Spreadsheet Modeling & Decision Analysis: A Practical Introduction To Business Analytics, Loose-leaf Version
8th Edition
ISBN: 9781337274852
Author: Ragsdale, Cliff
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 3, Problem 46QP
a)
Summary Introduction
Toformulate: A linear programming model for the problem.
b)
Summary Introduction
Todevelop: A spreadsheet model and solve using solver.
c)
Summary Introduction
Toidentify: The optimal solution.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
The State of Virginia has instituted a series of Standards ofLearning (SOL) tests in math, history, English, and sciencethat all high school students must pass with a grade of 70 be-fore that are allowed to graduate and receive their diploma.The school superintendent of Montgomery County believesthe tests are unfair because they are closely related to teachersalaries and teacher school tenure (i.e., the years a teacher hasbeen at a school). The superintendent has sampled 12 othercounty school systems in the state and accumulated thefollowing data for average teacher salaries and averageteacher tenure.a. Using Excel, develop the multiple regression equationfor these data.b. What is the coefficient of determination for thisregression equation? Do you think the superintendentis correct in his beliefs?c. Montgomery County has an average SOL score of 74with an average teacher’s salary of $27,500 and anaverage teacher tenure of 7.8 years. The superintendenthas proposed to the school board a…
A retail store sold in the month of April 5,000 products that produced $45,000 in sales. In the month of
May the company sold 6,000 products. The store workforce consists of four full-time workers who work 40-hour week.
In April the store also had seven part-time workers at 10 hours per week, and in May the store had nine part-timers at 15
hours per week (assume four weeks in each month). Using sales dollars as the measure of output (assume the price of the
product was the same for both months), what is the percentage change in labor productivity from April to May?
Answer:
2.
West Company’s contribution format income statement for March 2020 is givenbelow:Sales (15,000 units X $30 per unit) $450,000Variable expenses 315,000Contribution margin 135,000Fixed expenses 90,000Net operating income $ 45,000The industry in which West Company operates is quite sensitive to regularmovements in the economy. Thus, profits vary considerably from year to yearaccording to general economic conditions. The company has a large amount ofunused capacity and is studying ways of improving profits.Required:The company CEO has asked you as a Senior Manager to evaluate the belowsituations with recommendations:1- New equipment has come onto the market that would allow WestCompany to automate a portion of its operations. Variable expenseswould be reduced by $9 per unit. However, fixed expenses wouldincrease to a total of $225,000 each month. How Net Income wouldappear if the new equipment were purchased. As a Senior Manager,what factor/s would be paramount in your mind deciding…
Chapter 3 Solutions
Spreadsheet Modeling & Decision Analysis: A Practical Introduction To Business Analytics, Loose-leaf Version
Ch. 3 - Prob. 1QPCh. 3 - Prob. 2QPCh. 3 - Prob. 3QPCh. 3 - Prob. 4QPCh. 3 - Prob. 5QPCh. 3 - Prob. 6QPCh. 3 - Refer to question 19 at the end of Chapter 2....Ch. 3 - Prob. 8QPCh. 3 - Prob. 9QPCh. 3 - Prob. 10QP
Ch. 3 - Prob. 11QPCh. 3 - Prob. 12QPCh. 3 - Prob. 13QPCh. 3 - Prob. 14QPCh. 3 - Prob. 15QPCh. 3 - Prob. 16QPCh. 3 - Prob. 17QPCh. 3 - Tuckered Outfitters plans to market a custom brand...Ch. 3 - Prob. 19QPCh. 3 - Prob. 20QPCh. 3 - Prob. 21QPCh. 3 - Prob. 22QPCh. 3 - Prob. 23QPCh. 3 - Prob. 24QPCh. 3 - Prob. 25QPCh. 3 - Prob. 26QPCh. 3 - A manufacturer of prefabricated homes has decided...Ch. 3 - Prob. 28QPCh. 3 - Prob. 29QPCh. 3 - Prob. 30QPCh. 3 - Prob. 31QPCh. 3 - Prob. 32QPCh. 3 - Prob. 33QPCh. 3 - Prob. 34QPCh. 3 - Prob. 35QPCh. 3 - Prob. 36QPCh. 3 - Prob. 37QPCh. 3 - Prob. 38QPCh. 3 - Prob. 39QPCh. 3 - Prob. 40QPCh. 3 - Prob. 41QPCh. 3 - Prob. 42QPCh. 3 - Prob. 43QPCh. 3 - Prob. 44QPCh. 3 - A natural gas trading company wants to develop an...Ch. 3 - Prob. 46QPCh. 3 - The CFO for Eagle Beach Wear and Gift Shop is in...Ch. 3 - Prob. 48QPCh. 3 - Prob. 1.1CCh. 3 - Prob. 1.2CCh. 3 - Prob. 1.3CCh. 3 - Prob. 1.4CCh. 3 - Prob. 2.1CCh. 3 - Prob. 2.2CCh. 3 - Prob. 2.3CCh. 3 - Prob. 2.4CCh. 3 - Prob. 2.5CCh. 3 - Kelly Jones is a financial analyst for Wolverine...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.Similar questions
