Exam 1: Management Science

Administrators at a university will charge students $150 to attend a seminar. It costs $3000 to reserve a room, hire an instructor, and bring in the equipment. Assume it costs $25 per student for the administrators to provide the course materials. How many students would have to register for the seminar for the university to break even?

Parameters are known, constant values that are usually coefficients of variables in equations.

A newly opened bed-and-breakfast projects the following: Monthly fixed costs $8000 Variable cost per occupied room per night $40 Revenue per occupied room per night $165 Write the expression for total revenue per month.

The indicator that results in total revenues being equal to total cost is called the

The difference between volume multiplied by price and the sum of fixed and variable costs is ________.

It's time to buy pet food again and Lisa heads to the grocery store with $40 in her purse, leaving her seven hungry cats and four hungry dogs at home. Dog food costs $1 per can and cat food costs $0.50 per can. Dogs eat two full cans of food each day but cats eat only one can. Lisa would like to buy enough food to last through her three-day weekend. What is an appropriate objective function for this scenario?

It's time to buy pet food again and Lisa heads to the grocery store with $40 in her purse, leaving her seven hungry cats and four hungry dogs at home. Dog food costs $1 per can and cat food costs $0.50 per can. Dogs eat two full cans of food each day but cats eat only one can. Lisa would like to buy enough food to last through her three-day weekend. What is one appropriate constraint for this scenario?

A model is a functional relationship that includes:

If fixed costs increase, but variable cost and price remain the same, the break-even point

Management science modeling techniques focus on model construction and problem solution.

Marriott used which of the following management science techniques to help improve profit by $120 million over two years?

A ________ is a symbol used to represent an item that can take on any value.

________ are pieces of information from the problem environment.

The field of management science

Researchers at John H. Stroger, Jr. Hospital of Cook County used ________ to address the problem of healthcare-associated infections in hospitals.

A script writer has received an advance against royalties of $10,000. The royalty rate is $2 for every performance in the U.S., and $3 for every performance outside the U.S. Write an expression that could be used to compute the number of performances in order to cover the advance.

Constraints usually appear as equations that are less than, equal to, or greater than a parameter.

If the price decreases, but fixed and variable costs do not change, the break-even point

A newly opened bed-and-breakfast projects the following: Monthly fixed costs $8000 Variable cost per occupied room per night $40 Revenue per occupied room per night $165 Write the expression for total cost per month.

A management science technique usually applies to a specific model type.