Exam 13: Introduction to Prescriptive Analytics

In a linear programming model, the parameter values in an objective function are referred to as the

In Excel, random observations can be generated, however random seed cannot be set, requiring values to be cut and pasted.

When using R, how do you store shipping costs?

The Monte Carlo simulation relies solely on average values to capture risk and uncertainty.

Watkins Trucking has two warehouses that service four retail locations for Harmons Hardware. The first warehouse supplies up to 180 pallets a week and the second warehouse supplies 300 pallets a week. The orders received weekly from Harmons are 75 pallets for the 1^st location and 50 pallets for locations 2, 3, & 4. Formulate the objective function for the total shipping costs.

Constraints with slack or surplus in the linear programming solutions are called binding constraints.

The shadow price, or dual price, of a constraint is an indication of the change in the optimized value of an objective function in a one unit change in a binding constraint.

Based on the following sensitivity results on constraints, what is the optimal LP solution for Products 1 and 2?

In a LP solution, constraints with slack are called ________ constraints.

An integer programming model which involves selection of investment is classified as what type of problem?

Prescriptive analytics is the process of using decision analysis tools to improve decision making.

By viewing the following Excel snapshot, in Excel Solver what would be entered to formulate B11, Material (units) for Quantity?

A CNBC study in 2017 determined only 35% of adults have zero to only a couple of hundred dollars in a savings account. With n = 5 and p = 0.35, using the binomial probability distribution, what is the mean and the standard deviation of the population? Hint: $\sigma$ =

At Taste of Thyme coffee shop a dirty chai latte creates a profit point of $2.83 for a small and $3.36 for a large. In a month, 225 small lattes were sold and 285 large lattes. As a fast growing demand item with fall approaching, the demand is estimated at 400 and 420 per month. The amount of machine time needed to produce the lattes is 5 minutes and 7 minutes each or for a month, 16.47 hours a month for a small and 33.25 hours a month for a large. What is the maximization function for profit?

Numerical values that are associated with objective function, decision variables, and constraints are called _________.

The first step in performing linear programming is

Integer Programming, like Linear Programming, requires the analyst to round to the nearest integer for optimization.

Based on the following Variable cells segment of a Solver Sensitivity Report, what range does Product 1 per-unit profit fall between at 300 units?

Martin is evaluating 4 projects for potential capital funding. However, he only has $90,000 for Year one, and $50,000 for the remaining years to invest. Unfortunately, he cannot receive any additional funds unspent from year to year. Based on the following data, what is the constraint for the Year 1 integer programming formulation?

Lane Accessories has a growing demand for custom Apple watch designer bands. The current manufacturing costs are $120 per hour to operate, for each hour of operation, 210 black band designs and 180 multi-color designs are completed. However, Lane found a new larger manufacturing space that will cost $160 per hour and produce 325 black design bands and 289 multi-color bands per hour completed. Lane has newly placed orders to restock other retail outlets nationwide for 6,000 black band designs and 5,000 multi-color bands. Because Lane is out of inventory, she needs to decide how many hours to operate each facility to fulfill orders while minimizing cost. Formulate the orders for black design bands.