Practical Management Science, Loose-leaf Version

5th Edition

ISBN: 9781305631540

Author: WINSTON, Wayne L.; Albright, S. Christian

Publisher: Cengage Learning

See similar textbooks

Concept explainers

Critical Path Method

The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project get…

Cost Analysis

The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer …

Inventory Management

Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.

Project Management

Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective…

Videos

Textbook Question

Chapter 10.5, Problem 19P

In Problem 12 of the previous section, suppose that the demand for cars is normally distributed with mean 100 and standard deviation 15. Use @RISK to determine the “best” order quantity—in this case, the one with the largest mean profit. Using the statistics and/or graphs from @RISK, discuss whether this order quantity would be considered best by the car dealer. (The point is that a decision maker can use more than just mean profit in making a decision.)

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 10.5, Problem 18P

Chapter 10.5, Problem 20P

Students have asked these similar questions

What should leaders do after conducting an employee survey? take immediate action on results take at least 6 months to review the results to make sure the leader understands them review them immediately, but do not take action right away keep results confidential from employees

One of the best ways to encourage teamwork is to: continually promote from outside of the department recognize employees who focus on their personal performance goals only reward employees who complete their own tasks and also assist with problems outside of their department discuss individual performance issues at staff meetings

What can happen if a leader doesn't encourage teamwork? team members will support each other more the environment can become overly competitive and hostile turnover will descrease team members become more motivated

Chapter 10 Solutions

Practical Management Science, Loose-leaf Version

Ch. 10.2 - Use the RAND function and the Copy command to...Ch. 10.2 - Use Excels functions (not @RISK) to generate 1000...Ch. 10.2 - Use @RISK to draw a uniform distribution from 400...Ch. 10.2 - Use @RISK to draw a normal distribution with mean...Ch. 10.2 - Use @RISK to draw a triangular distribution with...Ch. 10.2 - Use @RISK to draw a binomial distribution that...Ch. 10.2 - Use @RISK to draw a triangular distribution with...Ch. 10.2 - We all hate to keep track of small change. By...Ch. 10.4 - Prob. 11P Ch. 10.4 - In August of the current year, a car dealer is...

Ch. 10.4 - Prob. 13P Ch. 10.4 - Prob. 14P Ch. 10.4 - Prob. 15P Ch. 10.5 - If you add several normally distributed random...Ch. 10.5 - In Problem 11 from the previous section, we stated...Ch. 10.5 - Continuing the previous problem, assume, as in...Ch. 10.5 - In Problem 12 of the previous section, suppose...Ch. 10.5 - Use @RISK to analyze the sweatshirt situation in...Ch. 10.5 - Although the normal distribution is a reasonable...Ch. 10.6 - When you use @RISKs correlation feature to...Ch. 10.6 - Prob. 24P Ch. 10.6 - Prob. 25P Ch. 10.6 - Prob. 28P Ch. 10 - Six months before its annual convention, the...Ch. 10 - Prob. 30P Ch. 10 - A new edition of a very popular textbook will be...Ch. 10 - Prob. 32P Ch. 10 - W. L. Brown, a direct marketer of womens clothing,...Ch. 10 - Prob. 34P Ch. 10 - Lemingtons is trying to determine how many Jean...Ch. 10 - Dilberts Department Store is trying to determine...Ch. 10 - It is surprising (but true) that if 23 people are...Ch. 10 - Prob. 40P Ch. 10 - At the beginning of each week, a machine is in one...Ch. 10 - Simulation can be used to illustrate a number of...Ch. 10 - Prob. 43P Ch. 10 - Prob. 46P Ch. 10 - If you want to replicate the results of a...Ch. 10 - Suppose you simulate a gambling situation where...Ch. 10 - Prob. 49P Ch. 10 - Big Hit Video must determine how many copies of a...Ch. 10 - Prob. 51P Ch. 10 - Prob. 52P Ch. 10 - Why is the RISKCORRMAT function necessary? How...Ch. 10 - Consider the claim that normally distributed...Ch. 10 - Prob. 55P Ch. 10 - When you use a RISKSIMTABLE function for a...Ch. 10 - Consider a situation where there is a cost that is...

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.