Department of Management, UTSC
MGTC74C Analysis for Decision Making – L30
Assignment #1 – Fall 2012
• Due Monday Oct. 1, 2012 in class. Late assignments will not be accepted. Please clearly put your section number on your assignment.
Problem 1
The Whitt Window Company is a company with only...
Decision theory
From Wikipedia, the free encyclopedia
Decision theory in economics, psychology, philosophy, mathematics, and statistics is concerned with identifying the values, uncertainties and other issues relevant in a given decision, its rationality, and the resulting optimaldecision. It is very...
rdgp
Frequency: Annual
Period: 1950-2007
Number of observations: 58
Our first task is to compute the trend component of GDP:
Let’s use the method described in Doepke’s book.
First of all we need to compute the growth rate of real GDP for each period: we will create new variable GRATET it shows us...
solve equations using Excel. Within the Kellogg School, it is used in multiple courses, including Operations Management, Finance I and II, Strategic Decision Making, and Pricing Strategies, among others. This handout explains the basics of using the Solver for three examples, an operations example (a network...
regression analysis)
1. Decide from which aspect (age, monthly gross earnings, mortgage) the people are more
homogenous. Explain your answer.
2. Compute and explain the central tendencies of the number of children.
3. Fill in the following table with the frequency and relative frequency. What is the...
Jacqueline Knew
MGT600-1202B-09: Business Research for Decision Making
Unit 1 DB 1
April 24, 2012
I have been in the military for 13 years and really don’t have much experience in the business field. I would like to use a more decision I made in my life, which was trying to choose rather get...
engines loaded on each truck to 100. If each truck still costs $1,000, how does the decision impact annual inventory costs at Harley? What should the cost of each truck be if a load of 100 engines is to be optimal for Harley?
Problem 3 (10 points). Smith Company purchases components from three...
open access at Springerlink.com
Abstract Consumer sales promotions are usually the result of the decisions of two marketing channel parties, the manufacturer and the retailer. In making these decisions, each party normally follows its own interest: i.e. maximizes its own profit. Unfortunately, this...
Introduction
OUTLINE
12.7 12.8 12.9
Quantity Discount Models Use of Safety Stock ABC Analysis
Importance of Inventory Control Inventory Control Decisions Economic Order Quantity: Determining How Much to Order Reorder Point: Determining When to Order Economic Production Quantity: Determining How Much...
complexity).
Optimality
Once the complexity of an algorithm has been estimated, the question arises whether this algorithm is optimal. An algorithm for a given problem is optimal if its complexity reaches the lower bound over all the algorithms solving this problem. For example, any algorithm solving “the...
Maximum for M
S,M ≥ 0
The solution obtained using The Management Scientist software package is shown below:
OPTIMAL SOLUTION
Objective Function Value = 2486956.522
Variable Value Reduced Costs
-------------- --------------- ...
which a solution to a transportation problem is found and evaluated using a special procedure to determine whether the solution is optimal.
If the solution is already optimal, the process stops.
Balanced problem: situation of equal demand and supply (which is rare in real life)
Northwest Corner Rule:...
NP-complete problems. While there have been many approaches to solve the winner determination problem via search, this search has not been extended to compute the Vickrey payments. The naive approach is to consecutively solve each problem using the same search algorithm. We present an extension to this procedure...
SIX LINEAR PROGRAMMING
INTRODUCTION
Linear programming is a powerful quantitative tool used by operations managers and other managers to obtain optimal solutions to problems that involve restrictions or limitations, such as the available materials, budgets, and labour and machine time. These problems...
Decision-making using marginal analysis
People make economic decisions everyday. As a consumer you have to decide how to spend your limited money income on goods and services. As a consumer you also have to decide whether you will spend all of your income on goods and services or save some of...
the led. The research considered the balanced type of transportation problems and showed how the initial solutions can be obtained as well as the optimal solution which is of great importance. The Vogel’s approximation method (VAM) was used to determine the initial solution while the Stepping stone (SS)...
a model for calculating the appropriate reorder point and the optimal reorder quantity to ensure the instantaneous replenishment of inventory with no shortages. It can be a valuable tool for small business owners who need to make decisions about how much inventory to keep on hand, how many items to order...
incremental IRR is the IRR of the difference between the cash flows of the two alternatives. The incremental IRR indicates the discount rate at which the optimal project choice changes.
9. When choosing among projects competing for the same resource, ranking the projects by their profitability indices and...
i. QM Result
a) What type of decision is Avrat Facing?
a. Avrat is making a decision under risk.
b) What decision criterion should he use?
b. Since Avrat is an optimistic decision maker, he should opt for the maximax decision making approach.
c) What alternative is...