Chapter 4 Linear Programming Applications in Marketing‚ Finance and Operations Management Learning Objectives 1. Learn about applications of linear programming that have been encountered in practice. 2. Develop an appreciation for the diversity of problems that can be modeled as linear programs. 3. Obtain practice and experience in formulating realistic linear programming models. 4. Understand linear programming applications such as:
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3101 MSOM 3rd in-class Group Assignment (Mod B and Ch 4) Q1) 39) A linear programming problem that aims to minimize cost‚ has two constraints 2X + 4Y ≥ 100 and 1X + 8Y ≤ 100. Which of the following statements about its feasible region is true? (2-points) A) There are four corner points including (50‚ 0) and (0‚ 12.5). B) The two corner points are (0‚ 0) and (50‚ 12.5). C) The feasible region is triangular in shape‚ bounded by (50‚ 0)‚ (33-1/3‚ 8-1/3)‚ and (100‚ 0). D) The graphical origin (0‚ 0)
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The basis for classifying assets as current or noncurrent is the period of time normally required by the accounting entity to convert cash invested in | A. | inventory back into cash‚ or 12 months‚ whichever is longer. | | B. | tangible fixed assets back into cash‚ or 12 months‚ whichever is longer. | | C. | inventory back into cash‚ or 12 months‚ whichever is shorter. | | D. | receivables back into cash‚ or 12 months‚ whichever is longer. | The net assets of a business are equal to
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than strengths and opportunities. Step 3: Create Strategic Options. The situation may require that management consider strategic options for the company. Based on the situation analysis‚ what should our new business be‚ in terms of what products it will sell‚ where it will sell them‚ and how its products or services will differ from its competitors’? What is our new mission and vision? Step 4: Review Strategic Options. Given the situation‚ which
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Deducing with Sociological Imagination Sociology is the scientific study of human groups and social behavior. Sociologists focus primarily on human interactions‚ including how social relationships influence people’s attitudes and how societies form and change. Sociology‚ therefore‚ is a discipline of broad scope: Virtually no topic—gender‚ race‚ religion‚ politics‚ education‚ health care‚ drug abuse‚ pornography‚ group behavior‚ conformity—is taboo for sociological examination and interpretation
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Meaning of Slack Variables. Slack variables have an important physical interpretation and represent a valuable commodity‚ such as unused labor‚ machine time‚ money‚ space‚ and so forth. Teaching Suggestion 9.2: Initial Solutions to LP Problems. Explain that all initial solutions begin with X1 ϭ 0‚ X2 ϭ 0 (that is‚ the real variables set to zero)‚ and the slacks are the variables with nonzero values. Variables with values of zero are called nonbasic and those with nonzero values are said to be
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Questions Brief Exercises 1‚ 2‚ 3‚ 4‚ 5‚ 13 Concepts Problems for Analysis 1. Valuation and classification of land‚ buildings‚ and equipment. 1‚ 2‚ 3‚ 4‚ 6‚ 7‚ 12‚ 13‚ 15‚ 21 2. Self-constructed assets‚ capitalization of overhead. 5‚ 8‚ 20‚ 21 4‚ 6‚ 12‚ 16 3. Capitalization of interest. 8‚ 9‚ 10‚ 11‚ 2‚ 3‚ 4 13‚ 21 4‚ 5‚ 7‚ 8‚ 9‚ 10‚ 16 1‚ 5‚ 6‚ 7 3 4. Exchanges of assets. 12‚ 16‚ 17 8‚ 9‚ 10‚ 11‚ 12 3‚ 11‚ 16‚ 17‚ 18‚ 19‚ 20 4‚ 8‚ 9‚ 10‚ 11 4 5. Lump-sum purchases‚ issuance of
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Tiffany Crandall Intro To Management Chapter 2 Case Application #1 Discussion Q’s 2-23 – 2-27 2-23) Find a list of all 10 of Zappos’s corporate values. Pick two of the values and explain how you think those values would influence the way employees do their work. 1) Deliver “WOW” Through Service 2) Embrace and Drive Change 3) Create Fun and A Little Weirdness 4) Be Adventurous‚ Creative‚ and Open-minded 5) Pursue Growth and Learning 6) Build Open and Honest Relationships with Communication 7) Build
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Solutions to Review Questions 1. Companies allocate costs to estimate or assess the costs of their activities (products‚ processes‚ etc.). It is an estimate and subject to the problem that cost allocation contains an arbitrary element. Not allocating costs‚ however‚ is also an estimate—an estimate of zero. This may be appropriate for some decisions‚ but not for others. Some of the disadvantages (costs) include: (1) Additional bookkeeping; (2) Additional management costs
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This procedure enables company personnel to trace amounts in the ledger back to the originating journal entry and to determine which entries have been added to the ledger so that account totals are updated. Solutions Manual‚ Module 3 © Cambridge Business Publishers‚ 2013 3-1 Q3-4. 1. Prepaid Expenses – Allocating assets to expense to reflect expenses incurred during the period. Example: Recording supplies used by increasing (debiting) Supplies Expense and decreasing (crediting) Supplies
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