Linear Programming Models), Basic Statistics

Assignment Help:
#This is a chance to perhaps incorporate some of your experience, interests, and career business/management goals and ambitions within the context of an individual project paper. I want you to make-up your own problem and apply the linear programming tools and techniques we have been learning (Chapters 7 and 8). So you do not need to use real data here; instead, a reasonable and plausible objective function and constraints will suffice.

Pretend I am your boss or your client (i.e., you are a consultant). So I expect this paper to be 100% professional (neat, typed, error-free, descriptive, easy for me to read and follow, etc.) in nature. You are in college and, for most of you, English is your native language; that should be reflected in the quality of your writing (spelling, punctuation, grammar, etc.). At this point in your life and academic career this is assumed; i.e., you get no credit for writing at an acceptable level... instead, you incur severe sanctions if you do not.

Your problem will have exactly two variables (an X1 and an X2) and will incorporate a maximization (either profit or revenue) objective. You will include at least four constraints (not including the X1 = 0 and X2 = 0 [i.e., the “Non-negativity” or “Duh!”] constraints). At least one of these four must be a “=” constraint, and at least one other must be a “=” constraint; do not include any “= only” constraints. You must have a unique Optimal Solution Point; i.e., no unboundedness or infeasibility problems and no alternative optimal solutions.

You will make up the context, the particular numbers (objective function coefficient values), and the relationships (constraint equations and values) for your problem. I expect your model to be reasonable, plausible, and thoughtfully derived and explained—but not necessarily an accurate reflection of reality (i.e., you can make up the numbers).

Make sure you incorporate all of the topics we have gone over. Of course, it is clearly not good enough to just “mention and briefly define” any of these topics and leave it at that; instead, you need to incorporate each in your paper within the context of your problem/situation. Present and discuss your problem (background, objective, constraints, etc.) in “English” and then supplement that in “Math” (linear programming) language. (This is an extremely important part of your paper, and something that you will have to do a lot when you graduate and start a career.) The overwhelming majority of your paper will be written in “English,” with a bit of “Math” language stuff thrown in (as opposed to lots of “Math” language with a bit of “English” thrown in...).

Draw each constraint equation’s own individual graph. Then draw one “final” graph that includes the feasible region, the optimal objective function line (you need to actually graph it; do not just estimate where it goes!), and the optimal solution point. Perhaps the best way to draw these graphs is using a computer program such as EXCEL.

Make sure you incorporate (as discussed above) your objective function, constraints, slack and surplus values, optimal solution, optimal objective function value, sensitivity analysis, range of optimality, range of feasibility, dual prices, shadow prices, reduced costs, and anything else that we have discussed that is relevant to your project’s problem/situation.

While much of your work will be narrative, of course you should feel free to draw pictures, construct tables, use (and explain!) math equations and “math language,” etc., as you think appropriate and necessary. Re-stating some or all of your computer output in some other form is certainly ok; in fact, that is a big part of this projectquestion..

Related Discussions:- Linear Programming Models)

Time series, discuss the nature and causes of the components of an economic...

discuss the nature and causes of the components of an economic time series?

Test of hypothesis, A toothpaste company wants to know if its new products ...

A toothpaste company wants to know if its new products increases the length of time in between dentists visits for its uses. The company sets a target of 180 days to determine if i

Karl Pearsons, ). Calculate Karl Pearson’s coefficient of correlation from...

). Calculate Karl Pearson’s coefficient of correlation from the following data , using 20 as the working mean for price and 70 as the working mean for demand: Price: 14 16 17 18 1

Derive the pure strategy nash equilibrium, There are two firms competing in...

There are two firms competing in quantity. Firm 1 and 2 set their quantities supplied, q1 and q2, respectively. The production costs are zero. The market price is given by

Read the passage below. What kind of variables are these — n, To examine a ...

To examine a program for educating health professionals in a sports injury clinic about the importance of keeping detailed medical records, a researcher does a controlled trial i

Statistic using IBM SPSS, Comment on the sample size, measure of central te...

Comment on the sample size, measure of central tendency, dispersion, kurtosis, and skewness.Use the z -scores in the book (or calculate your own) to provide this response. What doe

Co-relation, Co-relation: Co-relation in this case studies the behavior how...

Co-relation: Co-relation in this case studies the behavior how each of the investment opportunity would react to any event vis – a vis each other. The same is measured in terms of

Plural sense, explain all the nature of statistics

explain all the nature of statistics

Definition of bonded warehouse, Bonded warehouse is a storage area under Cu...

Bonded warehouse is a storage area under Customs authority that is imported dutiable goods on which duty is unpaid and these are stored. Once the duty & other charges are paid the

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd