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30 points
(TCO 1) Given a business scenario, evaluate the role different
modeling techniques might play in finding solutions.
Scenario
1.(TCO
1)You are thinking of opening a small copy shop. It costs $5,000 to rent a
copier for a year and it costs $0.03 per copy (including paper) to operate the
copier. Other fixed costs of running the store will amount to $400 per month.
You plan to charge an average of $0.10 per copy, and the store will be open 365
days per year. Each copier can make up to 100,000 copies per year.
ØUsing
the file entitled Scenario 1 Solution available in the Week 8 Materials
directory in Doc Sharing answer the following questions:
ØShow
all of your work for each step. You will need to copy and paste from the Excel
spreadsheets for each step as appropriate.
35 points
(TCO 2) Given a managerial problem and accompanying scenario for
which a constrained optimization model is appropriate, identify the appropriate
model components, translate them to equation form, solve the optimal solution,
perform a sensitivity analysis, and use the results to decide on a course of
action relative to the problem
35 points
(TCO 3) Given a business scenario, you should be able to
recognize it as one of four types (transportation, assignment, logistic, or
shortest path); identify the nodes and arcs; specify the input variables,
decision variables, objective function, and constraints; and solve for an
optimal solutions perform, a sensitivity analysis, and interpret the results.
30 points (TCO 4)Given a business
situation and accompanying data set and Excel template for which
decision-making under uncertainty model is appropriate, you should be able to
describe the major steps in formulating the model; identify the appropriate
variables and their respective roles in the model; construct the major
components such as the payoff table and the likelihood of outcomes; and solve
the model and interpret the results.
Scenario
A
farmer must decide whether to take protective action to limit damage to his
grapefruit crop in the event that the overnight temperature falls to a level
well below freezing. If the temperature drops too low he runs the risk of
losing his entire crop, valued at $75,000. Based on the National Weather Service,
the probability of such a temperature drop is 60%. He can insulate his crop by
spraying water on all the trees, which will cost $20,000. This action might
succeed in protecting the crop, with the following possible outcomes:
35 points
(TCO 5)Given a managerial problem and accompanying data set and
Excel template for which simulation is an appropriate solution approach,
identify the possible probability distributions that might be used; construct
the model and generate the output distribution; and interpret the results and
perform an analysis to determine the sensitivity of the system to changes in
operating conditions.
35 points
(TCO 6)Given a business case, such as one requiring the analysis
of service businesses and using the provided data and Excel template, develop a
model that describes the likely performance of the system; discuss the
limitations of the model; and identify the components that are sensitive to
changes.
30 points
(TCO 7)Given a managerial problem and accompanying scenario for
which a multiple regression analysis is appropriate, identify the appropriate
model components, fit a regression model to the data, determine the validity
and utility of the model, and use the model, if appropriate, to determine a
course of action intended to deal with a problem.
Scenario
1.The
station manager of a local television station is interested in predicting the
amount of television (in hours) that people will watch in the viewing area. The
explanatory variables are: X1 age (in years), X2 education (highest level obtained, in years), and X3family size (number of
family members in household). The multiple regression output is shown below:
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