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quantitative analysis for management

Quantitative Analysis For Decision Makers 7th Edition Mik Wisniewski, Dr Farhad Shafti - Solutions

A large organisation is considering replacing part of its vehicle fleet with the latest equipment. Although such a decision is expensive, it is felt that the investment will be worthwhile in terms of generating future cost savings in repairs, maintenance and running costs and will also help improve
A local authority is under severe financial pressure and is considering selling some of the land it owns to a building company. The building company is offering to pay£150 000 for the land now or a payment of £40 000 a year for the next five years.(a) If the current interest rate is 8 per cent,
A hospital has decided to replace an important piece of medical equipment at a cost of£30000.The expected life of the equipment is five years and it will have a resale value of £4000 at this time. The hospital is trying to decide how to finance the purchase.One option is to buy the equipment
A production company is considering purchasing a new piece of equipment for the production process for one of its products. The product itself is due to be withdrawn from the market in five years’ time. The equipment will cost £600 000 and have a scrap value of £5000. Included in this price is
The company you work for is considering acquiring several of the latest generation desktop computers for use in an office. The company expects the equipment to have a useful life of three years. The finance director has asked you to recommend whether the equipment should be purchased outright or
You have the choice of investing a sum of money in four alternative schemes:(a) one which will pay 10 per cent per annum interest compounded daily;(b) one which will pay 10.25 per cent per annum interest compounded monthly;(c) one which will pay 10.5 per cent per annum interest compounded
A large construction company has recently won the contract for routine inspection and maintenance of the Channel Tunnel linking the UK to France. Obviously, routine maintenance and repair work, unless carefully planned, will have adverse consequences on traffic flows through the tunnel and on
A domestic appliance manufacturer is evaluating its delivery system from the production plant to showrooms around the country. One item used in the transportation of large appliances is a prefabricated polystyrene-foam packing case. These are supplied by an outside contractor and have to be ordered
Following internal reorganisation in a large brewing company, a comprehensive review of stock-control procedures is currently being undertaken. You have been asked to investigate stock control in the context of one of the firm’s products:low-alcohol lager. The company operates a sophisticated
A local authority operates over a large geographical area. The Education Department is responsible for ensuring that stocks of a certain item are kept for distribution to schools through the area on request. In order to try to ensure supplies reach the schools promptly, the department currently
A company requires a particular item from an outside supplier for its production process. Annual demand for the item is 3000 units. Order costs are estimated at £15 and holding costs at 20 per cent of the purchase price of the item, which is £5.50 per unit.(a) Determine the optimum (economic)
Describe the quantitative techniques that are available to assist a manager with stock-control responsibilities of a continuous review system in an organisation.
What are the basic decisions that a manager with stock-control responsibility faces and what are the likely objectives of such a manager in this context?
A small electrical repair shop finds it has two main types of work. Major and minor repairs. Customers bring items in for repair: TVs, DVD players, etc. require major repair; other repairs are classed as minor. At present the shop has more business than it can handle and is trying to prioritise the
A small engineering company makes two products for export, A and B. Both products go through a four-stage process: turning, grinding, polishing, finishing. The two products are produced in batches of 100 items and the time taken, in hours, for each batch to go through each stage is shown in Table
For the problem in Exercise 1 assume the firm now wishes to maximise revenue rather than profit.(a) Formulate this problem in terms of determining the revenue-maximising combination of the two products on a weekly basis.(b) Solve the problem graphically.(c) Confirm the solution using simultaneous
A manufacturer is trying to determine the combination of two products, A and B, that should be produced. Each product passes through a three-stage production process: Stages I, II and III. For product A Stage I takes three hours of labour, Stage II four hours and Stage III one hour. For product B
The following exercises all relate to the development of a suitable time-series decomposition model for the data shown. In each case you should adopt the following procedure:(a) Plot the original data as a time-series graph.(b) Determine whether an additive or multiplicative model would be
Consider the two sets of sales data in Table 9.14.Apply the exponential-smoothing model to this data with a variety of values. What do you observe about the accuracy of the model over time in the two series?
