Which of the following are the steps to the Business Decision Modeling Process?
A. Problem Identification, Problem Definition, Problem Modeling, Initial Model Results, Review and Iteration, and Implementation.
B. Problem Initiation, Problem Definition, Problem Modeling, Initial Model Results, Review and Iteration, and Final Model Results.
C. Problem Identification, Problem Definition, Problem Modeling, Model Initiation, Review and Iteration, and Final Model Results.
D. Problem Initiation, Problem Definition, Problem Modeling, Model Initiation, Review and Iteration, and Implementation.
2. A producer of pottery is considering the addition of a new plant to absorb the backlog of demand that now exists. The primary location being considered will have fixed costs of $10,400 per month and variable costs of $0.73 per unit produced. Each item is sold to retailers at a price that averages $0.92
a) The volume per month is required in order to break even = Blank 1 (in whole number)
b) The profit or loss would be realized on a monthly volume of 61,000 units = Blank 2
c) The volume is needed to obtain a profit of $16,000 per month = Blank 3 (in whole number)
d) The volume is needed to provide revenue of $23,000 per month = Blank 4 (in whole number)