Reference no: EM131319064
The potential revenues of all projects are in fact uncertain. The company determines that the revenue for project 1 is following a uniform distribution ranging from $1,200,000 to $2,000,000. The revenue for project 2 is distributed normally, with a mean of $1,500,000 and a standard deviation of $200,000. The revenue for project 3 follows a triangular distribution with a minimum of $1,350,000, maximum of $1,600,000, and it is most likely to be $1,500,000. The revenue for project 4 is distributed normally, with a mean of $1,800,000 and a standard deviation of $800,000.
a.) Formulate and LP model for this problem with the objective of minimizing the probability of having a profit that is less than $1,600,000?
b.) Paste screen shots of your model with formulas, solutions and your solver setting.
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Three employees in his carpet cleaning business
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Minimizing the probability of having a profit
: a.) Formulate and LP model for this problem with the objective of minimizing the probability of having a profit that is less than $1,600,000? b.) Paste screen shots of your model with formulas, solutions and your solver setting.
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