No explanation is needed just the answers.
1. [-/1 Points] DETAILS ASWQUANT13 1.E.001. MY NOTES ASK YOUR TEACHER Define the terms management science and operations research. Management science and operations research are [-Select- -Select- uses scientific methodology in managerial decision making and problem solving. Management science uses [-Select- considerations in order to establish policies that are in the best interest of the organization. Need Help? Read It Show My Work (Optional) 2. [-/1 Points] DETAILS ASWQUANT13 1.E.003. MY NOTES ASK YOUR TEACHER Discuss the different roles played by the qualitative and quantitative approaches to managerial decision making. Why is it important for a manager or decision maker to have a good understanding of both of these approaches to decision making For each of the following statements, decide whether it is characteristic of a qualitative and/or a quantitative approach. (Select all that apply.) (a) This approach is primarily based on a manager's judgment or intuition. qualitative quantitative (b) This approach is considered more of an art than a science. qualitative quantitative (c) This approach is best suited to solve relatively simple problems, and could be informed by prior experience. qualitative quantitative (d) This approach is best suited to solve complex problems, and relies heavily on available data. O qualitative O quantitative (e) A manager can increase his or her decision-making effectiveness by studying and applying this approach. qualitative O quantitative An experienced manager will employ this approach to optimize business decisions and processes. O qualitative quantitative Need Help? Read it Show My Work (Optional) 3. [-/1 Points] DETAILS ASWQUANT13 1.E.004. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER A firm recently built a new plant that will use more than 50 production lines and machines to produce over 500 different products. The production scheduling decisions are critical because sales will be lost if customer demand is not met on time. If no individual in the firm has had experience with this production operation, and if new production schedules must be generated each week, why should the firm consider a quantitative approach to the production scheduling problem? (Select all that apply.) The firm hired an outside consultancy to address the problem O The large scale of the problem. The complexity of the problem. The manager of the new plant just graduated from business school. The importance to the firm and its customers. The analysis needs to be revisited frequently. The situation involves a new process. A manager from an existing plant will relocate to run the new plant. None of the above. Need Help? Read it4. [-/1 Points] DETAILS ASWQUANT13 1.E.005. MY NOTES As What are the advantages of analyzing and experimenting with a model as opposed to a real object or situation? Experimenting with a model is [-Select--- expensive than experimenting with a real situation. Experimenting with a model takes -Select-- time than experimenting with a real situation. Experimenting with a model incurs [-Select-- vrisk than experimenting with a real situation. Need Help? Read It @ Show My Work (Optional) 5. [-/1 Points] DETAILS ASWQUANT13 1.E.007. Suppose you are going on a weekend trip to a city that is of miles away. (a) Develop a model that determines your round-trip gasoline costs. Let d = distance, m = miles per gallon, p = price per gallon, and C = total cost. (b) What assumptions or approximations are necessary to treat this model as a deterministic model? (Select all that apply.) O p does not vary by location. Om varies depending on city and highway traffic conditions. Op varies by location and due to local taxes. O We use the same route on the outbound and the inbound leg of the trip. I'm does not vary for the duration of the trip. (c) Are these assumptions or approximations acceptable? O A reasonable person would hedge their bets and increase the budget by 20% over the estimated cost. O A reasonable person would conclude that the real cost would deviate widely from the estimate and reject the approximation. A reasonable person would note that neither m nor p can be known ahead of time and reject the approximation. O A reasonable person would assume average values for m and p and accept the approximation.7. [-/1 Points] DETAILS ASWQUANT13 1.E.013. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Micromedia offers computer training seminars on a variety of topics. In the seminars each student works at a personal computer, practicing the particular activity that the instructor is presenting. Micromedia is currently planning a two-day seminar on the use of Microsoft Excel in statistical analysis. The projected fee for the seminar is $580 per student. The cost for the conference room, instructor compensation, lab assistants, and promotion is $8,400. Micromedia rents computers for its seminars at a cost of $115 per computer per day. (a) Develop a model for the total cost (C) to put on the seminar. Let x represent the number of students who enroll in the seminar. (b) Develop a model for the total profit (P) if x students enroll in the seminar. (c) Micromedia has forecast an enrollment of 40 students for the seminar. How much profit will be earned if their forecast is accurate? P(40) = $ (d) Compute the break-even point. x =6. [-/1 Points] DETAILS ASWQUANT13 1.E.008. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Recall the production model: Max 10x s.t. 5x $ 40 X20 Suppose the firm in this example considers a second product that has a unit profit of $5 and requires 2 hours for each unit produced. Assume total production capacity remains 40 units. Use y as the number of units of second product produced. (a) Show the mathematical model when both products are considered simultaneously. Max s.t. x20, y20 (b) Identify the controllable and uncontrollable inputs for this model. (Select all that apply.) (1) controllable O X Dy O labor hours O labor availability O unit profit (ii) uncontrollable O y labor hours O labor availability O unit profit (c) Draw the flowchart of the input-output process for this model. (Submit a file with a maximum size of 1 MB.) Choose File | No file chosen This answer has not been graded yet. (d) what are the optimal solution values of x and y? (Let P be total profit.) x= P = $ (e) Is this model a deterministic or a stochastic model? Explain. The uncontrollable inputs are [-Select- v] and [-Select- ] , so the model is [-Select-- ]
