The Morton Supply Company produces clothing, footwear, and accessories for dancing and gymnastics. They produce three models of pointe shoes used by ballerinas to balance on the tips of their toes. The shoes are produced from four materials: cardstock, satin, plain fabric, and leather. The number of square inches of each type of material used in each model of shoe, the amount of material available, and the profit/model are shown below: Material (measured in square inches) Model 1 Model 2 Model 3 Material Available Cardstock 12 10 14 1,200 Satin 24 20 15 2,000 Plain fabric 40 40 30 7,500 Leather 11 11 10 1,000 Profit per model $50 $44 $40 a. Identify the decision variables, objective function, and constraints in simple verbal statements. b. Mathematically formulate a linear optimization model. c. Implement the linear optimization model that you developed on a spreadsheet and use Solver to find an optimal solution. Interpret the Solver Answer Report and identify the binding constraints
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
The Morton Supply Company produces clothing, footwear, and accessories for dancing and gymnastics. They produce three models of pointe shoes used by ballerinas to balance on the tips of their toes. The shoes are produced from four materials: cardstock, satin, plain fabric, and leather. The number of square inches of each type of material used in each model of shoe, the amount of material available, and the profit/model are shown below:
|
Material (measured in square inches) |
Model 1 | Model 2 | Model 3 | Material Available |
| Cardstock | 12 | 10 | 14 | 1,200 |
| Satin | 24 | 20 | 15 | 2,000 |
| Plain fabric | 40 | 40 | 30 | 7,500 |
| Leather | 11 | 11 | 10 | 1,000 |
| Profit per model | $50 | $44 | $40 |
| a. Identify the decision variables, objective function, and constraints in simple verbal statements. |
|
b. Mathematically formulate a linear optimization model. c. Implement the linear optimization model that you developed on a spreadsheet and use Solver to find an optimal solution. Interpret the Solver Answer Report and identify the binding constraints |
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