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Solution Manual for Statistics for Management and Economics 11th Edition by Keller

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Solution Manual for Statistics for Management and Economics 11th Edition by Keller

Chapter 1

1.2 Statistics for Management and Economics  Descriptive techniques summarize data. Inferential techniques draw inferences about a population based on sample data.

1.3 Statistics for Management and Economics  a The population is the 25,000 registered voters.

b The sample is the 200 registered voters.

cThe 48% figure is the statistic

 

1.4 Statistics for Management and Economics  a The population is the complete production run.

b The sample is comprised of the 1,000 chips.

c The parameter is the proportion of defective chips in the production run.

d The statistic is the proportion of defective chips in the sample.

e The 10% figure refers to the parameter.

fThe 7.5% figure refers to the statistic.

g We can estimate the population proportion is 7.5%. Statistical inference methods will allow us to determine whether we have enough statistical evidence to reject the claim.as the sample proportion.

 

1.5 Statistics for Management and Economics  Draw a random sample from the population of graduates who have majored in your subject and a random sample of graduates of other majors and record their highest salary offers.

 

1.6 Statistics for Management and Economics  a Flip the coin (say 100 times) and record the number of heads (assuming that you are interested in the number of heads).

b The population is composed of the theoretical result of flipping the coin an infinite number of times and recording either “heads” or “tails”.

cThe sample is comprised of the “heads” and “tails” in the sample.

d The parameter is the proportion of heads (again assuming that your interest is the number of heads rather than tails) in the population.

e The statistic is the proportion of heads (or tails depending on the choice made in part d).

fThe sample statistic can be used to judge whether the coin is actually fair.

 

1.7 a We would conclude that the coin is not fair.

b We may conclude that there is some evidence that the coin is not fair.

 

1.8 aThe population is made up of the propane mileage of all the cars in the fleet.

b The parameter is the mean propane mileage of all the cars in the fleet.

c The sample is composed of the propane mileage of the 50 cars.

d The statistic is the mean propane mileage of the 50 cars in the sample.

e We can use the sample statistic to estimate the population parameter.

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DescriptionEdition: 11th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant DownloadBy: Stevenson Edition: 13th Edition Format: Downloadable ZIP Fille Resource Type: Solution Manual Duration: Unlimited downloads Delivery: Instant DownloadBy: Starks Edition: 9th Edition Format: Downloadable ZIP Fille Resource Type: Solution Manual Duration: Unlimited downloads Delivery: Instant DownloadBy: Wisner Edition: 5th Edition Format: Downloadable ZIP Fille Resource Type: Solution manual Duration: Unlimited downloads Delivery: Instant DownloadBy: Brigham Edition: 15th Edition Format: Downloadable ZIP Fille Resource Type: Test bank Duration: Unlimited downloads Delivery: Instant DownloadBy: Swink Edition: 4th Edition Format: Downloadable ZIP Fille Resource Type: solution manual Duration: Unlimited downloads Delivery: Instant Download
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Solution Manual for Statistics for Management and Economics 11th Edition by Keller

Chapter 1

1.2 Statistics for Management and Economics  Descriptive techniques summarize data. Inferential techniques draw inferences about a population based on sample data. 1.3 Statistics for Management and Economics  a The population is the 25,000 registered voters. b The sample is the 200 registered voters. cThe 48% figure is the statistic   1.4 Statistics for Management and Economics  a The population is the complete production run. b The sample is comprised of the 1,000 chips. c The parameter is the proportion of defective chips in the production run. d The statistic is the proportion of defective chips in the sample. e The 10% figure refers to the parameter. fThe 7.5% figure refers to the statistic. g We can estimate the population proportion is 7.5%. Statistical inference methods will allow us to determine whether we have enough statistical evidence to reject the claim.as the sample proportion.   1.5 Statistics for Management and Economics  Draw a random sample from the population of graduates who have majored in your subject and a random sample of graduates of other majors and record their highest salary offers.   1.6 Statistics for Management and Economics  a Flip the coin (say 100 times) and record the number of heads (assuming that you are interested in the number of heads). b The population is composed of the theoretical result of flipping the coin an infinite number of times and recording either “heads” or “tails”. cThe sample is comprised of the “heads” and “tails” in the sample. d The parameter is the proportion of heads (again assuming that your interest is the number of heads rather than tails) in the population. e The statistic is the proportion of heads (or tails depending on the choice made in part d). fThe sample statistic can be used to judge whether the coin is actually fair.   1.7 a We would conclude that the coin is not fair. b We may conclude that there is some evidence that the coin is not fair.   1.8 aThe population is made up of the propane mileage of all the cars in the fleet. b The parameter is the mean propane mileage of all the cars in the fleet. c The sample is composed of the propane mileage of the 50 cars. d The statistic is the mean propane mileage of the 50 cars in the sample. e We can use the sample statistic to estimate the population parameter.