Return to the unit sales data used in this chapter. Apply the exponential-smoothing model to this data using values for a of 0.15, 0.2, 0.25 and 0.3. Assess the accuracy of each choice of a and decide which you would use to forecast future values.
A public transport organisation has had a reputation for many years of caring little for its customers – the passengers it carries. In particular, the enquiry office has had a particularly poor reputation. New management have decided to try to improve the office’s performance and image, and
You are working as a consultant for a private hospital. Your client is hoping to benefit from your analytical skills in managing the customer waiting time at the reception of the X Ray department. Based on consultancy work that was done a couple of years ago in this department, control charts are
A hospital laboratory has the task of screening blood samples of patients and producing a summary report for clinicians. Because of the limitations of equipment, staff training and time, the laboratory manager knows that there is an error rate involved in the production of such reports. It is
A large manufacturing firm is concerned about lost production: that is, production capability that was not utilised for a variety of reasons. One of the causes of such lost production has been identified as employees taking time off work because of illness. Last year the firm estimated that around
To try to illustrate how effective the Ishikawa diagram can be, focus on one particular problem that you are having in your studies. The problem might be a general one, it might relate to one subject or it might relate to one topic in a subject area.Apply the fishbone principles to try to determine
Return to Exercise 8 in Chapter 4.Test to see whether there is a significant difference between mean customer spend in the two stores. Draft a short report explaining your conclusion in non-technical terms for the store managers.
An airline operating between London and Aberdeen knows that a large part of its customer base represents business executives. The airline is considering offering a limousine service to/from the airport to be included in the airline ticket price, which would have to increase as a result. A survey
Recent legislation requires adherence to detailed and complex food-labelling requirements on products sold to consumers. A recent survey examined whether the food labelling on supermarket own-brand products met these requirements.The results were categorised as:● Complete compliance with
An international company routinely rotates its senior managers every five to six years around its activities worldwide. Staff are financially compensated for such moves but with many staff buying a house in their new location, there are concerns about relative house prices. The company has recently
A company employs largely part-time staff, and in the past has found staff turnover to be 23 per cent each year (that is 23 per cent of staff in any one year leave the company). This is felt to be too high, with implications for morale, motivation and costs(since new staff have to be recruited and
The government has introduced a self-assessment system for tax payments whereby citizens themselves calculate the amount of tax to be paid on income each year.Naturally, the revenue department checks such self-assessments, although it does not have the resources to check them all each year. At the
Historically it has taken a local council an average of 18 weeks to reach a decision about planning applications for building development work submitted by construction companies. The companies have complained that decisions are taking too long and delays are costing them money. The chief executive
An organisation is trying to evaluate which of two PC computer systems to standardise on within the organisation. In terms of price, specification and performance there is little to choose between the two models being considered, Model A and Model B. However, the computer services manager is
A local training agency is trying to get government support for its activities – which relate to the provision of industrial and commercial training for the local labour force –on the basis that unemployed workers who are better skilled have a better chance of finding new employment than
A local hospital is trying to assess its performance vis-à-vis national performance.The Department of Health has recently indicated that, nationally, for a particular hospital-based treatment the mean length of stay of patients in hospital was 8.6 days. The local hospital has checked the records
A local authority has a pool of cars available for staff to use on official business. One particular make and model of car, of which the authority has a considerable number, claims to give a miles per gallon (mpg) performance of 52 mpg for simulated out-of-town driving. For a sample of 20 cars the
A small engineering firm manufactures high-precision components for the aeronautical industry. In order to ensure quality, the production equipment has to be regularly maintained. One particular component in the production equipment must be replaced regularly. At present the component is supplied
In the Worked Example in Chapter 5 we had a distribution of a sample of customers’electricity consumption. Test whether this distribution is Normal.
