![]() ![]() For information regarding permission(s), write to: Rights and Permissions Department, Pearson Education, Inc., Upper Saddle River, NJ 07458. This publication is protected by Copyright and written permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. 1-1 Because each pound of CO2 has a penalty of $0.20, Savings = (15 gallons $0.10/gallon) (8 lb)($0.20/lb) = $1.34 If Stan can drive his car for less than $1.34/8 = $0.1675 per mile, he should make the trip. This should make for stimulating in- class discussion of the results. The price of a gallon of gasoline) plus and minus 50 percent and ask students to determine whether this range of prices changes the recommendation in the problem. ![]() 1 Solutions to Chapter 1 Problems A Note To Instructors: Because of volatile energy prices in today's world, the instructor is encouraged to vary energy prices in affected problems (e.g. ![]() Define the problem Identify the alternatives Determine the criteria Evaluate the alternatives Choose an alternative For further discussion see section 1.3 3.Īll rights reserved. Drawing upon a variety of disciplines (behavioral, mathematical, etc.), management science and operations research combine quantitative and qualitative considerations in order to establish policies and decisions that are in the best interest of the organization. Management science and operations research, terms used almost interchangeably, are broad disciplines that employ scientific methodology in managerial decision making or problem solving. Understand the following terms: model objective function constraint deterministic model stochastic model feasible solution infeasible solution management science operations research fiked cost variable cost breakeven point Solutions: 1-1 Chapter 1 1. Obtain an introduction to the use of computer software packages such as Microsoft Excel in applying quantitative methods to decision making. ![]() Learn about basic models of cost, revenue, and profit and be able to compute the breakeven point. ![]()
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