Spreadsheet Modeling and Decision Analysis 6th Edition Ragsdale Test Bank
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Spreadsheet Modeling and Decision Analysis 6th Edition Ragsdale Test Bank.
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Product Details:
- ISBN-10 : 0538746319
- ISBN-13 : 978-0538746311
- Author; Cliff Ragsdale
SPREADSHEET MODELING AND DECISION ANALYSIS, Sixth Edition, provides instruction in the most commonly used management science techniques and shows how these tools can be implemented using Microsoft Office Excel 2010.
Table of Content:
Chapter 1:
Decision analysis: The term decision analysis originated in 1964 by Ronald A. Howard, professor of Management Science and Engineering at Stanford University.
• The objective of a decision analysis is to choose the most advantageous alternative from the various alternative solutions of decision problems.
• Decision analysis is a systematic, quantitative and visual approach to addressing and evaluating important choices confronted by businesses.
• Systematic approach means create a constructive environment, investigate the situation, generate a good solutions or alternatives, choose a best solution and take action.
• Quantitative approach means to convert the problem into mathematical model or formula to find the best solution. By using common quantitative tools – Decision tree, payback analysis and simulation.
• Visual approach means to convert the problem into graphical charts to find the best solution.
Chapter 2:
Consider the following spreadsheet corresponding to Blue Ridge Hot Tubs manufacturers:
1.
The optimal solution to the given problem is 
Number of pumps used are,
Number of hours of labor used are,
Number of feet of tubing used are,
2.
The company “Should increase the number of pumps available.”
Increases the number of available pumps, so that available pumps are 210.
Find the optimal solution.
The solution is found as follows:
The optimal solution to the given condition is found to be
Hence, number of pumps used are,
So, the company can use a maximum of 207 pumps by unaffected other constraints.
Therefore, company should consider acquiring a maximum of additional
By doing so, the increase in the profit of the company will be
3.
The company “Should increase the number of labor hours available.”
Increases the number of available labor hours so that available labor hours are 2000.
The solution is found as follows:
The optimal solution to the given condition is found to be
Hence, number of labor hours used are,
So, the company can use a maximum of 1800 pumps by unaffected other constraints.
Therefore, company should consider acquiring a maximum of additional
By doing so, the increase in the profit of the company will be
4.
The company “Should not increase the number of tubing available.”
Find the optimal solution by increasing available number of tubing upto 4000.
The screenshot is as shown below,
The optimal solution so found is same as the optimal solution found earlier.
Therefore, the company should not increase the number of tubing.
5.
The company reduces the labor required to produce 1 Aqua Spas from 9 to 8 hours.
The optimal solution is found as follows:
The profit so obtained is equal to $69,150.
Hence, increase in profit will be,
The company reduces the labor required to produce 1 Aqua Spas from 8 to 7 hours.
The optimal solution is found as follows:
The profit so obtained is equal to $70,000.
Hence, increase in profit will be,
The company reduces the labor required to produce 1 Aqua Spas from 7 to 6 hours.
The optimal solution is found as follows:
The profit so obtained is equal to $70,000.
Hence, there is no change in the profit.
6.
The company reduces the labor required to produce 1 Hydro Luxes from 6 to 5 hours.
The optimal solution is found as follows:
The profit so obtained is equal to $67,075.
Hence, increase in profit will be,
The company reduces the labor required to produce 1 Hydro Luxes from 5 to 4 hours.
The optimal solution is found as follows:
The profit so obtained is equal to $67,660.
Hence, increase in profit will be,
The company reduces the labor required to produce 1 Hydro Luxes from 4 to 3 hours.
The optimal solution is found as follows:
The profit so obtained is equal to $68,050.
Hence, increase in profit will be,
7.
The company reduces the amount of tubing required to produce 1 Aqua spa from 12 to 11 feet.
The optimal solution is found as follows:
The profit so obtained is equal to $66,100.
Hence, there is no change in the profit.
The company reduces the amount of tubing required to produce 1 Aqua spa from 11 to 10 feet.
The optimal solution is found as follows:
The profit so obtained is equal to $66,100.
Hence, there is no change in the profit.
The company reduces the amount of tubing required to produce 1 Aqua spa from 10 to 9 feet.
The optimal solution is found as follows:
Hence, there is no change in the profit.
8.
The company reduces the amount of tubing required to produce 1 Hydro luxe from 16 to 15 feet.
The optimal solution is found as follows:
The profit so obtained is equal to $66,100.
Hence, there is no change in the profit.
The company reduces the amount of tubing required to produce 1 Hydro lux from 15 to 14 feet.
The optimal solution is found as follows:
The profit so obtained is equal to $66,100.
Hence, there is no change in the profit.
The company reduces the amount of tubing required to produce 1 Hydro lux from 14 to 13 feet.
The optimal solution is found as follows:
The profit so obtained is equal to $66,100.
Hence, there is no change in the profit.
9.
Increases the unit profit on Aqua-spas from $350 to $450.
The optimal solution is found as follows:
The optimal product mix remains same
Hence, there is no change in the optimal solution.
Now, increases the unit profit on Aqua-spas upto $451.
The optimal solution is found as follows:
The optimal product mix changes and it found to be as
Hence, the unit profit on Aqua-spas would be changed upto 
before the optimal product mix changes.
10.
Increases the unit profit on Hydro-Luxes from $300 to $350.
The optimal solution is found as follows:
The optimal product mix changes and it found to be as
Now, find the optimal solution when unit profit on Aqua-spas as $349.
The screenshot is as follows:
The optimal product mix remains same
Hence, the unit profit on Hydro-Luxes would be changed upto 
before the optimal product mix changes.
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