Which Two Different Methods Would You Use For Each Of The Following Decisions, And Describe Why?
Assignment 2
Part 3. Supporting Decisions
a) In parts 1 and 2 we have used two different methods to support the decisions – Goal Seek and Solver. Indicate which of these two methods would you use for each of the following decisions, and describe why?
i. A company wants to introduce a new product line and needs to know the level of product sales required to have a profit of $2 million dollars.
ANs
Solve decisions is used.
ii. A company wants to know the mix of a number of different products and services that need to be sold to break even (ie. have a profit of zero)
ANS
Goal Seek
b) Give examples of other decisions that could use Excel:
i. An example using Goal Seek
Land buying and properties dealing
ii. An example using Solver
Computers
Part 3. Supporting Decisions
a) In parts 1 and 2 we have used two different methods to support the decisions – Goal Seek and Solver. Indicate which of these two methods would you use for each of the following decisions, and describe why?
i. A company wants to introduce a new product line and needs to know the level of product sales required to have a profit of $2 million dollars.
ANs
Solve decisions is used.
ii. A company wants to know the mix of a number of different products and services that need to be sold to break even (ie. have a profit of zero)
ANS
Goal Seek
b) Give examples of other decisions that could use Excel:
i. An example using Goal Seek
Land buying and properties dealing
ii. An example using Solver
Computers