Solution Manual for Quantitative Analysis for Management 14th Edition – Complete Solutions & Answers

SOLUTION MANUAL FOR , /. , /.


QUANTITATIVE,/.ANALYSIS,/.FOR,/.MANAGEMENT,,/.14TH,/.EDITION,/.REND
ER
CHAPTER,/.1-15


CHAPTER,/.1
Introduction to Quantitative Analysis
,/. ,/. ,/.




TEACHING,/.SUGGESTIONS
Teaching,/.Suggestion,/.1.1:,/.Importance,/.of,/.Qualitative,/.Factors.
Section,/.1.1,/.gives,/.students,/.an,/.overview,/.of,/.quantitative,/.analysis.,/.In,/.this,/.section,,/.a,/.number,/.
of,/.qualitative,/.factors,,/.including,/.federal,/.legislation,/.and,/.new,/.technology,,/.are,/.discussed.,/.Stud
ents,/.can,/.be,/.asked,/.to,/.discuss,/.other,/.qualitative,/.factors,/.that,/.could,/.have,/.an,/.impact,/.on,/.quantit
ative,/.analysis.,/.Waiting,/.lines,/.and,/.project,/.planning,/.can,/.be,/.used,/.as,/.examples.

Teaching,/.Suggestion,/.1.2:,/.Discussing,/.Other,/.Quantitative,/.Analysis,/.Problems.
Section,/.1.2,/.covers,/.an,/.application,/.of,/.the,/.quantitative,/.analysis,/.approach.,/.Students,/.can,/.be,/.as
ked,/.to,/.describe,/.other,/.problems,/.or,/.areas,/.that,/.could,/.benefit,/.from,/.quantitative,/.analysis.

Teaching,/.Suggestion,/.1.3:,/.Discussing,/.Conflicting,/.Viewpoints.
Possible,/.problems,/.in,/.the,/.QA,/.approach,/.are,/.presented,/.in,/.this,/.chapter.,/.A,/.discussion,/.of,/.confl
icting,/.viewpoints,/.within,/.the,/.organization,/.can,/.help,/.students,/.understand,/.this,/.problem.,/.For,/.e
xample,,/.how,/.many,/.people,/.should,/.staff,/.a,/.registration,/.desk,/.at,/.a,/.university?,/.Students,/.will,/.w
ant,/.more,/.staff,/.to,/.reduce,/.waiting,/.time,,/.while,/.university,/.administrators,/.will,/.want,/.less,/.staff,/.t
o,/.save,/.money.,/.A,/.discussion,/.of,/.these,/.types,/.of,/.conflicting,/.viewpoints,/.will,/.help,/.students,/.un
derstand,/.some,/.of,/.the,/.problems,/.of,/.using,/.quantitative,/.analysis.

Teaching,/.Suggestion,/.1.4:,/.Difficulty,/.of,/.Getting,/.Input,/.Data.
A,/.major,/.problem,/.in,/.quantitative,/.analysis,/.is,/.getting,/.proper,/.input,/.data.,/.Students,/.can,/.be,/.ask
ed,/.to,/.explain,/.how,/.they,/.would,/.get,/.the,/.information,/.they,/.need,/.to,/.determine,/.inventory,/.orderi

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,ng,/.or,/.carrying,/.costs.,/.Role-
playing,/.with,/.students,/.assuming,/.the,/.parts,/.of,/.the,/.analyst,/.who,/.needs,/.inventory,/.costs,/.and,/.the,
/.instructor,/.playing,/.the,/.part,/.of,/.a,/.veteran,/.inventory,/.manager,/.can,/.be,/.fun,/.and,/.interesting.,/.Stu
dents,/.quickly,/.learn,/.that,/.getting,/.good,/.data,/.can,/.be,/.the,/.most,/.difficult,/.part,/.of,/.using,/.quantitati
ve,/.analysis.

Teaching,/.Suggestion,/.1.5:,/.Dealing,/.with,/.Resistance,/.to,/.Change.




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,Resistance,/.to,/.change,/.is,/.discussed,/.in,/.this,/.chapter.,/.Students,/.can,/.be,/.asked,/.to,/.explain,/.how,/.th
ey,/.would,/.introduce,/.a,/.new,/.system,/.or,/.change,/.within,/.the,/.organization.,/.People,/.resisting,/.new,/.
approaches,/.can,/.be,/.a,/.major,/.stumbling,/.block,/.to,/.the,/.successful,/.implementation,/.of,/.quantitativ
e,/.analysis.,/.Students,/.can,/.be,/.asked,/.why,/.some,/.people,/.may,/.be,/.afraid,/.of,/.a,/.new,/.inventory,/.con
trol,/.or,/.forecasting,/.system.


