How do linear programming, the linear decision rule, thesearch decision rule, and the management coefficients modeldiffer in terms of cost functions and output?
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How do linear programming, the linear decision rule, the
search decision rule, and the management coefficients model
differ in terms of cost functions and output?
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- The Tinkan Company produces one-pound cans for the Canadian salmon industry. Each year the salmon spawn during a 24-hour period and must be canned immediately. Tinkan has the following agreement with the salmon industry. The company can deliver as many cans as it chooses. Then the salmon are caught. For each can by which Tinkan falls short of the salmon industrys needs, the company pays the industry a 2 penalty. Cans cost Tinkan 1 to produce and are sold by Tinkan for 2 per can. If any cans are left over, they are returned to Tinkan and the company reimburses the industry 2 for each extra can. These extra cans are put in storage for next year. Each year a can is held in storage, a carrying cost equal to 20% of the cans production cost is incurred. It is well known that the number of salmon harvested during a year is strongly related to the number of salmon harvested the previous year. In fact, using past data, Tinkan estimates that the harvest size in year t, Ht (measured in the number of cans required), is related to the harvest size in the previous year, Ht1, by the equation Ht = Ht1et where et is normally distributed with mean 1.02 and standard deviation 0.10. Tinkan plans to use the following production strategy. For some value of x, it produces enough cans at the beginning of year t to bring its inventory up to x+Ht, where Ht is the predicted harvest size in year t. Then it delivers these cans to the salmon industry. For example, if it uses x = 100,000, the predicted harvest size is 500,000 cans, and 80,000 cans are already in inventory, then Tinkan produces and delivers 520,000 cans. Given that the harvest size for the previous year was 550,000 cans, use simulation to help Tinkan develop a production strategy that maximizes its expected profit over the next 20 years. Assume that the company begins year 1 with an initial inventory of 300,000 cans.Define the decision variables ,Formulate the objective function, Formulate the constraints Sears Investment has $250,000 available to invest in a 12-month commitment. The money can be placed in Treasury notes yielding an 8% return or in municipal bonds at an average rate of return of 9%. Bank regulations require diversification to the extent that a t least 50% of the investment be placed in Treasury notes. Because of defaults in such municipalities as California and Texas, it is decided that no more than 40% of the investment be placed in bonds. How much should Sears Investment invest in each security so as to maximize its return on investment?Please answer this using EXEL AND SOLVER ADD IN. Include and identify decision variables, objective, and constraints. Please also upload what the info in solver you added was!!!! It is summertime and your winter coat factory is trying to decide its production schedule and staffing level for the next season. You are forecasting demand of 5000 coats in October, 8000 coats in November, 8000 coats in December, 12000 coats in January, 12000 coats in February and 9000 coats in March. You want to manufacture these coats at the lowest cost possible during your production window (October-March). The first decision you need to make is how many people to hire. Each employee will cost $2500 a month. You don’t want to hire or fire any employees mid-season in order to minimize disruptions in your factory floor. You can have employees idle if there isn’t sufficient work for them to do. Employees still need to be paid even if they are idle. An employee works 20 business days a month and takes half a…
- Mr Chan lives with his parents in Aberdeen. He owns a flat in causeway bay. The order of preference of ways for him to use his flats as follow 1st choice: run a restaurant. 2nd choice: rent it out. 3rd choice: live in it. Explain how the cost of using the flat to run the restaurant maybe affected if, a. The market rental rate sharply increases. b. His parents health deteriorates and there is an increasing need for him to take care of them. c. He has employed a cook at a salary lower than the market ratePlease explain the answer with explanation asap: a) Which OR problem is this? b) Decision variable? c) Objective and objective function? d) Constraints?The Lake Sharkey BBQ Pit serves slow cooked beef brisket by the pound. Based on historical sales during the Labor Day weekend, management has forecasted brisket sales in pounds as shown in the following table. Lake Sharkey spends $14 to produce each pound of brisket for which it charges $23 per pound. Any unsold brisket at the end of the weekend is ground into chili which sells for $12 per pound. How many pounds of brisket should The Lake Sharkey BBQ Pit prepare for sale this Labor Day?Demand in pounds Probability500 0.101000 0.401500 0.302000 0.152500 0.05
- John is interested in finding a ute car. Below is the summary of his criteria and the choices that he has selected as potential cars that he may purchase. Conduct TOPSIS in an Excel spreadsheet to determine the best car that he should purchase. What do the results suggest? Note: Calculate the data given below in the same way as the rating scale. There is no need to convert the data into the rating scale before the calculation.A payoff table is given as: S1 S2 S3 D1 250 750 500 D2 300 -250 1200 D3 500 500 600 (a) What choice should be made by the optimistic decision maker? (b) What choice should be made by the conservative decision maker? (c) What decision should be made under minimal regret? (d) If the probabilities of d1, d2, and d3 are .2, .5, and .3, respectively, then what choice should be made under expected value?The Gotham City News is moving to a paywall subscription service rather than a free news website with unlimited access. If Subscribers would like to access more than ten articles per month, they will need to pay a monthly subscription fee of $22. However, if they are also weekly subscribers of the print edition of the newspaper, they receive a 60% discount on the on-line subscription rate. The monthly rate for the print edition of the newspaper is $29. Based on the market research, the Times believes that 24% of the households that order the print edition will also order the website subscription. While there are basically no variable costs to the website version, the print edition does cost $23 per month to print and dekiver to households. Market research indicates that the average length a current print edition subscriber will continue subscribing is only 16 months if they choose to also purchase the on-line subscription. Under these assumptions, what is the expected 3 year CLV for…
- Garfield Industries is expanding its operations throughout the Southeast United States. Garfield anticipates that the expansion will increase sales by $1,000,000 and increase operating costs (excluding depreciation and amortization) by $700,000. Depreciation and amortization expenses will rise by $50,000, interest expense will increase by $150,000, and the company’s tax rate will remain at 40 percent. If the company’s forecast is correct, how much will net income increase or decrease, as a result of the expansion?A small building contractor has recently experienced two successive years in which work opportunities exceeded the firm’s capacity. The contractor must now make a decision on capacity for next year. Estimated profits under each of the two possible states of nature are as shown in the tablebelow. Which alternative should be selected if the decision criterion is:a. Maximax?b. Maximin?c. Laplace?d. Minimax regret?NEXT YEAR’SDEMANDAlternative Low HighDo nothing $50* $60Expand 20 80Subcontract 40 70The following table represents sales data for milk (in hundred liters) sold by a grocery.Do the computations to fill out the table and answer the following questions:1. Using MAD as the criterion, which of the following models would you use for thegiven time series data? Why?A. Naïve approach;B. 5-month SMA model;C. WMA model with weights 0.1, 0.3, and 0.6; orD. ES model with α = 0.5 and a forecast of 3,500 liters in the first month.NOTE: In answering Item 1, mention the whole description of the model; i.e., not just“SMA model”, but “SMA model with n = ...”; not just “WMA model”, but “WMA modelwith weights ...”; not just “ES model”, but “ES model with α = ...”.2. Interpret the MAD of the most accurate among the forecasting models above.3. Based on your decision in Item 1, what should be the forecast for Month 11?