Concept explainers
To explain: The reason why some other value or formula are not placed in the cells and what would be the difference if it is done so.
Explanation of Solution
Generally, it is immaterial of what is placed in the changing variable cells. The use of solver will ultimately determine the optimal value for the concerned cells automatically. It is the general principle used in linear optimization problems.
But in nonlinear optimization problems, there is an exception where the values placed in the changing variable cells represent the initial starting points for the optimizer. Apart from this, there is no difference between placing a value or some other formula in the changing variable cells.
Want to see more full solutions like this?
Chapter 3 Solutions
Spreadsheet Modeling & Decision Analysis: A Practical Introduction to Business Analytics (MindTap Course List)
- Snyder’s of Hanover, which sells about 80 million bags of pretzels, snack chips, and organic snack items each year, had its financial department use spreadsheets and manual processes for much of its data gathering and reporting. Hanover’s financial analyst would spend the entire final week of every month collecting spreadsheets from the heads of more than 50 departments worldwide. She would then consolidate and reenter all the data into another spreadsheet, which would serve as the company’s monthly profit-and-loss statement. If a department needed to update its data after submitting the spreadsheet to the main office, the analyst had to return the original spreadsheet and wait for the department to resubmit its data before finally submitting the updated data in the consolidated document. Assess the impact of this situation/problem on business performance and management decision-making. What are the choices of solutions? Which one is the net fit for this problem?arrow_forwardConsider Bruno who manages an underwriting team in an insurance firm. Recently, the management of Bruno’s firm informed him of their decision to create a new risk assessment team, consisting of data scientists with machine learning expertise, and reduce the size of Bruno’s underwriting team. Bruno’s underwriting team will now work with the new risk assessment team in order to determine whether to provide insurance to applicants Use the model of a firm’s technology choice and graphically illustrate the management’s restructuring decision in a diagram with isocost curves. Your diagram should have the amount of human intelligence on the horizontal axis and the amount of artificial intelligence on the vertical axis. Fully label your diagram. Note that there are no actual numbers given in this question: you may make them up or simply use appropriate notations. Briefly explain the key information of your diagram.arrow_forwardUse the Huntington-Hill numbers listed in the table to assign seats as indicated. (REVIEW UNIT 5 - CHAPTER 4) Eleven seats on a hospital board are to be apportioned between doctors, nurses, and administrators. Use the given table of Huntington-Hill numbers to list the order in which the seats on the board will be apportioned. Begin by apportioning one seat to each group. Current Representation 1 (D)octors (N)urses (A)dministrators 7,200 2,812 11,250 3,750 1,875 1,125 750 937 2,400 468 281 1,200 720 3 4 5. 187 480 O D. N, A, A, N, A, D, N, A, N, A O D. N. A, A. N, D. A, N, D. A, N O D, N, A, N, A, A, D, N, A, A, N O D, N, A, A, D, A, N, N, A, N, Darrow_forward
- 1. Construct a 2-by2 contingency table to determine the total number of people who fail the screening test and will be referred for diagnostic testing in the hearing centers. 2. Construct a 2-by-2 contingency table to determine the total number of people who fail the diagnostic test, which represents the target market for hearing aid sales.arrow_forwardHow can we execute the Solver and interpret results from the reports provided by the programarrow_forwardScenario You are going to plant a rectangular flower bed consisting of tulips in the middle surrounded by daisies on the outside. You have the same amount of each flower and will need an equal area for each. You want the border of daisies to be uniform around the tulips in the middle, as shown in the diagram below:arrow_forward
- 3. (Note: This is a variation of problem 6 of chapter 16 in your textbook.) Kenya and Dionne live on adjacent plots of land. Each has two potential uses for their land, the present values of each of which depend on the use adopted by the other, as summarized in the table. All the values in the table are known to both parties. Dionne Rental housing Bee keeping Kenya Apple growing A: $200 B: $700 A: $400 B: $650 Pig farming A: $450 B: $400 A: $450 B: $500 a. What is the efficient outcome? b. If there are negotiation costs of $150, what activities will the two pursue on their land? c. If there are no negotiation costs and the two negotiate, what activities will the two pursue on their land? How might a benevolent planner help reduce the costs of negotiating to encourage the optimal combination of land uses?arrow_forwardCan you please help in solving the linear equation graphically with clear stepsarrow_forwardThe manager wants to forecast the month 6's sales using the following historical data: Months Month 1 Month 2 Month 3 Month 4 Month 5 Sales 20 25 32 35 38 Please use the weight 0.45 for Month 5, weight 0.25 for Month 4, weight 0.2 for Month 3, and weight 0.1 for Month 2 to use the weighted moving average to forecast the demand of Month 6. Month 5 = 0.1*(25) +0.2*(32) + .25* (35) divided by 0.1 +0.2 +1.25 -17.65/0.55 = 32.09 Month 6= 0.1* (25) +0.2* (32) +0.25 (35) +0.45* (38) divided by 0.1 +0.2+0.45 = 34.75arrow_forward
- N:B: Each question should contain Oscola Citation/reference and words limit 1000 for each question. N:B: Each question should contain Oscola Citation/reference and words limit 1000 for each question.arrow_forwardPlease do not give solution in image format thanku Susana manages inventory at fashion apparel retailer Orange Republic. In January, Suasana is determining order quantity for swimsuit for coming summer season. Each swimsuit is purchased at $50 and sold at retail price of $105. All the swimsuits that remain unsold at the end of summer, are sold to discount retailer TJ-Minn for $22 at the beginning of fall. The demand for swimsuits during summer is Normally distributed with mean of 200 and standard deviation of 50. If Susana order 250 swimsuits, what is the expected profit from Swimsuits?arrow_forward(b) A company produces 3 products A, B and C processed on 3 machines P, Q, R before completion. Machine P can process 25 units of A or 50 unit of B or 75 units of C per hour. Machine Q can process 50 units of any of the products per hour. Machine R can process 50 units of A or 25 unit of B or 100 units of C per hour. The processing hours available on machines P, Q and R are 12, 12 and 13 respectively. Use matrix method, find (i) How many units of each of the three products can be produced per day (ii) The production cost per unit, if cost per hour of operating machines A,B and C are N$500, N$1,000 and N$1,500 respectively. (iii) The total cost of production.arrow_forward
- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,