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with Spreadsheets
Stevenson and Ozgur
First Edition
Chapter 1
Learning Objectives
After completing this chapter, you should be able to: 1. Describe the importance of management science. 2. Describe the advantages of a quantitative approach to problem solving.
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Table 12
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Table 12
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Models
A Model
An abstraction of reality. It is a simplified, and often idealized, representation of reality.
Examples : an equation, an outline, a diagram, and a map
By its very nature a model is incomplete. Provides an alternative to working with reality
Symbolic models
Use numbers and algebraic symbols
Mathematical models
Decision variables Uncontrollable variables
Copyright 2007 The McGraw-Hill Companies. All rights reserved. McGraw-Hill/Irwin 19
Probabilistic models
Used when it cannot be determined precisely what values (requiring probabilities) will occur (usually in the future).
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Figure 11
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Figure 12
DSS Framework
Source: E. Turban, Jay Aronson, and Ting-Peng Liang, Decision Support Systems and Intelligence Systems, 7th ed. (Upper Saddle River, NJ: Prentice Hall, 2005), p. 109.
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Exhibit 1-1
Excel Spreadsheet
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Exhibit 1-2
Functions Screen
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Exhibit 13
Add-in Options
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Breakeven Analysis
Breakeven analysis (cost-volume analysis)
Is concerned with the interrelationship of costs, volume (quantity of output or sales), and profit.
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Breakeven Analysis
Breakeven analysis (cost-volume analysis)
Is concerned with the interrelationship of costs, volume (quantity of output or sales), and profit.
Figure 13
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Figure 14
Fixed Costs
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Figure 15
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Figure 16
Total Cost
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Figure 17
Profit
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Example 11
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Exhibit 14
Break-Even Analysis
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Exhibit 15
Exhibit 16
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