Quantitative Analysis For Management 12th Edition Barry Render, Ralph M. Stair, Michael E. Hanna - Solutions

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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
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 2018. The firm has evaluated the decision and calculated that its profitability will improve by£650000 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?
assess the value of perfect information
construct and use decision trees
calculate and explain expected value
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 cent
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
use the Normal distribution
use the Binomial distribution
apply probability to typical business problems
explain the basic rules of probability
Table 4.14 shows the age distribution of males and females in England and Wales at the time of their marriage, from 1981–2011.Using the data calculate for each gender:(a) the mean(b) the median(c) the standard deviation(d) the lower and upper quartiles(e) the IQR(f) the coefficients of variation
Consider the consumer price index which is published by the government (or its statistical agency). Find out:(a) what weights are used in the calculation of the price index;(b) how these weights are obtained;(c) whether the calculations follow the Laspeyres or Paasche method.How ‘reliable’ do
In the Laspeyres index in this chapter we used 2010 as the base year. Choose 2014 as the base year instead and recalculate the Laspeyres series for 2010, 2014 and 2015.Comment on these values compared with the index base 2010.
For the data in Table 4.11, plot the real and money values over time on the same graph. Comment on the potential for misleading the user of money values.
For the two data sets shown below calculate the mean and standard deviation and comment on the relationship.Set 1 Set 2 10 100 20 200 30 300 40 400 50 500
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
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 facilities on a daily basis and as a result started to
Table 3.20 shows data on the distribution of incomes before and after tax in the UK in 2012/13. Using Lorenz curves analyse the data shown.
Table 3.19 shows data on employment rates and unemployment rates for EU countries and for selected other countries for 2013–2014. 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.
Table 3.18 shows selected labour market statistics for spring 2014 for each region of the UK. Draft a report highlighting key patterns.
Table 3.17 shows motor vehicle production from 2000 to 2013 for selected countries and the global total.Using appropriate diagrams and any additional calculated statistics, comment on the trends in production over this period.
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
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
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 firm’s
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 £25000(regardless of the number of passengers). In addition, a cost is also incurred of £75 per passenger
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 company is thinking of investing £15000 in a savings fund. 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 period.(a) Construct a table showing the value of the
In the chapter we formulated a break-even problem with:R = 9.99Q C = 45000+ 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.
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
=2. If the cost for expanding a street were the same for each street, which street(s) would you recommend expanding to increase the capacity to 33,000? Which streets would you recommend expanding to get the total capacity of the system to 35,000 per hour?
=1. If there is no expansion, what is the maximum number of cars that may actually travel from the stadium to the interstate per hour? Why is this number not equal to 33,000, as Dr. Lee suggested?
=2. Comment on how the 16 jets should be assigned.
=1. Develop a flight operations map that still serves each of the nine cities, but maximizes the company’s profit per passenger (Hint: Find the maximal-spanning tree)
=2. Discuss the implications of closing a plant.
=1. Evaluate the various configurations of operating and closed plants that will meet weekly demand. Determine which configuration minimizes total costs.
=(c) The university did decide to install the new phone system before the cable for the computer network.Because of unexpected demand for computer networking facilities, an additional cable is needed for node 1 to node 25. Unfortunately, the cable for the first or original network has completely
=(b) In addition to the computer bus network, a new phone system is also being planned. The phone system would use the same underground conduits. If the phone system were installed, the following paths along the conduit would be at capacity and would not be available for the computer bus network:
=(a) Given the network for this problem, how far (in hundreds of feet) is the shortest route from node 1 to node 25?
=9-43 Northwest University is in the process of completing a computer bus network that will connect computer facilities throughout the university. The prime objective is to string a main cable from one end of the campus to the other (nodes 1–25) through underground conduits. These conduits are
=9-42 The following table represents a network with the arcs identified by their starting and ending nodes.Draw the network and use the minimal-spanning tree to find the minimum distance required to connect these nodes.Arc Distance 1–2 12 1–3 8 2–3 7 2–4 10 3–4 9 3–5 8 4–5 8 4–6 11
=9-41 South Side Oil and Gas, a new venture in Texas, has developed an oil pipeline network to transport oil from exploration fields to the refinery and other locations. There are 10 pipelines (branches) in the network. The oil flow in hundreds of gallons and the network of pipelines is given in
=9-40 In going from Quincy to Old Bainbridge, there are 10 possible roads that George Olin can take. Each road can be considered a branch in the shortest-route problem.(a) Determine the best way to get from Quincy(node 1) to Old Bainbridge (node 8) that will minimize total distance traveled. All
=9-39 Grey Construction would like to determine the least expensive way of connecting houses it is building with cable TV. It has identified 11 possible branches or routes that could be used to connect the houses.The cost in hundreds of dollars and the branches are summarized in the following
=9-38 The German towns around the Black Forest are represented by nodes in the network below. The distances between towns is shown in kilometers. Find the shortest route from city 1 to city 16. If flooding in cities 7 and 8 force closure of all roads leading into or coming out of those cities,
=9-37 The numbers in the network below represent thousands of gallons per hour as they flow through a chemical processing plant. Two terminals in the chemical processing plant, represented by nodes 6 and 7, have had problems recently, and repairs on these are being considered. However, these