Several years ago a new chief executive was appointed to a group of firms. On appointment the CE expressed concern about the quality of the senior management in one of the major companies in the group. She felt that this group of managers was by and large out of touch with new technology, new
The Finance Department in the local authority has estimated that at least 45 people per day on average need to use the local library to justify the cost of keeping it open – costs relate to staff wages, heating, lighting, cost of periodicals and so on. You have been asked to evaluate the data
Return to Exercise 6 in Chapter
Return to Exercise 6 in Chapter 4.Calculate the mean and standard deviation if you have not already done so. Given that this data is a sample, calculate the 90 per cent, 95 per cent and 99 per cent confidence intervals around the mean. Provide a management interpretation of these in the context of
A small company finds itself in the position of having to complete a contract for a large customer or pay high financial penalties for failing to deliver. The firm finds itself with a problem. The stocks of one particular component used to assemble the product have been exhausted and the contract
A small engineering firm is under increasing pressure from foreign competitors and is considering a number of strategic options. One of these relates to changing over from the existing production process to one which is completely automated. The firm has narrowed down its choices regarding this
A large multinational oil company is considering its strategy in the North Sea. The UK government has announced that a new drilling site in the North Sea will be offered for sale on a competitive tender basis, the site going to the company making the highest bid. Provisional exploration of the site
A manufacturing firm has decided to capitalise on its existing success by building an extension to its production plant to come on stream by 2022. The firm has evaluated the decision and calculated that its profitability will improve by £650 000 if the extension is completed on time. If, however,
Consider the pay-off in Table 6.3 without the probability information. How could you now evaluate suitable decisions?
For the pay-off table shown in Table 6.3 construct a decision tree to confirm the decision without perfect information. If the pay-off for pilot/zero growth was now changed to -£10(000), how would this affect the potential value of perfect information for the company?
Return to the Worked Example in this chapter. After conducting market research we have found that the possibility of a customer in the top 5 per cent group switching to a competitor is 0.85 if we do not offer a price discount and 0.15 if we do. Consider how you could use this information to
Return to the example used in the chapter of two machines filling bottles of shampoo. One machine had a mean of 500 ml, SD 10 ml, the other a mean of 750 ml, SD 15 ml. For each machine calculate the lower and upper amounts (in ml) between which:(a) 90 per cent of all output will fall;(b) 95 per
A firm is involved in manufacturing high-quality electrical equipment. Each item produced costs £6000 and total annual output is 500 items. At the end of the production process each item is individually tested for quality and safety. If the item is defective in any way it is scrapped at a complete
A supermarket sells one particular item in its store on a regular basis. It currently has 750 units of this item in stock and no deliveries are expected until next week. The manager knows that average weekly sales of this item are 625, standard deviation of 55, and that sales are Normally
An enterprising MBA graduate who has been unable to find gainful employment has taken to visiting an office block in town each lunchtime with an array of freshly made sandwiches for sale. The graduate reckons that he has a 90 per cent chance of selling a sandwich to any of the people working in the
An auditor is checking invoices that have been paid to see if they contain any errors.Historically around 7 per cent of all invoices are expected to contain some error. The auditor takes a random batch of ten invoices. Calculate the probability distribution of errors for this batch of ten. What
On average last year a local leisure centre had 230 customers per day, standard deviation 27, and the distribution of customers was found to be Normal. Determine the probability that on any one day the centre has:(a) more than 270 customers;(b) less than 210 customers;(c) between 225 and 250
A small firm has recently purchased a new PC system comprising a colour monitor, a CPU, a laser printer and a keyboard. The supplier of the equipment states that the chance of any one of the components developing a fault in the first year is 1 per cent.What is the probability that the firm will
A large retail store buys an item from a supplier in batches of 100.Because of the delicate nature of the item some are inevitably damaged in transit between the supplier and the store and the price the store pays to the supplier reflects this. Over the past few years an average of four items are
The finance department of a large organisation has responsibility for monitoring costs in other departments of the organisation. A photocopier facility is available for one department’s use and data has been collected which reveals that the number of photocopies made on the machine on a daily
Return to the example of Machine 2 in the shampoo bottle problem. Assume that management likewise wishes to ensure that the advertised contents satisfy some specific criteria. Determine what the advertised contents should be if management:(a) require no more than 1 per cent of bottles to be under
A local authority operates a leisure centre for its citizens, offering a swimming pool, squash courts, badminton and other facilities on a single site. Last year the authority was concerned about the relatively low number of people using the leisure centre on a daily basis and as a result started
Table 3.18 shows data on employment rates by gender for EU countries and for selected other countries for 2007 and 2017. Analyse the data using appropriate diagrams. Employment rate is the number of people in paid employment as a percentage of the population of working age.