Solution Manual for Operations Management 13th Edition by Stevenson

chapter 19 Linear Programming Teaching Notes The main goal of this supplement is to provide students with an overview of the types of problems that have been solved using linear programming (LP). In the process of learning the different types of problems that can be solved with LP, students also must develop a very basic understanding of the assumptions and special features of LP problems of management test bank. Students also should learn the basics of developing and formulating linear programming models for simple problems, solve two-variable linear programming problems by the graphical procedure, and interpret the resulting outcome. In the process of solving these graphical problems, we must stress the role and importance of extreme points in obtaining an optimal solution. Improvements in computer hardware and software technology and the popularity of the software package Microsoft Excel make the use of computers in solving linear programming problems accessible to many users. Therefore, a main goal of the chapter should be to allow students to solve linear programming problems using Excel. More importantly, we need to ensure that students are able to interpret the results obtained from Excel or any another computer software package. Answers to Discussion and Review Questions
  1. Linear programming is well-suited to constrained optimization problems that satisfy the following assumptions:
  2. Linearity: The impact of decision variables is linear in constraints and the objective function.
  3. Divisibility: Noninteger values of decision variables are acceptable.
  4. Certainty: Values of parameters are known and constant.
  5. Nonnegativity: Negative values of decision variables are unacceptable.
  6. The “area of feasibility,” or feasible solution space is the set of all combinations of values of the decision variables that satisfy all constraints. Hence, this area is determined by the constraints.
  7. Redundant constraints do not affect the feasible region for a linear programming problem. Therefore, they can be dropped from a linear programming problem without affecting the feasible solution space or the optimal solution.
  8. An iso-cost line represents the set of all possible combinations of two input decision variables that result in a given cost. Likewise, an iso-profit line represents all of the possible combinations of two output variables that results in a given profit.
  9. Sliding an objective function line towards the origin represents a decrease in its value (i.e., lower cost, profit, etc.). Sliding an objective function line away from the origin represents an increase in its value.
  10. a. Basic variable: In a linear programming solution, it is a variable not equal to zero.
  11. Shadow price: It is the change in the value of the objective function for a one-unit change in the right-hand-side value of a constraint.
  12. Range of feasibility: The range of values for the right-hand-side value of a constraint over which the shadow price remains the same.
  13. Range of optimality: The range of values over which the solution quantities of all the decision variables remain the same.
Solution to Problems
  1. a. Graph the constraints and the objective function:
  Material constraint: 6x1 4x2 ≤ 48 Replace the inequality sign with an equal sign: 6x1 4x2 = 48 Set x1 = 0 and solve for x2: 6(0) 4x2 = 48 4x2 = 48 x2 = 12 One point on the line is (0, 12). Set x2 = 0 and solve for x1: 6x1 4(0) = 48 6x1 = 48 x1 = 8 A second point on the line is (8,0).   Labor constraint: 4x1 8x2 ≤ 80 Replace the inequality sign with an equal sign: 4x1 8x2 = 80 Set x1 = 0 and solve for x2: 4(0) 8x2 = 80 8x2 = 80 x2 = 10 One point on the line is (0, 10). Set x2 = 0 and solve for x1: 4x1 8(0) = 80 4x1 = 80 x1 = 20 A second point on the line is (20, 0).   Objective function: Let 4x1 3x2 = 24. Set x1 = 0 and solve for x2: 4(0) 3x2 = 24 3x2 = 24 x2 = 8 One point on the line is (0, 8). Set x2 = 0 and solve for x1: 4x1 3(0) = 24 4x1 = 24 x1 = 6 A second point on the line is (6, 0).   The graph and the feasible solution space (shaded) are shown below:

