can happen in a trial of the computer simulation that would result in a negative cash balance at the end of 10 years?
=7. What percentage of the trials actually resulted in a negative cash balance at the end of 10 years?
=8. What policy did Everglade management adopt to reduce the possibility of having a negative cash balance at the end of 10 years?
=4. What quantities appear in the assumption cells of the spreadsheet model for this example?
=5. What quantity appears in the forecast cell for this example?
=1. What is meant by revenue management in the travel industry?
=3. What problem is being addressed by the management science group at Transcontinental Airlines in this section’s example?
=5. What is the decision variable for this problem?
=6. What quantities appear in the forecast cells of the spreadsheet model for this problem?
=7. What quantities appear in the assumption cells of the spreadsheet model?
=8. What are the parameters of a binomial distribution?
=1. How many probability distributions are available in Crystal Ball’s Distribution Gallery?
=2. What is the difference between a continuous distribution and a discrete distribution?
=3. What is a possible danger with choosing the normal distribution to enter into an assumption cell?
=6. Why is the uniform distribution sometimes a convenient choice for an assumption cell?
=7. What would be the key advantage of choosing either the Weibull distribution or a beta distribution for an assumption cell?
=9. What does choosing the custom distribution from the Distribution Gallery enable you to do?
=10. What procedure does Crystal Ball provide for helping to identify the best distribution to enter into an assumption cell?
=1. What does the Decision Table tool enable you to do that a single simulation run with one value of the decision variable(s) does not?
=2. What are the advantages of using the Decision Table tool instead of simply using trial and error to try different values of the decision variable(s) and running a simulation for each?
=3. What is the maximum number of decision variables that can be varied simultaneously in a Decision Table?
=4. What procedure needs to be used before choosing Decision Table from the Crystal Ball Tools menu?
=5. After choosing Decision Table from this menu, what is the purpose of the first dialogue box?
=6. What is the purpose of the second dialogue box?
=7. What is the purpose of the third dialogue box?
=8. What does an overlay chart show?
=10. After a Decision Table has been used to narrow down the range of values of a decision variable that need to be considered, how can another Decision Table be used to better approximate the
=1. What does OptQuest search for in a simulation model with decision variables?

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