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Linear Programming with decision variables and constraints
A professor has been contacted by four not-for-profit agencies that are willing to work with student consulting teams. The agencies need help with such things as budgeting, information systems, coordinating volunteers, and forecasting. Although each of the four student teams could work with any of the agencies, the professor feels that there is a difference in the amount of time it would take each group to solve each problem. The professor's estimate of the time, in days, is given in the table below.
Projects
Team Budgeting Information Volunteers ForecastingA 32 35 15 27B 38 40 18 35C 41 42 25 38D 45 45 30 42
1. Define the linear programming model with its decision variables and its constraints.
2. Use the computer solution generated by Excel (Solve) to see which team works with which project. Provide the Excel file.
Each coffee table produced by the Timothy Kent Designers nets firm profit of $9. Each bookcase yields a $12 profit. This post describes how to find out the objective function for maximizing total profits and provides the answer.
The investor hires a researcher who randomly samples 19 warehouses that are for sale and finds that the mean price per square metre is $316,70, with a standard deviation of $12.90. If the researcher uses a 5% level of significance, what statistica..
This solution describes the concepts of shadow price and maximization problem, differences between graphical and computer-based methods of solving LP problems differ, and sensitivity analysis in decision making process.
Formulate linear programming model for this problem. Mention the objective function (minimize or maximize) and all model constraints. Solve this model graphically. Identify the following: each constraint line, feasible solution area, x1, x2 and Z..
PERT Method of project scheduling - PERT requires three time estimates for scheduling a given activity. PERT assumes that the actual activity times are distributed according to the beta probability distribution.
Show the three options given above. Include in your discussion the issues involved and the advantages and disadvantages of each. Which do you consider would be the most beneficial to Eastrex and DSV?
You are required to produce a management report from the perspective of a consultant, reporting back to your client - the CEO of an overseas museum.
Discuss the use of PERT/CPM techniques for managing projects. Describe what PERT/CPM does. Discuss advantages and disadvantages of using it.
Your business, a closely held corporation with 4 other shareholders, is in serious financial trouble. A lender has suggested that it might provide lending if you could reduce your current debt load by 50%.
Quantitative Analysis for decision making class
Briefly explain Evolution and contributor of Operations management.
Assume you have the role of top management at a major global electronics company that is developing a wireless device capable of on-demand music and video downloads from anywhere on the globe.
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