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chapter1

Exercise3

  • Graphically illustrate the break-even volume for the Evergreen Fertilizer Company determined in Exercise2

Exercise4

  • Students are organizing a contest. They know that at least 100 students will attend. The rental fee for the hall is $150 and the winning student will receive $500. In order to guarantee that they break even, how much should they charge for each ticket?

Exercise4

  • Fixed cost (cf) = $150 + $500 = $650
  • Total variable cost (vcv ) = none
  • Volume (p) = 100 students
  • Total revenue (vp) = 100p
  • To break even
  • vp = cf + vcv
  • 100p = 650
  • P= $6.50
  • Therefore they should charge $6.50 for each ticket
  • Classification of Management Science Techniques
  • Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall
  • Linear Mathematical Programming - clear objective; restrictions on resources and requirements; parameters known with certainty. (Chap 2-6, 9)
  • Probabilistic Techniques - results contain uncertainty. (Chap 11-13)
  • Network Techniques - model often formulated as diagram; deterministic or probabilistic. (Chap 7-8)
  • Other Techniques - variety of deterministic and probabilistic methods for specific types of problems including forecasting, inventory, simulation, multicriteria, etc. (Chap 10, 14-16)

Some application areas:

  • Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall
  • Some application areas:
  • - Project Planning
  • - Capital Budgeting
  • - Inventory Analysis
  • - Production Planning
  • - Scheduling
  • Interfaces - Applications journal published by Institute for Operations Research and Management Sciences (INFORMS)
  • Management science is an art.

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