State in which decision environment is linear programming most suited
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- Method of Least Squares, Goodness of Fit Deepa Dalal opened a free-standing radiology clinic. She had anticipated that the costs for the radiological tests would be primarily fixed, but she found that costs increased with the number of tests performed. Costs for this service over the past nine months are as follows: Month Radiology Tests Total Cost January 2,800 $133,500 February 2,600 135,060 March 3,100 175,000 April 3,500 170,600 May 3,400 176,900 June 3,700 186,600 July 3,840 174,450 August 4,100 195,510 September 3,450 185,300 Required: 1. Compute the cost formula for radiology services using the method of least squares. If required, round your answers to two decimal places. Y = + X 2. Using the formula computed in Requirement 1, what is the predicted cost of radiology services for October for 3,500 appointments? (Round the answer to the nearest dollar.)Decision Making Under Uncertainty In the Table, we apply the concept of Maximax choice, the Maxmin choice, and the equally likely choice. Given the data/information in the Table, compute for the row average. After that, determine the amount of the ROW AVERAGE that would be adopted to be best alternative. The best alternative is the alternative with the highest value of the row average. In this case, which option is more attractive? Values in PhP State of Nature Favorable Unfavorable Maximum Market Minimum in Row Alternatives Market in Row Row Average Project A 80,000.00 20,000.00 80,000.00 20,000.00 Project B 40,000.00 25,000.00 40,000.00 25,000.00 Project C 30,000.00 10,000.00 30,000.00 10,000.00 Project D (Do Nothing)A local real estate investor in Kingston is considering three alternative investments: a motel, a restaurant, or a theater. Profits from the motel or restaurant will be affected by the availability of gasoline and the number of tourists; profits from the theater will be relatively stable under any conditions. The following payoff table shows the profit or loss that could result from each investment: Real Estate Investor Payoff Table Payoffs are Profits States of Nature (Gasoline Availability) Decision Alternatives Shortage Stable Supply Surplus Motel $–8,000 $15,000 $22,000 Restaurant $2,000 $8,000 $6,000 Theater $6,000 $6,000 $5,000 Which option should the real estate investor choose if he uses the LaPlace criterion? Using…
- Sam is starting a 501C small animal rescue, All Creatures Animal Reserve, and needs help understanding her options for fund use. How would you explain to Sam her options for fund allocation as it would pertain to her non- profit small animal rescue? Here are some details regarding her rescue: 5 acres of land Volunteers only, no paid employees Board of directors with 3 membersAmy plans to start at least two different business activities after she graduates from college: − One business involves using various forms of social media to promote her skills and experience as a volleyball player to help younger players develop their skills She plans to generate income from advertising on her social media sites − She will also use her artistic and marketing talents to find work using several web platforms, like Upwork and Freelancer Although still in college, she has signed a “name, image, and likeness (N I L)” contract with several volleyball-related businesses. Amy also plays for U.S.A. Volleyball and was a member of the 2021 U.S.A. Olympic team Based on what she has read on websites and heard from friends, Amy is wondering if she should form a corporation or a limited liability company for these pursuits, or just be a sole proprietor. Also she is also curious whether, for tax and legal purposes, she has one business or two? Question: After reading this…Sarah has a startup business that makes two distinct bird feeders that she has designed. Sarah is planning on operating a small factory to build the bird feeders. She is looking at two possible locations, A and B. If she chooses location A, the lease on the building will be higher than location B, thus leading to higher fixed costs than what she would have with location B. However, if she makes more than 20,000 units, both locations will likely have to be expanded, both the physical buildings and the manufacturing equipment. Variable costs to produce each unit will vary by location as well as by product. For example, the first design will have variable costs of $10 and $15 in locations A and B respectively, while the second bird feeder design will have variable costs of $20 and $25 respectively depending on location. However, she thinks that variable costs will decrease if she sells more than 5,000 units, as she will receive discounts from her suppliers at that point. She is unsure of…
- 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 rateArts N Crafts Industries manufacturers high-end lightfixtures, which it sells internationally. The company is re-sponsible for paying for shipping its product to a distributorlocated in Atlanta, Georgia. Due to the high cost of ship-ping, the company is considering shipping its productsunassembled, but will include detailed assembly instruc-tions in each package. By shipping unassembled products,Arts N Crafts will be able to shrink the size of its cartons andthereby increase the number of products per pallet from16 (4 rows of 4) to 25 (5 rows of 5). Note that this changewill not appreciably increase each product’s 8-pound ship-ping weight. Furthermore, since individual fixtures will bepacked more tightly, they will be less susceptible to damageand easier to handle. Thus, the company expects the freightclass to decrease from 85 to 70. Currently the companyships 400 units per week.a. Using Table 15.2, assess the impact of the proposedchange in packaging on weekly shipping cost.b. How…Calculating outcomes as equally likely would BEST describe: O a. Maximax criterion O b. Laplace criterion O c. Regret criterion Od. Maximin criterion Determining the average payoff for each alternative and choosing the one with the BEST payoff is the approach called: ea, maximax O b. minimax regret O c. laplace Od maximin 2