By Cliff Ragsdale
Cliff Ragsdale is an innovator of the spreadsheet educating revolution and is extremely appeared within the box of administration technology. The revised 5th version of SPREADSHEET MODELING AND determination research keeps the weather and philosophy that has made its previous versions such a success. New subject matters were additional in addition to examples which are suitable to selection making in modern-day company global. This model of SPREADSHEET MODELING AND determination research has been up to date to be used with Microsoft place of work Excel 2007. It presents succinct guide within the most typically used administration technology ideas and indicates how those instruments could be applied utilizing the most up-tp-date model of Excel for home windows. this article additionally specializes in constructing either algebraic and spreadsheet modeling abilities.
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Additional info for Spreadsheet Modeling and Decision Analysis: A Practical Introduction to Management Science, Revised (Book Only)
Which step in the problem-solving process do you think is most important? Why? Must a model accurately represent every detail of a decision situation to be useful? Why or why not? If you were presented with several different models of a given decision problem, which would you be most inclined to use? Why? Describe an example in which business or political organizations may use anchoring effects to inﬂuence decision making. Describe an example in which business or political organizations may use framing effects to inﬂuence decision making.
29 This equation deﬁnes a straight line, which we can plot on our graph. 67. 29, then X1 = 100. 67) and (X1, X2) = (100, 0) both fall on the line deﬁning a proﬁt level of $35,000. 4. 4 Graph showing values of X1 and X2 that produce an objective function value of $35,000 X2 250 200 Objective function: 350X1 + 300X2 = 35000 150 100 50 0 0 50 100 150 200 250 X1 Now, suppose we are interested in ﬁnding the values of X1 and X2 that produce some higher level of proﬁt, such as $52,500. 30 This equation also deﬁnes a straight line, which we could plot on our graph.
Many retail companies have warehouses around the country that are responsible for keeping stores supplied with merchandise to sell. The amount of merchandise available at the warehouses and the amount needed at each store tends to ﬂuctuate, as does the cost of shipping or delivering merchandise from the warehouses to the retail locations. Large amounts of money can be saved by determining the least costly method of transferring merchandise from the warehouses to the stores. Financial Planning. 5.
Spreadsheet Modeling and Decision Analysis: A Practical Introduction to Management Science, Revised (Book Only) by Cliff Ragsdale