Which of the following is not an advantage of simulation?

a) Simulation is relatively straightforward and flexible.

b) Good simulation models are usually inexpensive to develop.

c) "Time compression" is possible.

d) Simulation can study the interactive effects of individual variables.

e) Simulations do not interfere with real-world systems.

How does social class affect life chances?

What is an example of assistive technology for the purpose of recreation and leisure?

What is the difference between monogamy and polygamy?

Ram Roy's firm has developed the following supply, demand, cost, and inventory data. Allocate production capacity to meet demand at a minimum cost using the transportation method. What is the cost? Assume that the initial inventory has no holding cost in the first period and backorders are not permitted.

Supply Available

List the techniques used by service organizations to select locations.

What are the key insights and policy implications of the social construction of illness?

What is Gilbert and Kahl's model of social class?

Southeast Soda Pop, Inc., has a new fruit drink for which it has high hopes. John Mittenthal, the production planner. has assembled the following cost data and demand forecast:

John's job is to develop an aggregate plan. The three initial options he wants to evaluate are:

• Plan A: a strategy that hires and fires personnel as necessary to meet the forecast.

• Plan B: a level strategy.

• Plan C: a level strategy that produces $1,200$ cases per quarter and meets the forecast demand with inventory and subcontracting.

Which strategy is the lowest-cost plan?

Even though independent gasoline stations have been having a difficult time, Ian Langella has been thinking about starting his own independent gasoline station. Ian's problem is to decide how large his station should be. The annual returns will depend on both the size of his station and a number of marketing factors related to the oil industry and demand for gasoline. After a careful analysis, Ian developed the following table:

For example, if Ian constructs a small station and the market is good, he will realize a profit of $\$ 50,000$.

Develop a decision tree. Assume each outcome is equally likely, then find the highest EMV.

How are ethnocentrism and cultural relativism related?

At this point, SMT representatives expressed great concern about the possibility of inflation in material costs. The IBM negotiators volunteered to include a form of price escalation in the contract, as previously agreed among themselves. IBM representatives suggested that if overall material costs changed by more than $10 \%$, the price could be adjusted accordingly. However, if one party took the initiative to have the price revised, the other could require an analysis of all parts and materials invoices in arriving at the new price.

Another concern of the SMT representatives was that a large amount of overtime and subcontracting would be required to meet IBM's specified delivery schedule. IBM negotiators thought that a relaxation in the delivery schedule might be possible if a price concession could be obtained. In response, the SMT team offered a $5 \%$ discount, and this was accepted. As a result of these negotiations, the SMT price was reduced almost $20 \%$ below its original bid price.

In a subsequent meeting called to negotiate the prices of certain pipes to be used in the system, it became apparent to an IBM cost estimator that SMT representatives had seriously underestimated their costs. He pointed out this apparent error because he could not understand why SMT had quoted such a low figure. He wanted to be sure that SMT was using the correct manufacturing process. In any case, if SMT estimators had made a mistake, it should be noted. It was IBM's policy to seek a fair price both for itself and for its suppliers. IBM procurement managers believed that if a vendor was losing money on a job, there would be a tendency to cut corners. In addition, the IBM negotiator felt that by pointing out the error, he generated some goodwill that would help in future sessions.

What are the limitations of the learning curve in this case?

Jonatan Jelen is considering opening a bicycle shop in New York City. Jonatan enjoys biking, but this is to be a business endeavor from which he expects to make a living. He can open a small shop, a large shop, or no shop at all. Because there will be a 5 -year lease on the building that Jonatan is thinking about using, he wants to make sure he makes the correct decision. Jonatan is also thinking about hiring his old marketing professor to conduct a marketing research study to see if there is a market for his services. The results of such a study could be either favorable or unfavorable. Develop a decision tree for Jonatan.

Refer to the CPA firm in Problem 24 In planning for next year, Cohen estimates that billable hours will increase by $10 \%$ in each of the 6 months. He therefore proceeds to hire a fifth CPA. The same regular time, overtime, and outside consultant (i.e., Forrester) costs still apply.

Develop the new aggregate plan and compute its costs.