Exam 13: Introduction to Prescriptive Analytics

Martin is evaluating 4 projects for potential capital funding. However, he only has $90,000 for Year one, and $50,000 for the remaining three years to invest. Each of the four projects is projected to generate an expected return of $350,000, $400,000, $385,000, and $450,000 respectively. Based on the summary information provided, what is the Expected Return objective function?

At Taste of Thyme coffee shop a dirty chai latte creates a profit point of $2.85 for a small and $3.80 for a large. In a month, 200 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, 16.67 hours a month for a small and 33.25 hours a month for a large. What is the maximization function for profit?

Sampson Ltd produces two products that can be produced on either of two machines. Each month, only 500 hours of time are available on each machine. The time required to produce each item by hour and machine is: The demand and price point for each product that customers are willing to pay are above. The company goal is to maximize revenue from sales from the next two months. Based on the provided information, how many constraints does this problem have excluding the non-negativity constraints?

When using R, how do you store shipping costs?

By viewing the following Excel snapshot, in Excel Solver what would be entered to formulate the Objective Function for E3?

At Taste of Thyme coffee shop a dirty chai latte creates a profit point of $2.85 for a small and $3.80 for a large. In a month, 200 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 allotted machine time for both lattes is 90 hours. The amount of machine time needed to produce the lattes is 5 minutes and 7 minutes each or for a month, 16.67 hours a month for a small and 33.25 hours a month for a large. What is the corresponding parameters formulation for machine time?

The objective function is a mathematical representation of an objective.

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 = 4 and p = 0.43, using the binomial probability distribution, what is the mean and the standard deviation of the population? Hint: $\sigma$ = np(1 - p)

Which one of the following is not an essential component of linear programming?

Martin is evaluating 4 projects for potential capital funding. However, he only has $100,000 for Year one, and $45,000 for the remaining three years to invest. Each of the four projects is projected to generate an expected return of $350,000, $400,000, $385,000, and $450,000 respectively. Based on the summary information provided, what is the Expected Return objective function?

If x₁ and x₂ are outside of the feasibility region, what does that mean?

Be it a capital project selection or a transportation, a manager's goals are what drives the projects. In IP the manager's goal translates to the ______ function in programming.

The Monte Carlo simulation is also known as

Lane Accessories has a growing demand for custom Apple watch designer bands. The current manufacturing costs are $130 per hour to operate, for each hour of operation, 245 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 5,000 black band designs and 7,000 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.

Binomial and Poisson distributions are the two most relevant probability distributions for Monte Carlo simulations.

When using Excel to model uncertainty, the RAND function and BINOM.INV functions are used. What key is used to redraw new observations, changing the output?

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

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 minimization function for production costs.

Continuous uniform distribution, also known as the rectangular distribution, captures the time that elapses between occurrences.

The following Excel Solver Results show capital projects selected for investment. When constructing the Solver parameters, the "subject to the constraints" need to be set. What two constraints are required?{MISSING IMAGE}