1. [1/1 Points] 1/1 Submissions Used DETAILS
List the advantages of analyzing and experimenting with a model as opposed to a real object or situation?
Experimenting with a model is [l688| +# expensive than experimenting with a real situation.
Experimenting with a real situation takes [More| v time than experimenting with a model.
Experimenting with a real situation incurs [Mor€] v risk than experimenting with a model.
| [ 1(
2. [1/1 Points] 1/1 Submissions Used | DETAILS || MYNOTES || PREVIOUS ANSWERS ASK YOUR TEACHER PRACTICE ANOTH
CammiMs16 1E
Preliminary plans are under way for the construction of a new stadium for a major league team. City have qu the and pr ility of the luxury corporate boxes planned for the
upper deck of the stadium. Corporations and selected individuals may buy the boxes for $290,000 each. The fixed construction cost for the upper deck area is estimated to be $4,640,000, with a variable cost c
$145,000 for each box constructed.
(a) What is the break-even point for the number of luxury boxes in the new stadium?
x=Bv
(b) Preliminary drawings for the stadium show that space is available for the construction of up to 52 luxury boxes. Promoters indicate that buyers are available and that all 52 could be sold if constructed.
(i) What is your recommendation concerning the construction of luxury boxes?
® Build the luxury boxes.
Do not build the luxury boxes.
v
(ii) What profit is anticipated (in dollars)? (Enter a negative value if a predicted loss.)
$[2:900,000v/
r —— \
3. [1/1 Points] 1/1 Submissions Used DETAILS | MY NOTES |
Define the terms management science and operations research.
Management science and operations research are Iims that can be used Imx:hangubfl v
Management science| / uses scientific methodology in managerial decision making and problem solving.
Management science uses |both qualitative and quantitative| # considerations in order to establish policies that are in the best interest of the organization.
, 4. [08/1Points] /1 Submissions
Used DETAILS || MYNOTES | PREVIOUS/
Discuss the different roles played by the qualitative and quantitative approaches to managerial decision making. Why is t important for a manager or decision maker o have a good understanding of both of these approaches to decision making?
For each of the following statements, decide whether it is characterstc of 2 qualitative and/or 3 quanttative approach. (Select al that 3ppiy.)
() This approach Is primarily based on @ manager's Judgment or ntuiton.
qualitative
quanttative
v
C This approach i considered more of an art than a science.
qualitative
quanttative
v
(© This approach is best suited to solve relatively simple problems, and could be Informed by prior experience.
qualitative
quenttative
v
(¢) This approach is best suited to solve complex problems, and relies heavily on available dat
qualtative
quantitative
v
(e) A manager can increasehis or her decision-making effectiveness by studying and applying this approach.
qualtative
quantitative
v
() An experienced manager wil employ this approach to optimize business decisions and processes.
qualitative
G quantitative
X|
5. [1/1Points] 1/1 Submissions Used
George Dantazig is important in the history of management science because he developed
the scientific management revolution.
World War II operations research teams.
powerful digital computers.
® the simplex method for linear programming.
v
List the advantages of analyzing and experimenting with a model as opposed to a real object or situation?
Experimenting with a model is [l688| +# expensive than experimenting with a real situation.
Experimenting with a real situation takes [More| v time than experimenting with a model.
Experimenting with a real situation incurs [Mor€] v risk than experimenting with a model.
| [ 1(
2. [1/1 Points] 1/1 Submissions Used | DETAILS || MYNOTES || PREVIOUS ANSWERS ASK YOUR TEACHER PRACTICE ANOTH
CammiMs16 1E
Preliminary plans are under way for the construction of a new stadium for a major league team. City have qu the and pr ility of the luxury corporate boxes planned for the
upper deck of the stadium. Corporations and selected individuals may buy the boxes for $290,000 each. The fixed construction cost for the upper deck area is estimated to be $4,640,000, with a variable cost c
$145,000 for each box constructed.
(a) What is the break-even point for the number of luxury boxes in the new stadium?
x=Bv
(b) Preliminary drawings for the stadium show that space is available for the construction of up to 52 luxury boxes. Promoters indicate that buyers are available and that all 52 could be sold if constructed.
(i) What is your recommendation concerning the construction of luxury boxes?
® Build the luxury boxes.
Do not build the luxury boxes.
v
(ii) What profit is anticipated (in dollars)? (Enter a negative value if a predicted loss.)
$[2:900,000v/
r —— \
3. [1/1 Points] 1/1 Submissions Used DETAILS | MY NOTES |
Define the terms management science and operations research.
Management science and operations research are Iims that can be used Imx:hangubfl v
Management science| / uses scientific methodology in managerial decision making and problem solving.
Management science uses |both qualitative and quantitative| # considerations in order to establish policies that are in the best interest of the organization.
, 4. [08/1Points] /1 Submissions
Used DETAILS || MYNOTES | PREVIOUS/
Discuss the different roles played by the qualitative and quantitative approaches to managerial decision making. Why is t important for a manager or decision maker o have a good understanding of both of these approaches to decision making?
For each of the following statements, decide whether it is characterstc of 2 qualitative and/or 3 quanttative approach. (Select al that 3ppiy.)
() This approach Is primarily based on @ manager's Judgment or ntuiton.
qualitative
quanttative
v
C This approach i considered more of an art than a science.
qualitative
quanttative
v
(© This approach is best suited to solve relatively simple problems, and could be Informed by prior experience.
qualitative
quenttative
v
(¢) This approach is best suited to solve complex problems, and relies heavily on available dat
qualtative
quantitative
v
(e) A manager can increasehis or her decision-making effectiveness by studying and applying this approach.
qualtative
quantitative
v
() An experienced manager wil employ this approach to optimize business decisions and processes.
qualitative
G quantitative
X|
5. [1/1Points] 1/1 Submissions Used
George Dantazig is important in the history of management science because he developed
the scientific management revolution.
World War II operations research teams.
powerful digital computers.
® the simplex method for linear programming.
v