Solution Manual for Concepts of Database Management 9th Edition by Starks

Chapter One: Introduction to Database Management

A Guide to this Instructor’s Manual:

We have designed this Instructor’s Manual to supplement and enhance your teaching experience through classroom activities and a cohesive chapter summary. This document is organized chronologically, using the same heading in red that you see in the textbook. Under each heading, you will find (in order): Lecture Notes that summarize the section, Figures and Boxes found in the section, if any, Teacher Tips, Classroom Activities, and Lab Activities. Pay special attention to TeacherTips and activities geared towards quizzing your students, enhancing their critical thinking skills, and encouraging experimentation within the software. In addition to this Instructor’s Manual, our Instructor’s Resources also include PowerPoint Presentations, Test Banks, Solutions to Exercises, and other supplements to aid in your teaching experience. You can access Instructor Resources via the Web at login.cengage.com. Table of Contents
Chapter Objectives1
1: BITS Company Background1
4: Database Solution2
10: Database Management Systems3
13: Advantages of Database Processing4
15: Disadvantages of Database Processing5
15: BigData5
16: Introduction to the colonial Adventure ToursDatabase Case6
21: Introduction to the Sports Physical Therapy Database Case6
End of Chapter Material7
Glossary of Key Terms7

Chapter Objectives

The learning objectives for chapter OneCare:  
  • Introduce Burk IT Solutions (BITS), the company that is used as the basis for many of the examples throughout the text
  • Introduce basic database terminology
  • Describe database management systems (DBMSs)
  • Explain the advantages and disadvantages of database processing
  • Introduce Colonial Adventure Tours, the company that is used in a case that appears at the end of each chapter
  • Introduce Sports Physical Therapy, the company that is used in another case that appears at the end of each chapter
1: BITS Company Background LECTURE NOTES
  • Describe the BITS company
  • Use Figure 1-1 to illustrate the problems associated with using spreadsheets to maintain this data
    • Redundancy
    • Difficulty accessing related data
    • Limited security features
    • Multiple updates
    • Size limitations
  • Define redundancy
    • Duplication of data or the storing of the same data in more than one place
  • Use the embedded Q & A on page 2 to discuss the problems redundancy causes
    • Wastes space
    • Makes changes more cumbersome
    • Can lead to inconsistencies
  • Use Figure 1-2 to introduce the type of data that BITS must be able to store and retrieve
    • Point out that the amounts in the Total column in Figure 1-2 are not stored in the database but are calculated
FIGURES: 1-1, 1-2 TEACHER TIPS Students will work with BITS in every chapter. They should become familiar with this fictitious company and the type of data it needs to maintain. The same type of data needs to be stored by other consulting companies or service providers. If you want to personalize the database, you have students add their name as a customer or you can have them rename the database using their own name rather than BITS. CLASSROOM ACTIVITIES
  1. Group Activities: Place students in groups and distribute order forms from local companies and/or retail stores. Ask the groups to determine the data the company must store and the data that is calculated.
  2. Class Discussion: Ask students what other types of data a service providers such as BITSwould need to maintain.
  3. Critical Thinking: BITS needs to maintain data on the consultants and what each one specializes in. Should BITS store this data in a spreadsheet? Why or why not?
4: Database Solution LECTURE NOTES
  • Define entity
    • Person, place, object, event, or idea for which you want to store and process data
  • Define attribute
    • Characteristic or property of an entity
    • Also called a field or column in many database systems
  • Use Figure 1-3 to point out the Consultant and Client entity and the attributes for each entity
  • Define relationship
    • An association between entities
  • Define one-to-many relationship
    • Each rep is associated with many customers, but each customer is associated with only one rep
  • Use Figure 1-4 to explain the one-to-many relationship between consultants and clients
  • Define data file
    • A file used to store data, such as a spreadsheet or word-processed document
  • Define database
    • A structure that can store information about multiple types of entities, the attributes of those entities, and the relationships among the entities
  • Point out the differences between a data file and a database
  • Use Figure 1-5 to review the tables (entities) that make up the BITS database
    • Consultant, Client, Tasks, OrderLine, Work Orders
  • Use Figure 1-6 to illustrate the problems with storing orders in the alternative table structure
  • Review the embedded Q & As on pages 8 through 9
  • Define entity-relationship (E-R)diagram
    • A visual way to represent a database
  • Use Figure 1-7 to illustrate an E-R diagram and review the entities, attributes, and relationships in the BITS database
FIGURES: 1-3, 1-4, 1-5, 1-6, 1-7 TEACHER TIPS Database concepts such as entity, attribute, and relationship are often difficult for students to grasp. Use examples that students can relate to, for example, a school database or a database maintained by the state department of public safety (driver’s licenses). A good analogy to use is an employment application form. The items that we complete on the form are attributes, and the completed application (entity example) describes the person who completed it. Figure 1-5 lists the five tables that make up the BITS database. Each table represents an entity. The data in the tables are related through common fields. It is these relationships that allow the user to access data from more than one table and produce reports, queries, and forms. Encourage students to use the embedded Q & As to test their understanding of the concepts as well as the design of the BITS database.  

