Answered: The sensitivity range for an objective…

The sensitivity range for an objective function coefficient is the range of values over which the optimal value of objective function will remain the same. True O False

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter10: Introduction To Simulation Modeling

Section10.2: Probability Distributions For Input Variables

Problem 2P: Use Excels functions (not @RISK) to generate 1000 random numbers from a normal distribution with...

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Use Excels functions (not @RISK) to generate 1000 random numbers from a normal distribution with mean 100 and standard deviation 10. Then freeze these random numbers. a. Calculate the mean and standard deviation of these random numbers. Are they approximately what you would expect? b. What fraction of these random numbers are within k standard deviations of the mean? Answer for k = 1; for k = 2; for k = 3. Are the answers close to what they should be (about 68% for k = 1, about 95% for k = 2, and over 99% for k = 3)? c. Create a histogram of the random numbers using about 10 bins of your choice. Does this histogram have approximately the shape you would expect?
Suppose that a regional express delivery service company wants to estimate the cost of shipping a package (Y) as a function of cargo type, where cargo type includes the following possibilities: fragile, semifragile, and durable. Costs for 15 randomly chosen packages of approximately the same weight and same distance shipped, but of different cargo types, are provided in the file P13_16.xlsx. a. Estimate a regression equation using the given sample data, and interpret the estimated regression coefficients. b. According to the estimated regression equation, which cargo type is the most costly to ship? Which cargo type is the least costly to ship? c. How well does the estimated equation fit the given sample data? How might the fit be improved? d. Given the estimated regression equation, predict the cost of shipping a package with semifragile cargo.
Based on Babich (1992). Suppose that each week each of 300 families buys a gallon of orange juice from company A, B, or C. Let pA denote the probability that a gallon produced by company A is of unsatisfactory quality, and define pB and pC similarly for companies B and C. If the last gallon of juice purchased by a family is satisfactory, the next week they will purchase a gallon of juice from the same company. If the last gallon of juice purchased by a family is not satisfactory, the family will purchase a gallon from a competitor. Consider a week in which A families have purchased juice A, B families have purchased juice B, and C families have purchased juice C. Assume that families that switch brands during a period are allocated to the remaining brands in a manner that is proportional to the current market shares of the other brands. For example, if a customer switches from brand A, there is probability B/(B + C) that he will switch to brand B and probability C/(B + C) that he will switch to brand C. Suppose that the market is currently divided equally: 10,000 families for each of the three brands. a. After a year, what will the market share for each firm be? Assume pA = 0.10, pB = 0.15, and pC = 0.20. (Hint: You will need to use the RISKBINOMLAL function to see how many people switch from A and then use the RISKBENOMIAL function again to see how many switch from A to B and from A to C. However, if your model requires more RISKBINOMIAL functions than the number allowed in the academic version of @RISK, remember that you can instead use the BENOM.INV (or the old CRITBENOM) function to generate binomially distributed random numbers. This takes the form =BINOM.INV (ntrials, psuccess, RAND()).) b. Suppose a 1% increase in market share is worth 10,000 per week to company A. Company A believes that for a cost of 1 million per year it can cut the percentage of unsatisfactory juice cartons in half. Is this worthwhile? (Use the same values of pA, pB, and pC as in part a.)
A carpenter is making doors that are 2058 millimeters tall. If the doors are too long they must be trimmed, and if they are too short they cannot be used. A sample of 13 doors is made, and it is found that they have a mean of 2043 millimeters with a variance of 1024. Is there evidence at the 0.025 level that the doors are too short and unusable? State the null and alternative hypotheses for the above scenario.
