Reference no: EM132211749

1) Management science and operations research both involve

a) qualitative managerial skills.

b) quantitative approaches to decision making.

c) operational management skills.

d) scientific research as opposed to applications

2) The improvement in the value of the objective function per unit increase in a right-hand side is the

a) sensitivity value

b) dual price

c) constraint coefficient

d) slack value

3) Let M be the number of units to make and B be the number of units to buy. If it costs $2 to make a unit and $3 to buy a unit and 4000 units are needed, the objective function is?

a) Max 2m + 3b

b) Min 4000 (M+B)

c) Max 8000m + 12000b

d) Min 2m + 3b

4) Organizers of an Internet training session will charge participants $150 to attend. It costs $3000 to reserve the room, hire the instructor, bring in the equipment, and advertise. Assume it costs $25 per student for the organizers to provide the course materials.

a. Using Excel Goal Seek (screenshots please) how many students would have to attend for the company to break even?

b. Using Excel Goal Seek (screenshots please) if the trainers think, realistically, that 20 people will attend, then what price should be charged per person for the organization to break even?