Solution Manual for Principles of Supply Chain Management 5th Edition by Wisner

PRINCIPLES OF SUPPLY CHAIN MANAGEMENT: A BALANCED APPROACH, 5thEd. Answers to Questions/Problems Chapter One

Discussion Questions

  1. Define the term supply chain management in your own words, and list its most important activities.
Ans.: The Supply-Chain Council’s definition of supply chain management is“[m]anaging supply and demand, sourcing raw materials and parts, manufacturing and assembly, warehousing and inventory tracking, order entry and order management, distribution across all channels, and delivery to the customer. These are also the most important activities, however integration of key supply chain processes might also be included in there.
  1. Can a small business like a local sandwich or bicycle shop benefit from practicing supply chain management?What would they most likely concentrate on?
Ans.: Yes, any organization can implement at least some of the important concepts. A good place to start is the rationalization or reduction of the supply base. Small businesses might also want to concentrate on customers as a starting point.
  1. Describe and draw a supply chain for a bicycle repair shop and list the important supply chain members.
Ans.: This will vary from student to student, but should include for instance parts suppliers, bicycle suppliers and other suppliers (ie, helmet suppliers) and services (ie, repair services) as 1st-tier suppliers and bicycle owners as 1st-tier customers.
  1. Can a bicycle repair shop have more than one supply chain? Explain.
Ans.: Yes. Every repair item the firm stocks has potentially a different supply chain associated with it.
  1. What roles do “collaboration” and “trust” play in the practice of supply chain management?
Ans.: This is essential for process integration. Sharing information and determining joint strategies is part of the integration/collaboration process, and to do this, trust must be present between the customer/focal firm/supplier.
  1. Why don’t firms just become more vertically integrated (eg. buy out suppliers and customers), instead of trying to manage their supply chains?
Ans.: This could cause a loss of focus and keep managers/employees from doing their core competencies, resulting in loss of performance.
  1. What types of organizations would benefit the most from practicing supply chain management? What sorts of improvements could be expected?
 Ans.: Firms with many suppliers, many complex products, large inventories and many customers (in other words, firms with many supply chains). Gains would be lower purchasing costs, lower carrying costs, better product quality, and better customer service.
  1. What are the benefits of supply chain management?
Ans.: Reduction of the bullwhip effect, better buyer/supplier relationships, better quality, lower costs, better customer service, higher demand, more profits.
  1. Can nonprofit, educational, or government organizations benefit from supply chain management? How?
Ans.: Yes. All services and organizations can benefit in terms of at least better customer service, better inventory management, and cheaper purchase prices.

