BIAM 400 Final Course Project For more course tutorials visit

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30 points

(TCO 1) Given a business scenario, evaluate the role different modeling techniques might play in finding solutions.

Scenario

1.(TCO 1)You are thinking of opening a small copy shop. It costs $5,000 to rent a copier for a year and it costs $0.03 per copy (including paper) to operate the copier. Other fixed costs of running the store will amount to $400 per month. You plan to charge an average of $0.10 per copy, and the store will be open 365 days per year. Each copier can make up to 100,000 copies per year.

Ă˜Using the file entitled Scenario 1 Solution available in the Week 8 Materials directory in Doc Sharing answer the following questions:

Ă˜Show all of your work for each step. You will need to copy and paste from the Excel spreadsheets for each step as appropriate.

35 points

(TCO 2) Given a managerial problem and accompanying scenario for which a constrained optimization model is appropriate, identify the appropriate model components, translate them to equation form, solve the optimal solution, perform a sensitivity analysis, and use the results to decide on a course of action relative to the problem

35 points

(TCO 3) Given a business scenario, you should be able to recognize it as one of four types (transportation, assignment, logistic, or shortest path); identify the nodes and arcs; specify the input variables, decision variables, objective function, and constraints; and solve for an optimal solutions perform, a sensitivity analysis, and interpret the results.

30 points (TCO 4)Given a business situation and accompanying data set and Excel template for which decision-making under uncertainty model is appropriate, you should be able to describe the major steps in formulating the model; identify the appropriate variables and their respective roles in the model; construct the major components such as the payoff table and the likelihood of outcomes; and solve the model and interpret the results.

Scenario

A farmer must decide whether to take protective action to limit damage to his grapefruit crop in the event that the overnight temperature falls to a level well below freezing. If the temperature drops too low he runs the risk of losing his entire crop, valued at $75,000. Based on the National Weather Service, the probability of such a temperature drop is 60%. He can insulate his crop by spraying water on all the trees, which will cost $20,000. This action might succeed in protecting the crop, with the following possible outcomes:

35 points

(TCO 5)Given a managerial problem and accompanying data set and Excel template for which simulation is an appropriate solution approach, identify the possible probability distributions that might be used;

construct the model and generate the output distribution; and interpret the results and perform an analysis to determine the sensitivity of the system to changes in operating conditions.

35 points

(TCO 6)Given a business case, such as one requiring the analysis of service businesses and using the provided data and Excel template, develop a model that describes the likely performance of the system; discuss the limitations of the model; and identify the components that are sensitive to changes.

30 points

(TCO 7)Given a managerial problem and accompanying scenario for which a multiple regression analysis is appropriate, identify the appropriate model components, fit a regression model to the data, determine the validity and utility of the model, and use the model, if appropriate, to determine a course of action intended to deal with a problem.

Scenario

1.The station manager of a local television station is interested in predicting the amount of television (in hours) that people will watch in the viewing area. The explanatory variables are: X1 age (in years), X2 education (highest level obtained, in years), and X3family size (number of family members in household). The multiple regression output is shown below:

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BIAM 400 Week 1 iLab

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BIAM 400 Final Course Project For more course tutorials visit www.tutorialrank.com BIAM 400 Final Course Project 30 points (TCO 1) Give...

Published on Mar 15, 2019

BIAM 400 Final Course Project For more course tutorials visit www.tutorialrank.com BIAM 400 Final Course Project 30 points (TCO 1) Give...

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