- The University of Professional Studies, Accra (UPSA) aims to evaluate students’ academic performance. In line with this, you have been appointed as a Consultant to work on the project. The University would want to ascertain how age, gender, work experience, interim assessment scores and examination scores influence students’ overall academic performance. In doing so, you are required to provide answers to the following issues to the University in simple, clear and concise form. As much as possible, provide justification for the choice of your answers. a.i. Formulate a topic for this project. ii. State the dependent variable and THREE Independent variables you would consider for the study.arrow_forwardSapphire Farm is a business that trains and boards horses and educates young riders about horse care, nutrition, and riding. The farm provides both a learning and a fun environment for young equestrians and their families. It also hosts horse shows for beginning riders to help them build confidence in the show ring and to prepare them for local horse shows by running shows in accordance with the rules and regulations of the National Hunter Jumper Association. Feedback from the horseshow judges are provided to all riders so they can do better at their next meet. In addition, all warm-up and training areas are fenced and monitored by adults for the children's safety. If the farm unintentionally hired someone to teach riding who was unable to deal effectively with small children, then a _____ would occur. A. service divergence B. quality underperformance C. performance breakdown D. product variation E. customer aberrationarrow_forwardXYZ Corporation is a growing company that specializes in technology products. It has a workforce of 500 employees who work in various departments such as sales, marketing, finance, and customer support. However, the company has been facing a series of challenges lately due to poor recruitment and selection processes. The HR department of the company is responsible for hiring new employees. However, the department has been using outdated and unreliable screening and selection methods. The recruitment process is not standardized, and the interviewers are not adequately trained to assess the skills and competencies required for each job. As a result, the company has been hiring employees who are not suitable for their job roles, and many of them leave the company within a few months of joining.The company has been losing many talented and experienced employees, which has resulted in a decline in productivity and a negative impact on the morale of the remaining staff. Moreover, the costs…arrow_forward
- As part of a quality improvement initiative, Consolidated Electronics employees complete a three-day training program on teaming and a two-day training program on problem-solving. The manager of quality improvement has requested that at least 8 training programs on teaming and at least 10 training programs on problem-solving be offered during the next six months. In addition, senior-level management has specified that at least 25 training programs must be offered during this period. Consolidated Electronics uses a consultant to teach the training programs. During the next quarter, the consultant has 84 days of training time available. Each training program on teaming costs $10,000 and each training program on problem-solving costs $8,000. a. Formulate a linear programming model that can be used to determine the number of training programs on teaming and the number of training programs on problem-solving that should be offered in order to minimize total cost.b. Graph the feasible…arrow_forwardDigital Controis, Inc. (DCI), manufactures two models of a radar gun used by police to monitor the speed of automobiles. Model A has an accuracy of plus or minus 1 mile per hour, whereas the smaller model B has an accuracy of plus or minus 3 miles per hour. For the next week, the company has orders for 100 units of model A and 150 units of model B. Although DCI purchases all the electronic components used in both models, the plastic cases for both models are manufactured at a DCI plant in Newark, New Jersey. Each model A case requires 4 minutes of injection-molding time and 6 minutes of assembly time. Each model B case requires 3 minutes of injection-molding time and 8 minutes of assembly time. For next week, the Newark plant has 600 minutes of injection-molding time avallable and 1,080 minutes of assembly time availab The manufacturing cost is $10 per case for model A and $6 per case for model B. Depending upon demand and the time avalable at the Newark plant, DCI occasionally…arrow_forwardBus and subway ridership for the summer months in London England is believed to be tied heavily to the number of tourists visiting the city. During the past 12 years, the following data have been obtained: Year 1 2 3 4 5 6 7 8 9 10 11 12 # of tourist (millions) 7 2 6 4 14 15 16 12 14 20 15 7 Ridership(millions) 1.6 1.1 1.4 1.5 2.6 2.8 2.5 1.9 2.7 4.4 3.5 1.6 b) The least squares regression equation that shows the best relationship between ridership and the number of tourists is ^y=[_]+[_]X where ^y= Dependent Variable and x= Independent Variablearrow_forward