Test Bank for Fundamentals of Financial Management 15th Edition by Brigham

Note that there is an overlap between the T/F and multiple-choice questions, as some of the T/F statements are used in multiple-choice questions.   Multiple Choice: True/False  
 
1. In most corporations, the CFO ranks under the CEO.
a.True
b.False
 
ANSWER:  True
POINTS:  1
DIFFICULTY:  EASY
REFERENCES:  1-1 What Is Finance?
QUESTION TYPE:  True / False
HAS VARIABLES:  False
PREFACE NAME:  T/F
LEARNING OBJECTIVES:  FOFM.BRIG.17.01.01 - What Is Finance?
NATIONAL STANDARDS:  United States - BUSPROG.FOFM.BRIG.17.06 - Reflective thinking
STATE STANDARDS:  United States - OH - DISC.FOFM.BRIG.17.06 - Finance function
LOCAL STANDARDS:  United States - OH - Default City - Students will understand and be - Students will understand and be able to articulate the goals of the firm, the role of the finance function in the enterprise's organization, and as an analyst using public information.
TOPICS:  Role of finance
KEYWORDS:  Bloom's Knowledge
DATE CREATED:  9/21/2017 3:15 PM
DATE MODIFIED:  9/21/2017 3:15 PM
 
2. The Chairman of the Board must also be the CEO.
a.True
b.False
 
ANSWER:  False
POINTS:  1
DIFFICULTY:  EASY
REFERENCES:  1-1 What Is Finance?
QUESTION TYPE:  True / False
HAS VARIABLES:  False
LEARNING OBJECTIVES:  FOFM.BRIG.17.01.01 - What Is Finance?
NATIONAL STANDARDS:  United States - BUSPROG.FOFM.BRIG.17.06 - Reflective thinking
STATE STANDARDS:  United States - OH - DISC.FOFM.BRIG.17.06 - Finance function
LOCAL STANDARDS:  United States - OH - Default City - Students will understand and be - Students will understand and be able to articulate the goals of the firm, the role of the finance function in the enterprise's organization, and as an analyst using public information.
TOPICS:  Role of finance
KEYWORDS:  Bloom's: Knowledge
DATE CREATED:  9/21/2017 3:15 PM
DATE MODIFIED:  9/21/2017 3:15 PM
 

Solution Manual for Managing Operations Across the Supply Chain 4th Edition by Swink

Chapter 1 Introduction to Managing Operations Across the Supply Chain  Suggested Answers to Discussion Questions
  1. Review Fortune magazine’s “Most Admired” American companies for 1959, 1979, 1999, and the most current year. (The issue normally appears in August each year.) Which companies have remained on the top throughout this period? Which ones have disappeared? What do you think led to the survival or demise of these companies?
The companies that have stayed on top throughout this period are Southwest, Berkshire Hathaway, and Proctor and Gamble. UPS, Coca Cola, and GE were some of the companies that disappeared. The companies that were able to stay at the top of the list were the ones able to deal with major changes in the industry easily. In order to stay afloat in harder times, they were managed by people who understood operations management; they had a winning value proposition that was continually revitalized by the introduction of new products and services.  The companies that did not stay at the top unable to make the necessary changes so easily; perhaps their operations management was not at the caliber of the other companies able to stay at the top of the list.
  1. Select two products that you have recently purchased; one should be a service and the other a manufactured good. Think about the process that you used to make the decision to purchase each item. What product characteristics were most important to you? What operational activities determine these characteristics?
  Student answers to this question will vary. The following is an example from one student: “Two products I have recently purchased were a sweater and a haircut. The process I used to make the decision to purchase the sweater was trying on the sweater in different colors, contemplating the purchase at home, waiting for sweater to go on sale, and then purchasing it. The process I used to make the decision about where to get my haircut included researching pictures of how I wanted my hair to look, asking advice about where to go from friends, researching online for reviews about stylists, and getting my haircut by that stylist. I wanted to make sure both products were going to satisfy me enough so that I wouldn’t regret either purchase. I had to be comfortable with both my sweater and my new hair style, luckily I was! I also wanted both my sweater and my hair style to last for a while to make them worth the cost. The operational activities that determine these characteristics are the manufacturing, shipping and selling the sweater in stores. If the sweater was poorly made and didn’t fit correctly, I would not have purchased it. If it was not available (on the shelf) I could not have purchased it.  The operational activities that determine the characteristics of my hairstyle are the stylist arriving to work on time for my appointment, washing, cutting and blow drying my hair in a way that I was expecting (having sufficient capacity so that I did not have to wait too long). Since my hair was cut and styled the way I requested, I will be returning to that hair stylist.
  1. What are the primary operations management decisions in each of the following corporations?
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