Managerial Decision Modeling w/ Spreadsheets‚ 3e (Balakrishnan/Render/Stair) Chapter 5 Transportation‚ Assignment‚ and Network Models 5.1 Chapter Questions 1) Which of the following is NOT a network flow model? A) Transportation model B) Assignment model C) Product mix model D) Shortest-path model E) Minimal-spanning tree model Answer: C Page Ref: 162 Topic: Introduction Difficulty: Easy 2) Which of the following models determines the path through the network that connects all the points
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OPIM101 – Management Science Pascale Crama Today’s Class Instructor Learning experience Introduction to Quantitative Modeling EOQ model 2 Management Science – OPIM 101 Week 1 Introduction Instructors Main Instructor: Pascale Crama Contact: Email: pcrama@smu.edu.sg Phone: extension 0330 Office: LKCSB 4031 Office hours: on appointment OM experience Project management‚ advertisement scheduling‚ contracting Teaching Assistants: 3 Chuan Dewei: dewei.chuan
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MAT 540 Quiz 4 1.___________is maximized in the objective function by subtracting cost from revenue Profit Revenue Cost Productivity 2. In a media selection problem‚ instead of having an objective of maximizing profit or minimizing cost‚ generally the objective is to maximize the audience exposure True False 3. Media selection is an important decision that advertisers have to make. In most media selection decisions‚ the objective of the decision maker is to minimize cost. True False 4. The
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CHAPTER 6: TRANSPORTATION‚ TRANSSHIPMENT AND ASSIGNMENT PROBLEMS Transportation Problem - A distribution-type problem in which supplies of goods that are held at various locations are to be distributed to other receiving locations. - The solution of a transportation problem will indicate to a manager the quantities and costs of various routes and the resulting minimum cost - Used to compare location alternatives in deciding where to locate factories and warehouses to achieve the minimum cost
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Problem Statement Present the cost per pound of the nuts included in the Regular‚ Deluxe‚ and Holiday mixes. Discuss the optimal product mix and the total profit contribution. Give recommendations regarding how the total profit contribution can be increased if additional quantities of nuts can be purchased. Give a recommendation as to whether TJ’s should purchase an additional 1000 pounds of almonds for $1000 from a supplier who overbought. Give recommendations on how profit contribution could
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Speed and Efficiency A computerized inventory management system makes everything from inputting information to taking inventory easier. Doing a hand count of inventory can take days‚ but with a computerized inventory management system‚ the same process can be done in a matter of hours. Document Generation Once the computerized inventory management system is in place‚ managers and workers can use it to automatically generate all kinds of documents‚ from purchase orders and checks to invoices and account
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Sociotechnical systems theory was created by researchers in human relations in the early 1950s. They found the two were important and needed for the effectiveness of businesses could reach higher potential when they focused on having the internal workplace and the external of the business (the customers) all uniform. Sociotechnical systems theory is when organizations are effective. This is broken down into two parts: social and technical. The employees make sure they follow orders correctly are
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Managerial Economics & Business Strategy Chapter 6 The Organization of the Firm Michael R. Baye‚ Managerial Economics and Business Strategy‚ 5e. Hakan TASCI McGraw-Hill/Irwin Elon University rights reserved. Departmentby © 2006 by The McGraw-Hill Companies‚ All rights reserved. Copyright ©Copyright The McGraw-Hill Companies‚ Inc.Inc. All Spring 2007 2006 of Economics Overview I. Methods of Procuring Inputs Spot Exchange Contracts Vertical Integration II. Transaction Costs
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· All key elements of the assignment are covered in a substantive way. Section I: Team Strategy Plan · Student completed the Team Strategy Plan worksheet. This includes: o Identification of team formation strategies‚ including strengths and weaknesses of each strategy o Selection of the strategy that is most suitable for Riordan Manufacturing o The rationale for the selected strategy o Identification of possible barriers to team formation
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Example 1: The manager of an oil refinery must decide on the optimal mix of two possible blending processes of which the inputs and outputs per production run are as follows: The maximum amounts available of crudes A & B are 225 units and 200 units respectively. Market demand shows that at least 150 units of gasoline X and 120 units of gasoline Y must be produced. The profits per production run from process 1 and process 2 are Rs. 200 and Rs. 300 respectively. Formulate the problem as a
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