Quantitative Methods For Decision Makers 6th Edition Mik Wisniewski - Solutions

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calculate and interpret seasonally adjusted data
calculate and interpret seasonal components
calculate a trend using moving averages
understand the different approaches to forecasting that can be applied in business
understand the concept of six sigma and its link to the above
construct and use an Ishikawa diagram
apply Pareto charts to quality issues
construct statistical process control charts
understand the importance of quality management for all business organisations
calculate a variety of common hypothesis tests
calculate and explain a confidence interval around a sample mean and a sample percentage
explain the principles of a sampling distribution
assess the value of perfect information
construct and use decision trees
calculate and explain expected value
use the Normal distribution
use the Binomial distribution
apply probability to typical business problems
explain the basic rules of probability
assess the management information such statistics provide
understand and explain the principles of such statistics
calculate the more common types of statistics
explain the need for management statistics
explain the limitations of data presentation methods
choose between the major alternative methods
outline the major alternative methods of data presentation
explain the potential for using different methods of data presentation in business
explain what is meant by the term ‘real’ value
construct and use graphs
use mathematical symbols and equations
use common mathematical notation
explain the principles of rounding and significant figures
work with fractions, percentages and proportions
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 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 The product itself is due to be withdrawn from the market in five years’ time.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
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
A business organisation is trying to improve staff morale and motivation and has decided to replace the existing staff canteen with a modern cafeteria. The works department has drawn up a detailed list of the various activities that will need to be completed, together with an estimate of how long
Consider the situation of waking up in the morning and going to the kitchen to make yourself a cup of tea or coffee. Identify the various activities you would need to complete for this project and determine the dependencies between each activity.Use this information to construct a network diagram.
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
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: lowalcohol 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 order
Describe the quantitative techniques that are available to assist a manager with stock-control responsibilities 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?
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
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
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
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.
calculate and interpret seasonally adjusted data
calculate and interpret seasonal components
calculate a trend using moving averages
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
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
construct and use an Ishikawa diagram
apply Pareto charts to quality issues
construct statistical process control charts
understand the importance of quality management for all business organisations
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 Inland Revenue 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 Inland Revenue 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. He felt that this group of managers was by and large out of touch with new technology, new market
Return to Exercise 6 in Chapter 4. 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
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

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Quantitative Methods For Decision Makers 6th Edition Mik Wisniewski - Solutions

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