Here is my fileChapter 8 Slides by John Loucks St. Edward’s University ‹#› © 2016 Cengage...

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Here is my fileChapter 8 Slides by John Loucks St. Edward’s University   ‹#› © 2016 Cengage Learning.  All Rights Reserved.  May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted     in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.   ‹#› ‹#› Exam Time Management Three hour exam 3 Cases Allocate time for each section Allow time at the end to read over your answers Never leave early … there is always more that you can write  2   ‹#› © 2016 Cengage Learning.  All Rights Reserved.  May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted     in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.   ‹#› Exam Format The final Exam is worth 40 %. The exam paper is made of the following: Case A: Linear programming and graphical presentation Objective function and constraints Graphical representation of optimal solution and feasible area 3 questions 10,20,10 marks. Total 40 marks Case B: 	Sensitivity analysis Deacreas/increase in objective function and its impact on optimal solution marks 3   ‹#› © 2016 Cengage Learning.  All Rights Reserved.  May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted     in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.   ‹#› Binding/non-binding constraints Shadow price Allowable increase/decrease 5 questions 6 marks each. Total 30 marks Case C:	Network model Develop the network model for a big question 1 question 30 marks   ‹#› © 2016 Cengage Learning.  All Rights Reserved.  May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted     in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.   ‹#› Mathematical Models Objective Function – a mathematical expression that      describes the problem’s objective, such as maximizing      profit or minimizing cost Consider a simple production problem.  Suppose x     denotes the number of units produced and sold     each week, and the firm’s objective is to maximize      total weekly profit. With a profit of $10 per unit, the      objective function is 10x.   ‹#› © 2016 Cengage Learning.  All Rights Reserved.  May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted     in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.   ‹#› Mathematical Models Constraints – a set of restrictions or limitations, such as production capacities To continue our example, a production capacity constraint would be necessary if, for instance, 5 hours are required to produce each unit and only 40 hours are available per week. The production capacity constraint is given by 5x  0      (constraint) 	[The second constraint reflects the fact that it is not possible to manufacture a negative number of units.] Mathematical Models   ‹#› © 2016 Cengage Learning.  All Rights Reserved.  May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted     in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.   ‹#› ‹#› Mathematical Models Uncontrollable Inputs (Environmental Factors) Controllable Inputs (Decision Variables) Output (Projected  Results) Mathematical Model   ‹#› © 2016 Cengage Learning.  All Rights Reserved.  May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted     in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.   ‹#› Example:  Iron Works, Inc. 		Iron Works, Inc. manufactures two products and just received this month's allocation of b pounds of steel.  It takes a1 pounds of steel to make a unit of product 1 and a2 pounds of steel to make a unit of  	product 2.  		Let x1 and x2 denote this month's production level of 	product 1 and product 2, respectively.  Denote by p1 and 	p2 the unit profits for products 1 and 2, respectively. 		Iron Works has a contract calling for at least m units of product 1 this month.  At most u units of product 2 may be produced monthly.    ‹#› © 2016 Cengage Learning.  All Rights Reserved.  May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted     in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.   ‹#› Example:  Iron Works, Inc. Mathematical Model The total monthly profit =  			(profit per unit of product 1)  		     x (monthly production of product 1)  	                 + (profit per unit of product 2)  	            x (monthly production of product 2)   				   =  p1x1 + p2x2 	We want to maximize total monthly profit: 				Max   p1x1 + p2x2   ‹#› © 2016 Cengage Learning.  All Rights Reserved.  May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted     in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.   ‹#› Example:  Iron Works, Inc. Mathematical Model (continued) The total amount of steel used during monthly production equals:  	         (steel required per unit of product 1)              x (monthly production of product 1)           + (steel required per unit of product 2)  	        x (monthly production of product 2)  				    =  a1x1 + a2x2 	     This quantity must be less than or equal to the 		allocated b pounds of steel:   				   a1x1 + a2x2   m The monthly production level of product 2 must be less than or equal to u : 				         x2  0   ‹#› © 2016 Cengage Learning.  All Rights Reserved.  May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted     in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.   ‹#› Example:  Iron Works, Inc. Mathematical Model Summary 		                 Max    p1x1 + p2x2 		                 s.t.       a1x1 + a2x2    m

Harshit · Accepted Answer

Case Study 1
1. The purposes of the Statements of Accounting Concepts 1 (SAC 1) is as follows:
· It explains and define the reporting entity concept
· It provides the details and the presentation format that is required to be maintained by the reporting entity or minimum required quality of financial reporting.
· It also mentions the situations in which an entity will be known as Reporting entity
· It determines the boundaries of the financial reporting for the reporting entity.
· It also provides that the reporting entity should prepare the general purpose financial reports complying with the Statements of Accounting Concepts and Accounting Standards.
2. Reporting entity concept according to Statements of Accounting Concepts 1 (SAC 1) are as follows:
· There are various concepts of reporting entity available in the system which specifies that which entities should prepare the general purpose financial reports. These concepts are divided in two parts 
(i) Legal Entity Concept:

Chapter 8 Slides by John Loucks St. Edward’s University ‹#› © 2016 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in...

Answer To: Chapter 8 Slides by John Loucks St. Edward’s University ‹#› © 2016 Cengage Learning. All Rights...

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