Exam 13: Introduction to Prescriptive Analytics

At Taste of Thyme coffee shop a dirty chai latte creates a profit point of $2.79 for a small and $3.33 for a large. In a month, 240 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 110 hours. The amount of machine time needed to produce the lattes is 7 minutes and 7 minutes each or for a month, 16.67 hours a month for a small and 34.16 hours a month for a large. What is the corresponding parameters formulation for machine time?

Martin is evaluating 4 projects for potential capital funding. However, he only has $150,000 for Year one, and $55,000 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?

Deterministic process is

In a transportation model, when constructing the constraints, the points of demand are classified as _________.

Based on the following Variable cells segment of a Solver Sensitivity Report, what range does Product 1 per-unit profit fall between at 400 units?

Based on the following sensitivity results on constraints, how would an increase in machine hours impact the LP solution?

In Excel, the worksheet needs to be prepared prior to running the Solver. As such, the total (total return), cell G8, shows the total of the expected return for approved projects. What is the formula that must be set in G8 to capture the results accurately?

Lane Accessories has a growing demand for custom Apple watch designer bands. The current manufacturing costs are $140 per hour to operate, for each hour of operation, 205 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 7,000 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.

As a manager, Mike uses linear programming (LP) to formulate a problem into a series of mathematical expressions. __________ refers to the choices or alternatives Mike selects to minimize or maximize the value of his goals.