SOLUTIONS,/.TO,/.DISCUSSION,/.QUESTIONS,/.AND,/.PROBLEMS
1-
1.,/.Quantitative,/.analysis,/.involves,/.the,/.use,/.of,/.mathematical,/.equations,/.or,/.relationships,/.in,/.anal
yzing,/.a,/.particular,/.problem.,/.In,/.most,/.cases,,/.the,/.results,/.of,/.quantitative,/.analysis,/.will,/.be,/.one,/.
or,/.more,/.numbers,/.that,/.can,/.be,/.used,/.by,/.managers,/.and,/.decision,/.makers,/.in,/.making,/.better,/.deci
sions.,/.Calculating,/.rates,/.of,/.return,,/.financial,/.ratios,/.from,/.a,/.balance,/.sheet,/.and,/.profit,/.and,/.loss,/.
statement,,/.determining,/.the,/.number,/.of,/.units,/.that,/.must,/.be,/.produced,/.in,/.order,/.to,/.break,/.even,,/.
and,/.many,/.similar,/.techniques,/.are,/.examples,/.of,/.quantitative,/.analysis.,/.Qualitative,/.analysis,/.inv
olves,/.the,/.investigation,/.of,/.factors,/.in,/.a,/.decision-
making,/.problem,/.that,/.cannot,/.be,/.quantified,/.or,/.stated,/.in,/.mathematical,/.terms.,/.The,/.state,/.of,/.th
e,/.economy,,/.current,/.or,/.pending,/.legislation,,/.perceptions,/.about,/.a,/.potential,/.client,,/.and,/.similar,/
.situations,/.reveal,/.the,/.use,/.of,/.qualitative,/.analysis.,/.In,/.most,/.decision-
making,/.problems,,/.both,/.quantitative,/.and,/.qualitative,/.analysis,/.are,/.used.,/.In,/.this,/.book,,/.howeve
r,,/.we,/.emphasize,/.the,/.techniques,/.and,/.approaches,/.of,/.quantitative,/.analysis.
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2.,/.Quantitative,/.analysis,/.is,/.the,/.scientific,/.approach,/.to,/.managerial,/.decision,/.making.,/.This,/.type
,/.of,/.analysis,/.is,/.a,/.logical,/.and,/.rational,/.approach,/.to,/.making,/.decisions.,/.Emotions,,/.guesswork,,/.
and,/.whim,/.are,/.not,/.part,/.of,/.the,/.quantitative,/.analysis,/.approach.,/.A,/.number,/.of,/.organizations,/.su
pport,/.the,/.use,/.of,/.the,/.scientific,/.approach:,/.the,/.Institute,/.for,/.Operation,/.Research,/.and,/.Managem
ent,/.Science,/.(INFORMS),,/.Decision,/.Sciences,/.Institute,,/.and,/.Academy,/.of,/.Management.
1-
3.,/.The,/.three,/.categories,/.of,/.business,/.analytics,/.are,/.descriptive,,/.predictive,,/.and,/.prescriptive.,/.D
escriptive,/.analytics,/.provides,/.an,/.indication,/.of,/.how,/.things,/.were,/.performed,/.in,/.the,/.past.,/.Predi
ctive,/.analytics,/.uses,/.past,/.data,/.to,/.forecast,/.what,/.will,/.happen,/.in,/.the,/.future.,/.Prescriptive,/.analy
tics,/.uses,/.optimization,/.and,/.other,/.models,/.to,/.present,/.better,/.ways,/.for,/.a,/.company,/.to,/.operate,/.to,
/.reach,/.goals,/.and,/.objectives.

1-4.,/.Quantitative,/.analysis,/.is,/.a,/.step-by-
step,/.process,/.that,/.allows,/.decision,/.makers,/.to,/.investigate,/.problems,/.using,/.quantitative,/.techniq
ues.,/.The,/.steps,/.of,/.the,/.quantitative,/.analysis,/.process,/.include,/.defining,/.the,/.problem,,/.developin
g,/.a,/.model,,/.acquiring,/.input,/.data,,/.developing,/.a,/.solution,,/.testing, / . the,/.solution,,/.analyzing,/.the,/
.results,,/.and,/.implementing,/.the,/.results.,/.In,/.every,/.case,,/.the,/.analysis,/.begins,/.with,/.defining,/.the,/.
problem.,/.The,/.problem,/.could,/.be,/.too,/.many,/.stockouts,,/.too,/.many,/.bad, / . debts,,/.or,/.determining,/.
the,/.products,/.to,/.produce,/.that,/.will,/.result,/.in,/.the,/.maximum,/.profit,/.for,/.the,/.organization.,/.After,/.
the,/.problems,/.have,/.been,/.defined,,/.the,/.next,/.step,/.is,/.to,/.develop,/.one,/.or,/.more,/.models.,/.These,/.
models,/.could,/.be,/.inventory,/.control,/.models,,/.models,/.that,/.describe,/.the,/.debt,/.situation,/.in,/.the,/.o
rganization,,/.and,/.so,/.on.,/.Once,/.the,/.models,/.have,/.been,/.developed,,/.the,/.next,/.step,/.is,/.to,/.acquire,/.
input,/.data.,/.In,/.the,/.inventory,/.problem,,/.for,/.example,,/.such,/.factors,/.as,/.the,/.annual,/.demand,,/.the,/.
ordering,/.cost,,/.and,/.the,/.carrying,/.cost,/.would,/.be,/.input,/.data,/.that,/.are,/.used,/.by,/.the,/.model,/.devel
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, oped,/.in,/.the,/.preceding,/.step.,/.In,/.determining,/.the,/.products,/.to,/.produce,/.in,/.order,/.to,/.maximize,/.p
rofits,,/.the,/.input,/.data,/.could,/.be,/.such,/.things,/.as,/.the,/.profitability,/.for,/.all,/.the,/.different,/.products,
,/.the,/.amount,/.of,/.time, / . that,/.is,/.available,/.at,/.the,/.various,/.production,/.departments,/.that,/.produce,/.
the,/.products,,/.and,/.the,/.amount,/.of,/.time,/.it,/.takes,/.for,/.each,/.product,/.to,/.be,/.produced,/.in,/.each,/.pro
duction,/.department.,/.The,/.next,/.step,/.is,/.developing, / . the, / . solution., / . This, / . requires, / . manipulation,
/ . of, /. the, / . model, /. in, / . order, / . to, /. determine, / . the, / . best




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