Analysis Approach 1. Define the problem 2. Develop a model 3. Acquire input data 4. Develop a solution 5. Test the solution 6. Analyze the results 7. Implement the results 2. Decision Theory Six steps in decision making 1. Define the problem 2. List possible alternatives 3. Identify possible outcome or state of nature 4. List the payoff or profit of each combination of alternatives and outcomes 5. Select one of the decision theory model 6. Apply the model and make decision a. Decision-Making under certainty
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Problem 2.22: a. Formulate an LP model for this problem X1 = quantity of ornate‚ decorative wood frame doors produced X2 = quantity of windows produced Max Total Profit: 500X1+400X2 X1+0.5*X2≤40 0.5*X1+0.75*X2≤40 0.5 X1+X2≤60 X1‚ X2≥0 b. Sketch the feasible region Please refer to the graph below c. What is the optimal solution After calculations using solver in excel‚ we figure out that the max total profit available is $26‚000.00‚ when produce a mix of 20 units of doors and 40 units of windows
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Quantitative Methods in Business – Linear Programming 1- Statement of the Problem: Middle East for investment offers a bundle of investment options in many types of securities. Mr. Brown‚ an investor‚ would like to invest $ 5 million in various securities. He wishes to maximize his yearly profit over the next year. The investment company offered him a portfolio including Bonds‚ Stocks‚ Gold and Land. The expected return is 6% for Bonds‚ 14% for Stocks‚ 10% for Gold and 5% for Land. For diversification
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Chapter 2 An Introduction to Linear Programming 18. a. Max 4A + 1B + 0S1 + 0S2 + 0S3 s.t. 10A + 2B + 1S1 = 30 3A + 2B + 1S2 = 12 2A + 2B + 1S3 = 10 A‚ B‚ S1‚ S2‚ S3 0 b. c. S1 = 0‚ S2 = 0‚ S3 = 4/7 23. a. Let E = number of units of the EZ-Rider produced L = number of units of the Lady-Sport produced Max 2400E + 1800L s.t. 6E + 3L 2100 Engine time L 280 Lady-Sport maximum
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Julia’s Food Booth Julia Robertson is a senior at Tech‚ and she’s investigating different ways to finance her final year at school. She is considering leasing a food booth outside the Tech stadium at home football games. Tech sells out every home game‚ and Julia knows‚ from attending the games herself‚ that everyone eats a lot of food. She has to pay $1‚000 per game for a booth‚ and the booths are not very large. Vendors can sell either food or drinks on Tech property‚ but not both. Only the Tech
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that she is Chaya now. In some ways she is accepting but in many ways she is also still in denial. I know that she is still in denial and that she still knows she is Hannah. Near the beginning of the book she is transported into the world of chaya and she does not like it‚ she wants to go home so when she sees a door that makes her think that it’s her way back because it’s they way that she got there. Although it’s the way she got there its not her way back because when she opens the door she does
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definition of communication‚ the success of the Linear and Circular model of communication is dependent upon how successful the message is transmitted and if there is a desired effect on the person that is addressed in the communication process. Aristotle’s model of communication came to the conclusion that the last person in the communication chain; the receiver holds the key to whether or not proper communication has taken place. In Shannon and Weavers 1949 model of communication the communication process
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are run by qualified tutors from Kingston Adult Education. There is no limit to how many courses you wish to apply for but places are limited. You will receive a confirmation note of your booking via your child. Similarly you will be informed should it not be possible to run a course due to low numbers. Please complete the attached form and return by Friday 11th February 2011. Cheques should be made payable to Coombe Hill Junior School. For all enquiries please contact Victoria Thompson on
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Linear Programming Model in Operation Research study is usually mathematical type of model which contains set of equations that represent objective function and constraints. The keywords in this article are Objective Function and Constraints‚ according to Heizer & Render (2008) Objective Function are mathematical expression expressed in linear programming designed to maximizes or minimizes some quantity‚ for example profit can maximized while the cost might be reduced. The objective function is also
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Linear Programming is a mathematical technique useful for allocation of scarce or limited resources to several competing activities on the basis of given criterion of optimality.The usefulness of linear programming as a tool for optimal decision-making on resource allocation‚ is based on its applicability to many diversified decision problems. The effective use and application requires‚ as on its applicability to many diversified decision problems. The effective use and application requires‚ as a
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