We mention that the differences between qualitative and quantitative analytics are not necessarily about differences in the analytics methods used as much as it is about the different stages of analysis. As we consider descriptive and predictive analytics techniques used to address business risks, how would you go about determining how these techniques might align with qualitative and quantitative methods used in addressing the initial stages of risk identification?
In: Operations Management
The objective function can be maximization or minimization.
The LP must have at least three decision variables.
The LP must have at least three constraints.
a) Solve the LP you create by using the Simplex Method. You can use Big-M or Two-Phase Method if needed. Show each iteration in detail. You should have at least 2 iterations and at most five iterations. If your model is not obeying this rule, please change your model and randomly generate a new model. Make sure that you obtain a single optimal solution.
b) Indicate clearly the optimal basic and nonbasic variables and their values and write the reduced cost of each optimal nonbasic variable.
c) Find the dual of the primal problem you have on hand.
d) Find the optimal dual solution by using the two methods you have learned in class.
e) Verify that your primal and dual solutions are indeed optimal using the Complementary Slackness theorem. Show your work clearly.
f) For the basic variables at the optimal solution, create your optimal tableau this time by using matrix operations.
g) Change the right-hand-side value of one of the constraints. Make sure that your current solution becomes infeasible and you apply the Dual Simplex Method to recover feasibility.
h) Change the objective function coefficient of one basic variable and one nonbasic variable if all nonbasic variables are not slack variables. If you do not have a nonbasic variable which is an original variable for your problem, then change the objective function coefficient of two basic variables. Make sure that your current solution becomes nonoptimal and you apply the Primal Simplex Method to recover optimality.
i) Add a new constraint into your model. Make sure that the new constraint is not satisfied by the current optimal solution and you apply the Dual Simplex Method to recover feasibility.
j) Add a new activity (a new decision variable) into your model. Make sure that your current solution becomes non-optimal and you apply the Primal Simplex Method to recover optimality.
Hint 1: Please use this theorem for question d)
Theorem 1 (Sufficient Optimality Criterion): If x0 and y0 are feasible solutions to the primal and dual problems such that z = cx0 = y0b = w, then x0 and y0 are optimal solutions to their respective problems.
Theorem 2 (Strong Duality): In a primal-dual pair of LPs, if either the primal or the dual problem has an optimal feasible solution, then the other problem does also have an optimal solution and the two optimal objective values are equal.
I really can't solve and these questions are connected to each other so please help as much as you can! It's also for my learning. Thanks for your effort!
In: Operations Management
Discuss three strategies or practices identified in the book
that you feel are most important in planning, composing, and
revising professional documents. Which of these do you use? Which
part of the process do you spend more time on: revising, editing,
or proofreading? Why?
In: Operations Management
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2. Get ready Read the following description of a problem and possible solutions. Problem: One of the subproblems for Quest Specialty Travel is that their educational tours are not very popular. Possible solutions: · Create a partnership with established educational tour company · Focus on one type of educational travel, such as cooking · Add class or workshop to every cultural and adventure tour · Coordinate with on-site schools |
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3. Now you try it In the following space, review the list of possible solutions to the problem of unpopular educational tours and then complete Table 1 or Table 2 according to the guidelines in the “Evaluating Options” chapter. Table 1: Comparing options
1 = This option is better than the other option Table 2: Ranking and weighting options
Points: Rank each option by assigning 1-5
points for each criterion |
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In: Operations Management
Why is the format of advisement more depend on the target market rather than the target audience?
Why is the importance of TV ads faded in the U.S. Market?
Why do so many businesses rather advertise there products and services online rather than traditional TV, or newspaper ads.?
In: Operations Management
Kaizen process that most of us are familiar with and demonstrates how the tools of Lean can be used to improve the process. Select another simple process that you are familiar with (possible examples include - unloading a dishwasher, getting ready to leave the house in the morning, ordering food at a drive up window, studying for an exam, or any process you've carried out multiple times) Identify at-least 3 forms of waste in the process and then select 3 of the tools from Lean to improve each the forms of waste you identified.
In: Operations Management
In: Operations Management
the government allowed supermarkets to operate in light of the spread of the Corona epidemic 19. how will you import your stock of goods in light of this epidemic and how will your new approach to buying be in this situation
In: Operations Management
Using an example, explain why a business must identify and leverage its competitive advantages in order to gain and maintain market share in competitive industries.
In: Operations Management
Is Amazon a dot-com success, borderline business, or failure? What information forms the basis of your decision? Why? When answering these questions, pay special attention to the company’s two-year trends in revenues, cost of sales, gross margins, operating expenses, and net margins.
In: Operations Management
The Travel Luggage Company “LugPro” designs and manufactures several different styles of soft- and hardcover luggage, briefcases, hanging bags, and purses. Their best-selling item is a line of hardcover luggage called the Trotter. It is produced in a basic five-stage assembly process that can accommodate several different outer coverings and colors. The assembly process includes constructing a heavy-duty plastic and metal frame; attaching the outer covering; joining the top and bottom and attaching the hinge mechanism; attaching the latches, lock, and handle; and doing the finishing work, including the luggage lining. Several hundred new pieces of luggage of particular shape and color are initiated through the assembly process each week in the company’s two factories. Travel Luggage Company also runs its own logistics operations to serve their customers in their 200 outlets all around Middle East.
1- Answer shortly the following questions: (6 Marks, 1.5 Marks each)
a) Name three main functions, which are found in every organization, in Travel Luggage Company.
b) What constitutes operations in Travel Luggage Company? Name at least three activities?
c) Describe the inputs and outputs of Travel Luggage Company’s manufacturing operations.
d) Name and explain at least three differences between Travel Luggage Company’s operations and a bank’s operations?
In: Operations Management
Topic 3
Book: Operations and Supply Chain Management Jacobs & Chase 14e
6. a.) Evaluate the forecasting model using 3 month moving average, and 3 month moving weighted average, and exponential. The weights are .5 for the most recent demand, .25 for the other months. Alpha = .3. Use the weighted moving average for January Forecast.
b.) Calculate MAD and MAPE for each and compare. Which method is a better forecast and why?
Demand
Oct 300
Nov 360
Dec 425
Jan 405
Feb 430
Mar 505
Apr 550
May 490
In: Operations Management
Chapter 12 in the “Questions and Exercises” section of 12.4 answer questions #1 & 3.
In what ways is data collected at Rent the Runway?
How does data enhance the customer experience?
How does data enhance firm operations? How does it help cut costs and improve efficiency?
In: Operations Management
With its innovative strategy of transforming logistics delivery to third party from traditional carriers such as USPS, UPS and FedEx, can Amazon succeed in reducing its logistic costs and fulfilling its promise to efficiently deliver the brown box to its customer in 2 days? PLEASE SUPPORT ANSWERS WITH PROPER DATA DESCRIPTIONS.
In: Operations Management
Choose and evaluate three TV commercials in terms of product, brand awareness/ recognition. Use AIDA model to explain the effectiveness of each commercial.
In: Operations Management