- Clinton Financial Consultants is a firm of chartered accountants and financial consultants. Amongst its many activities , it specializes in arranging finance for new entrepreneurs. It helps them in evaluation, preparing viable reports, documentation, legal documentation and finally obtaining a loan from banking or financial institutions. The task involves preparing a proposal, checking the background of the client firm for its creditworthiness, preparing pro forma balance sheets and profit and loss accounts for the term of the loan, carrying out a need analysis, preparing loan agreement documents and finally obtaining the loan for the client. To facilitate better management, the firm uses PERT. It is currently processing the proposed loan for Alfa enterprises. The team assigned for this project has identified the following activities: Activity Description Immediate Predecessor A Start preparing proposal as per template - B Check credit worthiness of firm - C Create a rough draft…arrow_forwardSalt & Pepper & Co (Salt & Pepper) is a firm of Chartered Certified Accountants which has seen its revenue decline steadily over the past few years. The firm is looking to increase its revenue and client base and so has developed a new advertising strategywhere it has guaranteed that its audits will minimise disruption to companies as they will not last longer than two weeks. In addition, Salt & Pepper has offered all new audit clients a free accounts preparation service for the first year of the engagement, as it is believed that time spent on the audit will be reduced if the firm has produced the financial statements. The firm is seeking to reduce audit costs and has therefore decided not to update the engagement letters of existing clients, on the basis that these letters do not tend to change much on a yearly basis. One of Salt & Pepper’s existing clients has proposed that this year’s audit fee should be based on a percentage of their final pre-tax profit. The…arrow_forwardThe state and local police departments are trying to analyze crime rates so they can shift their patrols from decreasing-rate areas to areas where rates are increasing. The city and county have been geographically segmented into areas containing 6,000 residences. The police recognize that not all crimes and offenses are reported: people do not want to become involved, consider the offenses too small to report, are too embarrassed to make a police report, or do not take the time, among other reasons. Every month, because of this, the police are contacting by phone a random sample of 1,200 of the 6,000 residences for data on crime. (Respondents are guaranteed anonymity.) Here are the data collected for the past 12 months for one area: MONTH CRIME INCIDENCE SAMPLE SIZE CRIME RATE January 7 1,200 0 February 9 1,200 0 March 7 1,200 0 April 7 1,200 0 May 7 1,200 0 June 9 1,200 0 July 7 1,200 0 August 10 1,200 0 September 7 1,200 0 October 11 1,200 0 November 12…arrow_forward
- As part of a quality improvement initiative, Enterprise Technology employeescomplete a three-day training program on teaming and a two-day training programon problem-solving. The manager of quality improvement has requested that atleast eight training programs on teaming and at least ten training programs on problem-solving be offered during the next six months. In addition, senior-level managementhas specified that at least twenty-five training programs must be offered during this period.Enterprise Technology hires a consultant to teach the training programs. Duringthe next quarter, the consultant has eighty-four days of training time available. Each trainingprogram on teaming costs ten-thousand dollars and each training program on problem-solvingcosts eight thousand dollars. a. First step is to formulate a linear programming model that can be used to determine thenumber of training programs on teaming and the number of training programs onproblem-solving that should be offered in…arrow_forwardThe state and local police departments are trying to analyze crime rates so they can shift their patrols from decreasing-rate areas to areas where rates are increasing. The city and county have been geographically segmented into areas containing 5,000 residences. The police recognize that not all crimes and offenses are reported: people do not want to become involved, consider the offenses too small to report, are too embarrassed to make a police report, or do not take the time, among other reasons. Every month, because of this, the police are contacting by phone a random sample of 800 of the 5,000 residences for data on crime. (Respondents are guaranteed anonymity.) Here are the data collected for the past 12 months for one area: Month Incidents Sample Size January 13 800 February 7 800 March 12 800 April 8 800 May 13 800 June 7 800 July 8 800 August 12 800 September 10 800 October 14 800…arrow_forwardThe state and local police departments are trying to analyze crime rates so they can shift their patrols from decreasing-rate areas to areas where rates are increasing. The city and county have been geographically segmented into areas containing 5,000 residences. The police recognize that not all crimes and offenses are reported: people do not want to become involved, consider the offenses too small to report, are too embarrassed to make a police report, or do not take the time, among other reasons. Every month, because of this, the police are contacting by phone a random sample of 1,000 of the 5,000 residences for data on crime. (Respondents are guaranteed anonymity.) Here are the data collected for the past 12 months for one area: MONTH CRIME INCIDENCE SAMPLE SIZE CRIME RATE January 7 1,000 0.007 February 9 1,000 0.009 March 7 1,000 0.007 April 7 1,000 0.007 May 7 1,000 0.007 June 9 1,000 0.009 July 7 1,000 0.007 August 10 1,000 0.010 September 8 1,000 0.008…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,