You also obtained supplementary information about the financial costs typically involved in providing health care for people of different ages. On a per capita basis the costs are as shown in Table 3.14. Although this data is an estimate only for 2013/14 (the latest available), the managers feel it
Like many countries, Scotland is facing challenges in terms of providing health care to a demographically changing population. Health-care provision and planning is organised largely on a regional basis. Two of the regions have commissioned a short report highlighting the key demographic changes
Return to the worked example data shown in Table 2.2(a) Calculate the percentage of total transactions split between credit cards and debit cards and show the results in a suitable diagram. Comment on what you see. How many significant figures do you think should be used for the percentage data?(b)
A firm has analysed its sales and profitability and found that its profit can be represented as:F = -100 + 100Q - 5Q2 where F is profit (£000s) and Q is units sold (in 000s).It has also found that its costs are:C = 100 + 2Q2 where C is costs (£000s).(a) Obtain a third equation showing the
How will this affect the break-even ticket price?
An airline company is considering providing a new daily service between Edinburgh and Copenhagen. The aircraft has a maximum capacity of 200 passengers and each flight incurs a fixed cost of £25 000 (regardless of the number of passengers). In addition, a cost is also incurred of £75 per
Next week you have to travel around parts of the country on business and have decided to hire a car from a car-hire company. You have contacted two companies which offer different services. The first company will rent you a car for £45 per day.The second company will charge you £30 per day but
A firm finds that the demand for its product can be represented mathematically as:Qd = 1000 - 5P where Qd is the number of units of the product demanded by customers and P is the selling price.(a) Construct a graph for a price between 0 and 200.(b) Comment on the shape of the graph. Why does the
A couple are thinking of investing £15 000 in a savings fund to pay for their children’s college education in future. The fund runs for a 10-year period and is expected to generate a return each year of 8 per cent of the amount invested. All annual returns remain in the fund until the end of the
In the chapter we formulated a break-even problem with:R = 9.99Q C = 45 000 + 6.99Q Find the new break-even level if:(a) overheads increase by 15 per cent.(b) costs increase by 1.50 per item.(c) the selling price increases to 11.99.
evaluate alternative replacement decisions
calculate and explain the internal rate of return
evaluate investment alternatives using different methods
calculate the net present value
explain the difference between nominal and effective interest rates
explain the principles of interest rate calculations
interpret information generated from a computer simulation
complete a manual simulation
construct a simulation flowchart
describe the features of a simulation approach in business
be able to use information on crash times and costs
incorporate uncertainty into network models
construct a Gantt chart for a project
incorporate time information into a network diagram and identify the critical path for a project
develop a network diagram for a project
explain why complex projects require planning and managing
be aware of the MRP and JIT approaches to stock control
calculate the basic EOQ model
identify the major stock costs
explain the stock-control problem
complete sensitivity analysis on the optimal solution
solve a two-variable linear-programming problem
formulate a linear programme
explain the relevance of optimisation to business decision making
understand the principles of constrained optimisation
be aware of the extensions to the basic regression model
explain the limitations of regression in business forecasting
interpret the key statistics from a regression equation
explain the principles of simple linear regression

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