A machine that is programmed to package 3.00 pounds of cereal in each cereal box is being tested for its accuracy. In a sample of 49 cereal boxes, the mean and the standard deviation are calculated as 3.05 pounds and 0.14 pound, respectively. a. Specify the null and the alternative hypotheses to determine if the machine is working improperly, that is, it is either underfilling or overfilling the cereal boxes. Ho: 3; versus HA: b-1. Calculate the value of the test statistic. Note: Round final answer to 4 decimal places. Test statistic b-2. Find the p-value. Note: Do not round the p-value when selecting the appropriate interval. p-value < 0.01 O p-value ≥ 0.10 O 0.05 p-value < 0.10 0.01 p-value < 0.02 O 0.02 p-value < 0.05 c-1. What is the conclusion at the 5% significance level? ○ Do not reject Ho since the p-value is smaller than significance level. O Do not reject Ho since the p-value is greater than significance level. ○ Reject Ho since the p-value is smaller than significance level.…
For the next 6 numbers: Refer to the Management Scientist output of a maximization LP problem. The constraints are defined as follows: Constraint 1: advertising budget ( ) Constraint 2: sales force availability ( ) Constraint 3: production level (=) Constraint 4: retail stores requirement ( ) Optimal Solution Objective Function Value - Variable. Constraint X1 X2 X1 X2 X3 X4 X3 X4 1 2 Variable 1 2 3 3 4 OBJECTIVE COEFFICIENT RANGES 4 Constraint RIGHT HAND SIDE RANGES Value Slack/Surplus Lover Limit 25.000 425.000 150.000 0.000 84.000 50.000 No Lover Linit No Lover Linit Lover Limit 48450.000 0.000 25.000 0.000 0.000 4950.000 1775.000 515.000 0.000 Reduced Costs Dual Prices Current Value 90.000 84.000 70.000 60.000 Current Value 0.000 0.000 0.000 45.000 5000.000 1800.000 600.000 150.000 3.000 0.000 60.000 -17.000 Upper Limit No Upper Linit 90.000 87.000 105.000 Upper Linit 5850.000 No Upper Limit 603.571 200.000
The manager of the local National Video Store sells videocassette recorders at discount prices. If the store does not have a video recorder in stock when a customer wants to buy one, it will lose the sale because the customer will purchase a recorder from one of the many local competitors. The problem is that the cost of renting warehouse space to keep enough recorders in inventory to meet all demand is excessively high. The manager has determined that if 90% of customer demand for recorders can be met, then the combined cost of lost sales and inventory will be minimized. The manager has estimated that monthly demand for recorders is normally distributed, with a mean of 180 recorders and a standard deviation of 60. Determine the number of recorders the manager should order each month to meet 90% of customer demand.
Let’s suppose that you have a set of time-series variables, and you want to model the relationship between them. Read the situations given below and answer the questions. (200 words)a) Explain the statistical test if the linear combination (of time-series variables) is I(0).b) Which statistical test can be applied if all the series are integrated of the same order I(1). Justify your answer
What changes occur in the Coefficients of a Nonbasic Variable when the original model is modified?
The total number of thousands of tons of coal produced per year over a 10-year period for a certain region is provided in the accompanying dataset. Use double exponential smoothing to determine which pairs of values for alphaα and betaβ minimize MAD for this dataset. alphaαequals=0.10.1, betaβequals=0.80.8; alphaαequals=0.40.4, betaβequals=0.30.3; alphaαequals=11, betaβequals=0.60.6 Question content area bottom Part 1 First find the MAD for each pair of values, alphaα and betaβ. (Type integers or decimals rounded to two decimal places as needed.) alphaα betaβ MAD 0.10.1 0.80.8 enter your response here 0.40.4 0.30.3 enter your response here 11 0.60.6 enter your response here Part 2 Which pair of values for alphaα and betaβ minimize MAD for this dataset? alphaαequals=enter your response here and betaβequals=enter your response here (Type integers or decimals. Do not round.)
In a research study, a linear regression analysis was performed to investigate the relationship between the size of a household (number of family members) and their monthly grocery expenses (in dollars). The linear model obtained is Y=200+150X Where: Y represents the predicted monthly grocery expenses and X represents the size of the household (number of family members). Interpret the slope in context, including the numeric value of the slope and the units of both X and Y. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial P 10pt > A VV Ix SE X QS |||| 0 WORDS POWERED BY TINY
Given the following panel data model Y = Bo + B1X + a; + U which of the followings is(are) correct? Yanıtınız: a, refers observable fixed effects while u, refers to unobservable fixed effects. a, and u are both unobservable. We cannot estimate B, if X, is time varying. O We cannot estimate the model if some individuals are dropped from the data.