Management science. JuliaS Food Booth

Introduction Management science entails application and development of forms and concept that are important in helping to clarify management issues and in solving problem encountered in management. These models can be represented verbally, mathematically and at times visual through the use of technology.Advertising We will write a custom report sample on Management science. Julia‘S Food Booth specifically for you for only $16.05 $11/page Learn More Management science solves problem and issues in various field which include; education, food production industries, agriculture sectors, water sector, telecommunication industries and medical fields (Taylor, 2010). Behavioral Economist branch of science and management helps in solving various problems in the departments; it invites theoretical papers, laboratory experiments as well as field studies. The main objective of behavioral economist department is to support the study and guide in person’s decision making as well as assemblies. It is converted that studies of units like psychology, sociology, statistics and economics may improve thoughts on creativity and innovations on cognitive standards of behavior change towards novel insights on finances. Specialization in any trade and open policy into proper administration should be reinforced as far as achievements of behavioral economics laws are put under consideration. The case was about Julia’s food business of pizza slices, barbeque sandwiches and hot dogs. Each food type was given a specific variable as shown: x1 represents pizza slices, x2 for hot dogs while x3 represented barbeque sandwiches. The model below was formulated to embody the initial home game, dependent on summation given below $0.75Ãâ€"1+ 0.45Ãâ€"2+0.90Ãâ€"3 less or equal to one thousand five hundred Fifty five thousand two hundred and ninety six was greater or equal to summation of 24Ãâ€"1+16Ãâ€"2+25Ãâ€"3Advertising Looking for report o n business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The model was maximized as follows z= $0.75Ãâ€"1+1.05Ãâ€"2+1.35Ãâ€"3. After computing the above equations X1, x2, x3 were greater than or equal to zero this clearly indicates that these variables were non-negative number. On the other hand, x2 was divided by x3 the result obtained was equal or greater than two; this shows that x2 is twice x3 and the summation of x2 and x3 was found to be larger than x1. From above scenario the numbers of pizza slices in Julia’s food stall were in higher production indicating that pizza were highly demand (Buglear, 2005). In Julia’s food booth eight slices of pizza were to cover an area of one hundred and ninety six inches, this shows that each slice occupied an area of twenty four and a half inches. Moreover, the stall contain sixteen shelves where each shelf has a dimension thirty six by forty eight inches this shows one thous and seven hundred and twenty eight inches squared shelves space was available. To get the total space vacant for food storage the numbers of shelves were multiplied by the size of each shelf summing to twenty seven thousand six hundred and forty eight inches squared. The number of pizza slices was one thousand two hundred and fifty; hot dogs summed to one thousand and fifty only while there were no barbeque sandwiches. All this foods gave a total profit of two thousand two hundred and fifty dollars (Taylor, 2010). From the yield obtained that is two thousand two hundred and fifty dollars of the original game by Julia, one thousand dollars was used to clear her lease per every game played. In addition to that, she used one hundred dollars to pay for warming oven lease cost that forced her to double her effort so as to meet the target.Advertising We will write a custom report sample on Management science. Julia‘S Food Booth specifically for you for only $16.05 $11 /page Learn More Following the fact that the function of model formulation of one thousand five hundred dollars which was the net profit that she ought to use in purchasing the ingredients in the next home game. This explains why she was left with only one thousand one hundred and fifty dollars for the next game’s preparations. If Julia was to raise her earnings twice as much so that it worthiness could slightly add to one and a half dollars on every extra dollar, then she had to play a cool game of more inputs increment. This could have increased her top figure to approximately one thousand six hundred and fifty nine dollars hence expressing the importance of having a loan of almost one hundred and fifty nine dollars. Certainly if in any case she keeps on adding more and more returns, exemplarily for two hundred and thirty eight dollars thus totaling to two thousand and four hundred and eighty eight dollars would have been realized. This achievement of such hu ge revenues was not easy to be achieved by a single individual hence calling for external supports thus improving division of labor (Anderson et.al 2010). To improve the quality of food produced in the stall requires Julia to hire extra workers, this will enhance continuous production and a lot of food will be produced. The extra cost encountered in hiring more employees would be catered for by the profit she earned in the business. One major factor that interferes with Julia’s business is the weather conditions this is due to the fact that during the rainy season the buyers will not be many, on very cold or hot weathers fans are negligible and consumes little including the times when all the games are sellouts. From the model formulation results presented above there is a clear explanation that Julia will make a profit of one thousand dollars which is her target if everything goes well. However, this seem to be impossible to accomplish her target of one thousand dollars for each game this is due to her having little slack in her profit margin The computations were as follows MaximizeAdvertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Z=$0.75Ãâ€"1+1.05Ãâ€"2+1.35Ãâ€"3 Subject to: $0.75Ãâ€"1+0.45Ãâ€"2+0.90Ãâ€"3=1500 24Ãâ€"1+16Ãâ€"2+25Ãâ€"3=55296 X1=x2+x3 X2/x3=2.0 If x1=0, then x2+x3 must be a negative number. When x2=0, x3=0 Thus 24Ãâ€"1+16(0) +25(0) =55296 24Ãâ€"1=55296 X1=2304 A: x1=2304 X2=0 X3=0 Z=$1728 B: X1=0 X2=0 X3=1667 Z=$2250 C: X1=0 X2=3456 X3=0 Z=$3628 The results were as follows; X1=1250 pizza slices X2=1250 hot dogs X3=0 barbeque sandwiches Z=$2250 Variables Value X1 1250 X2 1250 X3 0 Table 1 The value of pizza slices and hot dogs were one thousand two hundred and fifty while there were no barbeque sandwiches. Constraints Slacks Price C1 0 1728 C2 0 2250 C3 1378 3628 Table 2 From the above table Julia attained an optimal price at B while she made surplus of one thousand three hundred and seventy eight at C. From the above Julia’s food business it was of no paradox to say that this trade made quite favorable that subsequently determined the interest earned by her which included the climatic conditions, the number of consumers in a game, labor availability as well as the ingredients at hand. When these factors were well managed lead to increment of her output these included hiring of an additional worker hence more profit. In this section management science has been used to solve the problems and issues encountered in Julia’s food booth. It was clearly indicated that pizza slices were on a higher demand than hot dogs and barbeque sandwiches that lead to a higher production level. References Anderson, D. R., Sweeney, D. J., Williams, T. A., Camm, J. D., Martin, R. K. (2010) Quantitative methods for business. (11th Ed.) Mason, OH: South-western (Cengage). Buglear, J. (2005) Quantitative methods for business: the A to Z. Oxford, U.K.: Elsevier Butterworth-Heinemann Taylor, B. M. (2010). Taylor, B. M. (2010). Introduction to management science (10th ed.). Upper Saddle River, NJ: Pearson/Prentice Hall This report on Management science. Julia‘S Food Booth was written and submitted by user Brayan Conley to help you with your own studies. 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