=9-36 The road system around the hotel complex on International Drive (node 1) to Disney World (node 11)in Orlando, Florida, is shown in the network. The numbers by the nodes represent the traffic flow in hundreds of cars per hour. What is the maximum flow of cars from the hotel complex to Disney
=9-35 The director of security wants to connect security video cameras to the main control site from five potential trouble locations. Ordinarily, cable would simply be run from each location to the main control site. However, because the environment is potentially explosive, the cable must be
=9-34 The city of New Berlin is considering making several of its streets one-way (see the network provided). Also, due to increased property taxes and an aggressive road development plan, the city of New Berlin has been considering increasing the road capacity of two of its roads. If this is
=9-33 Bechtold Construction is in the process of installing power lines to a large housing development. Steve Bechtold wants to minimize the total length of wire used, which will minimize his costs. The housing development is shown as a network. Each house has been numbered, and the distances
=9-32 The XYZ Corporation is expanding its market to include Texas. Each salesperson is assigned to potential distributors in one of five different areas.It is anticipated that the salesperson will spend about three to four weeks in their assigned area.A statewide marketing campaign will begin once
=(d) What are the strengths and weaknesses of this approach to scheduling?
=(c) Certo has complained that he was misrated on his January missions. Both ratings should be 10s, he claims to the chief, who agrees and recomputes the schedule. Do any changes occur over the schedule set in part (b)?
=(b) NASA has just been notified that Anderson is getting married in February and has been granted a highly sought publicity tour in Europe that month. (He intends to take his wife and let the trip double as a honeymoon.) How does this change the final schedule?
=9-31 NASA’s astronaut crew currently includes 10 mission specialists who hold a doctoral degree in either astrophysics or astromedicine. One of these specialists will be assigned to each of the 10 flights scheduled for the upcoming nine months. Mission specialists are responsible for carrying
=(c) If overtime costs rise from $1,300 to $1,400, does this change your answer to part (a)? What if they fall to $1,200?
=(b) Through better planning, regular time production can be set at exactly the same value, 275 per month. Does this alter the solution?
=(a) Set up a production plan, using the transportation model, that minimizes cost. What is this plan’s cost?
=9-30 Haifa Instruments, an Israeli producer of portable kidney dialysis units and other medical products, develops an 8-month aggregate plan. Demand and capacity (in units) are forecast as shown in the table below.The cost of producing each dialysis unit is$1,000 on regular time, $1,300 on
=9-29 The Patricia Garcia Company is producing seven new medical products. Each of Garcia’s eight plants can add one more product to its current line of medical devices. The unit manufacturing costs for producing the different parts at the eight plants are shown in the table above. How should
=9-28 The Gleaming Company has just developed a new dishwashing liquid and is preparing for a national television promotional campaign. The firm has decided to schedule a series of 1-minute commercials during the peak homemaker audience viewing hours of 1 p.m. to 5 p.m. To reach the widest
=9-27 The hospital administrator at St. Charles General must appoint head nurses to four newly established departments: urology, cardiology, orthopedics, and obstetrics. In anticipation of this staffing problem, she had hired four nurses: Hawkins, Condriac, Bardot, and Hoolihan. Believing in the
=9-26 Roscoe Davis, chairman of a college’s business department, has decided to apply a new method in assigning professors to courses next semester. As a criterion for judging who should teach each course, Professor Davis reviews the past two years’ teaching evaluations (which were filled out
=9-25 In Problem 9-24, the minimum travel distance was found. To see how much better this solution is than the assignments that might have been made, find the assignments that would give the maximum distance traveled. Compare this total distance with the distance found in Problem 9-24.
=9-24 Baseball umpiring crews are currently in four cities where three-game series are beginning. When these are finished, the crews are needed to work games in four different cities. The distances (miles) from each of the cities where the crews are currently working to the cities where the new
=9-23 Four automobiles have entered Bubba’s Repair Shop for various types of work, ranging from a transmission overhaul to a brake job. The experience level of the mechanics is quite varied, and Bubba would like to minimize the time required to complete all of the jobs. He has estimated the time
=9-22 In a job shop operation, four jobs may be performed on any of four machines. The hours required for each job on each machine are presented in the following table. The plant supervisor would like to assign jobs so that total time is minimized.Find the best solution. Which assignments should
=9-21 Using the data from Problem 9-20 plus the unit production costs shown in the following table, which locations yield the lowest cost?Location Production Costs Decatur $50 Minneapolis 60 Carbondale 70 East St. Louis 40 St. Louis 50
=9-20 Don Levine Corporation is considering adding an additional plant to its three existing facilities in Decatur, Minneapolis, and Carbondale. Both St. Louis and East St. Louis are being considered. Evaluating only the transportation costs per unit as shown in the tables below, which site is
=9-19 Marc Smith, vice president for operations of HHN, Inc., a manufacturer of cabinets for telephone switches, is constrained from meeting the 5-year forecast by limited capacity at the existing three plants. These three plants are Waterloo, Pusan, and Bogota. You, as his able assistant, have
=9-18 Ashley’s Auto Top Carriers currently maintains plants in Atlanta and Tulsa that supply major distribution centers in Los Angeles and New York. Because of an expanding demand, Ashley has decided to open a third plant and has narrowed the choice to one of two cities—New Orleans or
=9-17 The J. Mehta Company’s production manager is planning for a series of 1-month production periods for stainless steel sinks. The demand for the next 4 months is as follows:Month Demand for Stainless Steel Sinks 1 120 2 160 3 240 4 100 The Mehta firm can normally produce 100 stainless steel

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Quantitative Analysis For Management 12th Edition Barry Render, Ralph M. Stair, Michael E. Hanna - Solutions

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