Solution Manual For Quantitative Methods For Business, 13th Edition

Name: Solution Manual For Quantitative Methods For Business, 13th Edition
Brand: Academic Documents Platform
Price: 16.99 USD
Availability: InStock
Author: Christopher Lee

Get clear, well-explained answers to your toughest problems with Solution Manual For Quantitative Methods For Business, 13th Edition.

Christopher Lee

Contributor

4.5

4 months ago

Preview (31 of 493)

i
Solutions Manual to Accompany
Quantitative Methods for
Business
Thirteenth Edition
David R. Anderson
University of Cincinnati
Dennis J. Sweeney
University of Cincinnati
Thomas A. Williams
Rochester Institute of Technology
Jeffrey D. Camm
University of Cincinnati
James J. Cochran
University of Alabama
Michael J. Fry
University of Cincinnati
Jeffrey W. Ohlmann
University of Iowa
SOUTH-WESTERN
CENGAGE LearningTM

ii
Contents
Preface
Chapter 1: Introduction
Chapter 2: Introduction to Probability
Chapter 3: Probability Distributions
Chapter 4: Decision Analysis
Chapter 5: Utility and Game Theory
Chapter 6: Forecasting
Chapter 7: Introduction to Linear Programming
Chapter 8: Linear Programming: Sensitivity Analysis and Interpretation of Solution
Chapter 9: Linear Programming Applications in Marketing, Finance, and Operations Management
Chapter 10: Distribution and Network Models
Chapter 11: Integer Linear Programming
Chapter 12: Advanced Optimization Applications
Chapter 13: Project Scheduling: PERT/CPM
Chapter 14: Inventory Models
Chapter 15: Waiting Line Models
Chapter 16: Simulation
Chapter 17: Markov Processes
Appendix A: Building Spreadsheet Models

iii
Preface
The purpose of Quantitative Methods for Business is to provide students with a sound
conceptual understanding of the role quantitative methods play in the decision-making
process. The text emphasizes the application of quantitative methods by using
problem situations to introduce each of the quantitative methods, concepts and
techniques. The book has been specifically designed to meet the needs of
nonmathematicians who are studying business.
The Solutions Manual provides assistance in the form of identifying learning
objectives and providing detailed solutions for all problems in the text. Specific
sections of the manual are as follows:
Learning Objectives: Each chapter begins with an itemized list of learning
objectives and key terms.
Problem Solutions: The major portion of the manual is devoted to providing
completely worked out solutions to all text problems. We have included the equations
used as well as the computational results and answers.
Note: The solutions to the case problems are included in the Solutions to Case
Problems Manual.
David R. Anderson
Dennis J. Sweeney
Thomas A. Williams
Jeffrey D. Camm
James J. Cochran
Michael J. Fry
Jeffrey W. Ohlmann

1 - 1
Chapter 1
Introduction
Learning Objectives
1. Develop a general understanding of the management science/operations research approach to decision
making.
2. Realize that quantitative applications begin with a problem situation.
3. Obtain a brief introduction to quantitative techniques and their frequency of use in practice.
4. Understand that managerial problem situations have both quantitative and qualitative considerations
that are important in the decision making process.
5. Learn about models in terms of what they are and why they are useful (the emphasis is on mathematical
models).
6. Identify the step-by-step procedure that is used in most quantitative approaches to decision making.
7. Learn about basic models of cost, revenue, and profit and be able to compute the breakeven point.
8. Obtain an introduction to the use of computer software packages such as Microsoft Excel in applying
quantitative methods to decision making.
9. Understand the following terms:
model infeasible solution
objective function management science
constraint operations research
deterministic model fixed cost
stochastic model variable cost
feasible solution breakeven point

Chapter 1
Solutions:
1. Management science and operations research, terms used almost interchangeably, are broad
disciplines that employ scientific methodology in managerial decision making or problem
solving. Drawing upon a variety of disciplines (behavioral, mathematical, etc.), management
science and operations research combine quantitative and qualitative considerations in order to
establish policies and decisions that are in the best interest of the organization.
2. Define the problem
Identify the alternatives
Determine the criteria
Evaluate the alternatives
Choose an alternative
For further discussion see section 1.3
3. See section 1.2.
4. A quantitative approach should be considered because the problem is large, complex, important,
new and repetitive.
5. Models usually have time, cost, and risk advantages over experimenting with actual situations.
6. Model (a) may be quicker to formulate, easier to solve, and/or more easily understood.
7. Let d = distance
m = miles per gallon
c = cost per gallon,
Therefore Total Cost = 2d c
m
 
 
 
We must be willing to treat m and c as known and not subject to variation.
8. a. Maximize 10x + 5y
s.t.
5x + 2y  40
x  0, y  0
b. Controllable inputs: x and y
Uncontrollable inputs: profit (10,5), labor hours (5,2) and labor-hour availability (40)

Loading page 6...

Loading page 7...

Loading page 8...

Loading page 9...

Loading page 10...

Loading page 11...

2 - 1
Chapter 2
Introduction to Probability
Learning Objectives
1. Obtain an understanding of the role probability information plays in the decision making process.
2. Understand probability as a numerical measure of the likelihood of occurrence.
3. Be able to use the three methods (classical, relative frequency, and subjective) commonly used for
assigning probabilities and understand when they should be used.
4. Be able to use the addition law and be able to compute the probabilities of events using conditional
probability and the multiplication law.
5. Be able to use new information to revise initial (prior) probability estimates using Bayes' theorem.
6. Know the definition of the following terms:
experiment addition law
sample space mutually exclusive
event conditional probability
complement independent events
Venn Diagram multiplication law
union of events prior probability
intersection of events posterior probability
Bayes' theorem Simpson’s Paradox

Loading page 12...

Loading page 13...

Loading page 14...

Loading page 15...

Loading page 16...

Loading page 17...

Loading page 18...

Loading page 19...

Loading page 20...

Loading page 21...

Loading page 22...

Loading page 23...

Loading page 24...

Loading page 25...

Loading page 26...

Loading page 27...

Loading page 28...

Loading page 29...

Loading page 30...

Loading page 31...

30 more pages available. Scroll down to load them.

Preview Mode

100%

Study Now!

XY-Copilot AI

Unlimited Access

Secure Payment

Instant Access

24/7 Support

Document Chat

Document Details

Subject

Business Management

Solution Manual For Quantitative Methods For Business, 13th Edition

Study Now!

Document Details

Related Documents

Test Bank For Management for Griffin's Fundamentals of Management, 9th Edition

Test Bank for Interpersonal Communication, 7th New International Edition

Test Bank For Essentials of Business Communication, 11th Edition

Test Bank for ISE International Business: Competing in the Global Marketplace, 14th Edition (Chapters 1-10)

Test Bank for Essentials of Human Communication, 9th Edition

Making the Team: A Guide for Managers, 6th Edition Test Bank

Test Bank for Concepts in Strategic Management and Business Policy: Globalization, Innovation and Sustainability, 15th Edition

Solution Manual for Practice of Public Relations, The, 13th Edition

Test Bank for Communication: Making Connections, 10th Edition

Test Bank for International Business, 15th Edition

Company

Explore

Study Tools