An Introduction to Management Science: Quantitative by David R. Anderson

By David R. Anderson

Achieve a valid conceptual knowing of the function that administration technological know-how performs within the decision-making technique with the most recent version of the e-book that has outlined present day administration technological know-how path: Anderson/Sweeney/Williams/Camm/Martin's AN creation TO administration technology: QUANTITATIVE methods TO choice MAKING, REVISED thirteenth variation. The depended on industry chief for greater than twenty years, the recent version now prepares readers for achievement with the most recent advancements in Microsoft place of work Excel 2010, together with facts units, functions and monitor visuals all through that replicate Excel 2010. Readers examine from the book's confirmed applications-oriented procedure, strong examples, and problem-scenario process that introduces every one quantitative process inside of an purposes atmosphere. Readers can get a duplicate of LINGO software program and Excel add-ins with the book's on-line content material. a duplicate of the preferred Microsoft venture specialist 2010 accompanies the ebook on CD.

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Extra info for An Introduction to Management Science: Quantitative Approaches to Decision Making, Revised (with Microsoft Project and Printed Access Card)

Example text

In the preceding mathematical model, the profit per unit ($10), the production time per unit (5 hours), and the production capacity (40 hours) are environmental factors that are not under the control of the manager or decision maker. Such environmental factors, which can affect both the objective function and the constraints, are referred to as uncontrollable inputs to the model. Inputs that are controlled or determined by the decision maker are referred to as controllable inputs to the model. In the example given, the production quantity x is the controllable input to the model.

Constraints Restrictions or limitations imposed on a problem. Objective function A mathematical expression that describes the problem’s objective. Uncontrollable inputs The environmental factors or inputs that cannot be controlled by the decision maker. Controllable inputs The inputs that are controlled or determined by the decision maker. Decision variable Another term for controllable input. Deterministic model A model in which all uncontrollable inputs are known and cannot vary. Stochastic (probabilistic) model A model in which at least one uncontrollable input is uncertain and subject to variation; stochastic models are also referred to as probabilistic models.

Use y as the number of units of product 2 produced. 21 Problems a. b. c. d. e. Show the mathematical model when both products are considered simultaneously. Identify the controllable and uncontrollable inputs for this model. 5). What are the optimal solution values of x and y? Is the model developed in part (a) a deterministic or a stochastic model? Explain. 9. t.

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