List and describe four categories of models. Give examples in each category
What will be an ideal response?
• Optimization of problems with few alternatives: Find the best solution from a small number of alternatives; e.g., decision tables, decision trees, analytic hierarchy process
• Optimization via algorithm: Find the best solution from a large number of alternatives, using a step-by-step improvement process; e.g., linear and other mathematical programming models, network models
• Optimization via an analytic formula: Find the best solution in one step, using a formula; e.g., some inventory models
• Simulation: Find a good enough solution or the best among the alternatives checked, using experimentation; e.g., Monte Carlo simulation
• Heuristics: Find a good enough solution, using rules; e.g., heuristic programming, expert systems
• Predictive models: Predict the future for a given scenario; e.g., forecasting models, Markov analysis
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Each day how many women die from violence committed by persons close to them?
A. 18 B. 26 C. 5 D. 4
Describe the fundamental ideas underlying the classical viewpoint to management, and give at least one example of a modern practice that has its roots in this view. Compare and contrast its two approaches.
What will be an ideal response?
Fantastic Futons manufactures futons. The estimated number of futon sales for the first three months of 2010 are as follows: January 40,000 February 50,000 March 60,000 Finished goods inventory at the end of 2009 was 12,000 units. On average, 25 percent of the futons are produced during the month before they are sold, which normally accounts for the ending balance in finished goods inventory. The
planned selling price is $150 per unit. What would be the sales budget for March? a. $7,200,000 b. $8,000,000 c. $6,750,000 d. $9,000,000
According to the text, the strategic planning process provides a formal structure in which managers will do the following:
A. define the company's business and mission. B. implement strategy. C. formulate scenarios. D. establish a corporate level team to prepare the strategic plan.