What is the relationship between transportation models and more general logistics models? Explain how these two types of linear optimization models are similar and how they are different.
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What is the relationship between transportation models and more general logistics models? Explain how these two types of linear optimization models are similar and how they are different.
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- Seas Beginning sells clothing by mail order. An important question is when to strike a customer from the companys mailing list. At present, the company strikes a customer from its mailing list if a customer fails to order from six consecutive catalogs. The company wants to know whether striking a customer from its list after a customer fails to order from four consecutive catalogs results in a higher profit per customer. The following data are available: If a customer placed an order the last time she received a catalog, then there is a 20% chance she will order from the next catalog. If a customer last placed an order one catalog ago, there is a 16% chance she will order from the next catalog she receives. If a customer last placed an order two catalogs ago, there is a 12% chance she will order from the next catalog she receives. If a customer last placed an order three catalogs ago, there is an 8% chance she will order from the next catalog she receives. If a customer last placed an order four catalogs ago, there is a 4% chance she will order from the next catalog she receives. If a customer last placed an order five catalogs ago, there is a 2% chance she will order from the next catalog she receives. It costs 2 to send a catalog, and the average profit per order is 30. Assume a customer has just placed an order. To maximize expected profit per customer, would Seas Beginning make more money canceling such a customer after six nonorders or four nonorders?How is duality used to transform optimization problems in various domains, such as economics or finance?Explain the term “Constrained Optimization” as Thaler used in the first chapter of Misbehaving.
- "Using an optimization model, a company wants to determine the most efficient way to allocate its resources to maximize profits. The company produces multiple products that require different amounts of raw materials, labor, and machine time. The production process has multiple constraints and the company wants to ensure that it meets customer demand while minimizing costs. Analyze the company's production process, formulate an optimization model, and recommend the optimal resource allocation strategy to maximize profits.Kara wants to open a retailing outlet in her town. Her family has been in the business of selling hardware items before. She wants to take this business forward by opening a store that caters to the hardware supplies industry. What kind of retail outlet will Kara most likely open? A. discount retailer B. supermarket C. department store D. specialty retailer E. convenience store Chan handles the distribution network for a company that creates custom-made software for companies. He requires constant feedback about customer needs so he can use this information to upgrade his software. What kind of distribution channel should Chan incorporate in order to do justice to the company’s overall service? A. only deal with wholesalers B. involve many intermediaries C. create a long distribution channel D. create a horizontal distribution channel E. create a short distribution channelWhat are Linearly constrained optimization problems?
- WhAt is Integer Linear Optimization and how it is solved?hapter 9. TechConsult Projects Ltd provides technical services to various small businesses in the San Antonio area. They have four technicians available to schedule and Tech1 can work for 160 hours, Tech2 can work for 110 hours, Tech3 can work for 160 hours, and Tech4 can work for 130 hours in the next month. Four clients are seeking technical services from the company and each of them requires 140 hours of technical support in the next month. The billing rates for the technicians are based on the type of work each client project requires and the skills they have. The rates in dollars per hour are as follows. Based on the E-clips example from the textbook, you can see that this is an assignment problem because the goal of TechConsult is to maximize their billing for the month. Create a network, a linear program, and find the optimal values of the hours that each technician should be assigned for each client and answer the questions below the table (it is okay to round to whole numbers…XYZ Mutual Fund is seeking to invest $80 million in real estate projects with high potential returns. The fund has identified several investment opportunities, each with a specific investment cost and expected economic benefit (see the table below). The goal is to maximize the total economic benefit by selecting a combination of projects to invest in while staying within the budget mentioned above. However, there are several constraints to consider, including the requirement to invest in at least four projects in total, with at least two of them being environmentally friendly (projects that are considered environmentally friendly are: 3, 5, 9, and 10). Additionally, if project 3 is selected, then project 4 must also be chosen, but project 4 can be chosen independently of project 3. The fund cannot make partial or fragmented investments, and projects cannot be purchased multiple times as each project is unique. The challenge is to determine the optimal combination of projects that will…
- XYZ Mutual Fund is seeking to invest $80 million in real estate projects with high potential returns. The fund has identified several investment opportunities, each with a specific investment cost and expected economic benefit (see the table below). The goal is to maximize the total economic benefit by selecting a combination of projects to invest in while staying within the budget mentioned above. However, there are several constraints to consider, including the requirement to invest in at least four projects in total, with at least two of them being environmentally friendly (projects that are considered environmentally friendly are: 3, 5, 9, and 10). Additionally, if project 3 is selected, then project 4 must also be chosen, but project 4 can be chosen independently of project 3. The fund cannot make partial or fragmented investments, and projects cannot be purchased multiple times as each project is unique. The challenge is to determine the optimal combination of projects that will…XYZ Mutual Fund is seeking to invest $80 million in real estate projects with high potential returns. The fund has identified several investment opportunities, each with a specific investment cost and expected economic benefit (see the table below). The goal is to maximize the total economic benefit by selecting a combination of projects to invest in while staying within the budget mentioned above. However, there are several constraints to consider, including the requirement to invest in at least four projects in total, with at least two of them being environmentally friendly (projects that are considered environmentally friendly are: 3, 5, 9, and 10). Additionally, if project 3 is selected, then project 4 must also be chosen, but project 4 can be chosen independently of project 3. The fund cannot make partial or fragmented investments, and projects cannot be purchased multiple times as each project is unique. The challenge is to determine the optimal combination of projects that will…A one-day vaccination clinic has forecast the number of workers needed according to the table shown below. Workers can work either an 8-hour, 10-hour, or 12-hour shift. The respective costs per worker are $150, $180, and $210. Determine the least cost schedule. In each case, a worker can start at the beginning of any 2-hour period that allows them to work the next 8, 10, or 12 hours, respectively. Time Period Workers Needed 8-10 13 10-12 16 12-2 18 2-4 20 4-6 19 6-8 9