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mathematical relationships in solving quantitative problems. In this question, the student is asked to develop two mathematical models. /he student might develop a number of models that relate to finance, marketing, accounting, statistics, or other fields. /he purpose of this part of the question is to have the student develop a mathematical relationship between variables with which the student is familiar. 1#)$ Input data can come from company reports and documents, interviews with employees and other personnel, direct measurement, and sampling procedures. &or many problems, a number of different sources are required to obtain data, and in some cases it is necessary to obtain the same data from different sources in order to check the accuracy and consistency of the input data. If the input data are not accurate, the results can be misleading and very costly to the organi%ation. /his concept is called 9garbage in, garbage out:. 1#*$ Implementation is the process of taking the solution and incorporating it into the company or organi%ation. /his is the final step in the quantitative analysis approach, and if a good ob is not done with implementation, all of the effort e!pended on the previous steps can be wasted. 1#+$ Sensitivity analysis and postoptimality analysis allow the decision maker to determine how the final solution to the problem will change when the input data or the model change. /his type of analysis is very important when the input data or model has not been specified properly. $ sensitive solution is one in which the results of the solution to the problem will change drastically or by a large amount with small changes in the data or in the model. When the model is not sensitive, the results or solutions to the model will not change significantly with changes in the input data or in the model. 2odels that are very sensitive require that the input data and the model itself be thoroughly tested to make sure that both are very accurate and consistent with the problem statement. 1#,$ /here are a large number of quantitative terms that may not be understood by managers. -!amples include "-(/, *"2, simulation, the 2onte *arlo method, mathematical programming, -1#, and so on. /he student should e!plain each of the four terms selected in his or her own words. 1#1-$ 2any quantitative analysts en oy building mathematical models and solving them to find the optimal solution to a problem. 1thers en oy dealing with other technical aspects, for e!ample, data analysis and collection, computer programming, or computations. /he implementation process can involve political aspects, convincing people to trust the new approach or solutions, or the frustrations of getting a simple answer to work in a comple! environment. Some people with strong analytical skills have weak interpersonal skills; since implementation challenges these 9people: skills, it will not appeal to everyone. If analysts become involved with users and with the implementation environment and can understand 9where managers are coming from,: they can better appreciate the difficulties of implementing what they have solved using #$. 1#11$ <sers need not become involved in technical aspects of the #$ technique, but they should have an understanding of what the limitations of the model are, how it works 3in a general sense5, the argon involved, and the ability to question the validity and sensitivity of an answer handed to them by an analyst. 1#1%$ *hurchman meant that sophisticated mathematical solutions and proofs can be dangerous because people may be afraid to question them. 2any people do not want to appear ignorant and question an elaborate mathematical model; yet the entire model, its assumptions and its approach, may be incorrect.
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1#1&$ /he break)even point is the number of units that must be sold to make %ero profits. /o compute this, we must know the selling price, the fi!ed cost, and the variable cost per unit. 1#1'$ f = =>, s = 1> v=? a5 /otal revenue = 2,31>5 = @=,, /otal variable cost = 2,3?5 = @1A, b5 8-" = fB3s v5 = =>,B31> ?5 = >, units /otal revenue = >,31>5 = @C>, 1#1($ f = 1>, s = >, v = 2, 8-" = fB3s v5 = 1>,B3>, 2,5 = > units 1#1)$ f = 1>, s = >, v = 1> 8-" = fB3s v5 = 1>,B3>, 1>5 = D.27 units 1#1*$ f = D,, + 1,,,, = 1,D,, 1#1+$ 8-" = fB3s v5 >,, = 1D,,B3s =5 >,,3s =5 = 1D,, s = = 1D,,B>,, s = 2.? + = s = @>.?, 1#1,$ f = 2D,, s = D, v = 2> 8-" = fB3s E v5 = 2D,,B3D, E 2>5 = 1A, per week /otal revenue = D,31A,5 = @AD,, 1#%-$ f = 2D,, s = >, v = 2> 8-" = fB3s E v5 = 2D,,B3>, E 2>5 = 7A per week /otal revenue = >,37A5 = @D?,, 1#%1$ f = 2D,, s=' v = 2> 8-" = fB3s E v5 12, = 2D,,B3s E 2>5 12,3s E 2>5 = 2D,, s = D> s=> v== 8-" = fB3s v5 = 1D,,B3> =5 = C,, units
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1#%%$ f = 11,,,
s = 2>,
v = A,
8-" = fB3s E v5 = 11,,,B32>, E A,5 = >C.7 1#%&$ a5 f = =,, F C> G =C> s = 2, v = > 8-" = fB3s E v5 = =C>B32, E >5 = 2> b5 f = 2,, F C> G 2C> s = 2, v = > 8-" = fB3s v5 = 2C>B32, >5 = 1?.===
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/he break)even points for each of these items are found by computing the contribution to profit 3profit margin5 for each item and dividing this into the allocated fi!ed cost. /hese are shown in the ne!t table0 Sellin5 Ite4 Soft drink *offee .ot dogs .amburgers 2isc. snacks 7rice @1.>, @2.,, @2.,, @2.>, @1.,, /ar$ cost @,.C> @,.>, @,.?, @1.,, @,.D, Pro2it 4ar5in @,.C> @1.>, @1.2, @1.>, @,.A, Percent revenue 2>H 2>H 2,H 2,H 1,H Allocated 2i3ed cost A>1> A>1> >212 >212 2A,A !rea6 even volu4e ?A?A.AC D=D=.== D=D=.== =DCD.AC D=D=.==
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/o determine the total sales for each item that is required to break even, multiply the selling price by the break even volume. /he results are shown0 Sellin5 Ite4 Soft drink *offee .ot dogs .amburgers 2isc. snacks /otal 7rice @1.>, @2.,, @2.,, @2.>, @1.,, !rea6 even volu4e ?A?A.AC D=D=.== D=D=.== =DCD.AC D=D=.== ollar volu4e o2 sales @1=,,=,.,, @?,A?A.AC @?,A?A.AC @?,A?A.AC @D,=D=.== @D=,D==.=D
/hus, to break even, the total sales must be @D=,D==.=D. If the attendance is =>,,,, people, then each person would have to spend @D=,D==.=DB=>,,,, = @1.2D. If the attendance is A,,,,,, then each person would have to spend @D=,D==.=DBA,,,,, = @,.C2. 8oth of these are very low values, so we should be confident that this food and beverage operation will at least break even. 4ote0 While this process provides information about break)even points based on the current percent revenues for each product, there is one difficulty. /he total revenue using the break)even points will not result in the same percentages 3dollar volume of productBtotal revenue5 as originally stated in the problem. $ more comple! model is available to do this 3see p. 2?D Iay .ei%er and 8arry (ender, Operations "anagement, Cth ed., <pper Saddle (iver, 4I0 "rentice .all, 2,,D5.
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