Download Introduction to Management Science (11th Edition) by Bernard W. Taylor PDF

By Bernard W. Taylor

An easy, uncomplicated method of modeling and resolution techniques.

Introduction to administration technological know-how exhibits readers tips on how to method decision-making difficulties in an easy, logical manner. by utilizing transparent factors and examples, this article is helping readers find out how to resolve difficulties and make judgements in response to the results.

The 11th variation displays the newest model of Excel, and gives many new difficulties for teachers to assign.

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Extra info for Introduction to Management Science (11th Edition)

Sample text

The fixed cost of $10,000 is typed in cell D4, the variable cost of $8 is in cell D6, and the price of $23 is in cell D8. As we present more complex models and problems in the chapters to come, the spreadsheets we will develop to solve these problems will become more involved and will enable us to demonstrate different features of Excel and spreadsheet modeling. The Excel QM Macro for Spreadsheets Excel QM is included on the companion Web site for this text. You can install Excel QM onto your computer by following a brief series of steps displayed when the program is first accessed.

Clicking on the MANAGEMENT SCIENCE MODELING TECHNIQUES 15 “Break-even Analysis” module will access a new screen for typing in the problem title. Clicking again will access a screen with input cells for the model parameters—that is, fixed cost, variable cost, and price (or revenue). 3. 3 You can also get the graphical model and solution for this problem by clicking on “Window” at the top of the solution screen and selecting the menu item for a graph of the problem. 4. 1—model construction and solution.

Thus, a change in price often must be accompanied by corresponding increases in costs, such as those for advertising, packaging, and possibly production (to enhance quality). However, even such direct changes as these may have little effect on product demand because price is often sensitive to numerous factors, such as the type of market, monopolistic elements, and product differentiation. When we increased price, we mentioned the possibility of raising the quality of the product to offset a potential loss of sales due to the price increase.

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