Questions and Answers of Introduction To Management Science 13th

What kind of product is produced by the Profit & Gambit Co.?
What were the two issues addressed by management?
What are the three questions that need to be answered to begin the process of formulating a linear programming model on a spreadsheet?
When formulating a linear programming model, what are the initial steps that are the same with either a spreadsheet formulation or an algebraic formulation?
The graphical method can be used to solve linear programming problems with how many decision variables?
Which dialog box is used to enter the addresses for the objective cell and the changing cells?
Which button on the Analytic Solver tab should be pressed to specify the objective cell?
Which advertising media are being considered for the three products under consideration?
The Analytics Department was asked to help analyze which of these issues?
What are the roles for the data cells, the changing cells, the output cells, and the objective cell when formulating such a model?
When formulating a linear programming model algebraically, algebraic symbols need to be introduced to represent which kinds of quantities in the model?
What do the axes represent when applying the graphical method to the Wyndor problem?
Which dialog box is used to specify the functional constraints for the model?
How did this group define the key issue to be addressed?
List the things that an enlightened manager should know about linear programming.
What is management’s objective for the problem being addressed?
Which button on the Analytic Solver tab should be pressed to enter the constraints?
Which button on the Analytic Solver tab should be pressed to specify the changing cells?
What are decision variables for a linear programming model? The objective function? Non-negativity constraints? Functional constraints?
What is a constraint boundary line? A constraint boundary equation?
Which options normally need to be chosen to solve a linear programming model?
Which button on the Analytic Solver tab should be pressed to solve the model?
What was the rationale for the placement of the objective cell and the changing cells in the spreadsheet model?
What information did the group need to gather to conduct its study?
What is meant by a feasible solution for the model? An optimal solution?
What is the easiest way of determining which side of a constraint boundary line is permitted by the constraint?
The algebraic form of the linear programming model for this problem differs from that for the Wyndor Glass Co. problem in which two major ways?
What is the identifying feature for a resource-allocation problem?
What is the difference in managerial objectives between resource-allocation problems and cost–benefit–trade-off problems?
What types of functional constraints can appear in a mixed linear programming problem?
Why are transportation problems given this name?
Why are assignment problems given this name?
A linear programming model needs to reflect accurately whose view of the problem?
What is the problem being addressed in this case study?
What is the form of a resource constraint?
What is the identifying feature of a cost–benefit–trade-off problem?
What managerial goals needed to be incorporated into the expanded linear programming model for the Super Grain Corp. problem?
What is an identifying feature of transportation problems?
What is meant by model validation?
What overall measure of performance is being used?
What are the three kinds of data that need to be gathered for a resource-allocation problem?
What is the form of a benefit constraint?
How does the form of a fixed-requirement constraint differ from that of a resource constraint? A benefit constraint?
What is the interpretation of the changing cells in the spreadsheet model of a pure assignment problem?
What is meant by the process of model enrichment?
What are the assumptions of linear programming that need to be checked to evaluate the adequacy of using a linear programming model to represent the problem under consideration?
Consider the assignment problem having the following cost table. The optimal solution is A-3, B-1, C-2, with a total cost of $10. Formulate this problem on a spreadsheet and then use Solver
Compare the types of activities for the four examples of resource-allocation problems.
What are the three kinds of data that need to be gathered for a cost–benefit–trade-off problem?
Why did management adopt the new plan even though it provides a smaller expected number of exposures than the original plan recommended by the original linear programming model?
What are the quantities with fixed requirements in the Big M Company problem?
What is the role of a cost table in an assignment problem?
Why is what-if analysis an important part of a linear programming study?
Compare the types of resources for the four examples of resource-allocation problems.
Compare the types of activities for the two examples of cost–benefit–trade-off problems.
Compare the types of benefits for the two examples of cost–benefit–trade-off problems.
Pawtucket University is planning to buy new copier machines for its library. Three members of its Management Science Department are analyzing what to buy. They are considering two different models:
What is the advantage of the long-term loan for Everglade?
What is a good way to get started with a spreadsheet model if you don’t even know where to begin?
Which part of the model should be entered first on the spreadsheet?
What is a good first step for debugging a spreadsheet model?
What is the advantage of the series of short-term loans for Everglade?
Which Excel tools can be used to trace the dependents or precedents for a given cell or evaluate a formula in a cell?
How do range names make formulas and the model in Solver easier to interpret? How should range names be chosen?
How do you toggle between viewing formulas and viewing values in output cells?
Should numbers be included in formulas or entered separately in data cells?
What is the objective for the financial plan that needs to be developed?
What types of values should be put into the changing cells to test the model?
What are some ways to distinguish data cells, changing cells, output cells, and objective cells on a spreadsheet?
What is the difference between an absolute cell reference and a relative cell reference?
How many cells are needed to completely specify a constraint on a spreadsheet?
What are the characteristics of a linear programming model?
What are some marketing applications of predictive analytics?
What is the difference between a numerical and categorical variable?
What are the components of a decision model?
Label each of the following statements as True or False. If false, explain why.a. The goal of a study team of business analysts commonly is to make a decision that solves a difficult managerial
What is what-if analysis?
What has caused the data surge during this era of big data?
When the study team completes its analysis, what is the process for making the final decision?
What factors do credit rating companies use to determine an individual’s credit score?
What are the components of a decision model?
What are the five steps for performing predictive analytics?
Vegas Villas is a time-share resort located several blocks off the strip in Las Vegas. There are a variety of types of units in the Vegas Villas, including single-room studios, one-, two-, and
What are the four steps of descriptive analytics?
Reconsider the example of choosing the advertising budget at VRX that is presented in Section 1.4. In addition to the VRX2000, VRX also has a higher-end virtual-reality headset, the VRX3000. This
What are the complementary roles of the study team and management in defining the problem?
What is the primary difference between unsecured loans and secured loans?
Read the referenced article that fully describes the predictive analytics study done at Vungle Inc. that is summarized in the application vignette presented in Section 2.4. Briefly describe how a key
Reconsider the example of choosing the advertising budget for the VRX2000 that is presented in Section 1.4. There it was determined that the optimal level of advertising spending was $135,392 leading
What is artificial intelligence and how does it relate to machine learning?
Label each of the following statements as True or False. If false, explain why. a. Management science and business analytics were developed together many decades ago to analyze complementary
What is machine learning and how does it relate to business analytics?
What Excel tool can be used to perform optimization?
Select three of the applications of management science and business analytics listed in Table 1.3. For each one, read the article that is referenced in the application vignette presented in the
What are some quantitative factors around which many managerial problems revolve?
What does prescriptive analytics involve doing?
Select three of the applications of management science and business analytics listed in Table 1.3. For each one, read the article that is referenced in the application vignette presented in the
What is the potential serious flaw of using the polynomial equation to predict sales?
Select one of the applications of management science and business analytics listed in Table 1.3. Read the article that is referenced in the application vignette presented in the section shown in the
Label each of the following statements as True or False. If false, explain why. a. The era of big data has created new challenges that require the use of business analytics. b. Business

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