Exam 1: Introduction

The value of any model is that it enables the user to make inferences about the real situation.

George Dantzig is important in the history of management science because he developed

What steps of the problem solving process are involved in decision making?

In this portion of an Excel spreadsheet, the user has given values for selling price, the costs, and a sample volume. Give the cell formula for a.cell E12, break-even volume. b.cell E16, total revenue. c.cell E17, total cost. d.cell E19, profit/loss. A B C D E 1 2 3 4 Break-even calculation 5 6 Selling price per unit 10 7 8 Costs 9 Fixed cost 8400 10 Variable cost per unit 4.5 11 12 Break-even volume 13 14 Sample calculation 15 volume 2000 16 Total revenue 17 Total cost 18 19 Profit loss

Explain the difference between quantitative and qualitative analysis from the manager's point of view.

The feasible solution is the best solution possible for a mathematical model.

What are three of the management science techniques that practitioners use most frequently? How can the effectiveness of these applications be increased?

An author has received an advance against royalties of $10,000. The royalty rate is $1.00 for every book sold in the United States, and $1.35 for every book sold outside the United States. Define variables for this problem and write an expression that could be used to calculate the number of books to be sold to cover the advance.

A model that uses a system of symbols to represent a problem is called