How is linear programming/optimization similar to and different from decision analysis? (50-100 words
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How is linear programming/optimization similar to and different from decision analysis? (50-100 words)
How would you explain in your own words the concept of optimization – what, why and how, to a peer who understands algebra but has not studied management? (100-150 words)
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- How is linear programming/optimization similar to and different from decision analysis? (50-100 words)You may need to use the appropriate technology to answer this question. Management Decision Systems (MDS) is a consulting company that specializes in the development of decision support systems. MDS has a four-person team working on a current project with a small company to set up a system that scrapes data from a collection of websites and then automatically generates a report for management on a daily basis. Time (Weeks) Activity Description ImmediatePredecessor Optimistic Most Probable Pessimistic A Report generation 2 9 13 B Web scraping 6 10 12 C Testing A, B 1 1 1 (a) Construct the project network. (Submit a file with a maximum size of 1 MB.) (b) Based solely on the critical path, estimate the probability that the project will be complete within 12 weeks. (Round your answer to four decimal places.) (c) Using all paths through the project network, estimate the probability that the project will be complete within 12 weeks. (Round your answer to…You may need to use the appropriate technology to answer this question. Management Decision Systems (MDS) is a consulting company that specializes in the development of decision support systems. MDS has a four-person team working on a current project with a small company to set up a system that scrapes data from a collection of websites and then automatically generates a report for management on a daily basis. Time (Weeks) Activity Description ImmediatePredecessor Optimistic Most Probable Pessimistic A Report generation 2 9 13 B Web scraping 6 10 12 C Testing A, B 1 1 1 (a) Construct the project network. (Submit a file with a maximum size of 1 MB.) This answer has not been graded yet. (b) Based solely on the critical path, estimate the probability that the project will be complete within 12 weeks. (Round your answer to four decimal places.) (c) Using all paths through the project network, estimate the probability that the project will be…
- You may need to use the appropriate technology to answer this question. Management Decision Systems (MDS) is a consulting company that specializes in the development of decision support systems. MDS has a four-person team working on a current project with a small company to set up a system that scrapes data from a collection of websites and then automatically generates a report for management on a daily basis. Time (Weeks) Activity Description ImmediatePredecessor Optimistic Most Probable Pessimistic A Report generation 2 9 13 B Web scraping 6 10 12 C Testing A, B 1 1 1 (a) Construct the project network. (Submit a file with a maximum size of 1 MB.) please help with this one This answer has not been graded yet. (b) Based solely on the critical path, estimate the probability that the project will be complete within 12 weeks. (Round your answer to four decimal places.)90.8240 i got this and this is wrong answer. (c) Using all paths through the…Provide an example of a business decision where business analytics should always be used and justify your answer. Are there any critical resource requirements needed to support business analytics in this situation? What if these requirements can't be met?Problem-solving is a critical skill that involves identifying, analyzing, and finding solutions to complex issues or challenges. It requires a systematic approach to understanding the root causes of problems, gathering relevant information, and evaluating potential solutions. Effective problem solvers are adept at thinking critically, creatively, and logically to devise innovative and practical strategies for overcoming obstacles. They often collaborate with others, drawing on diverse perspectives and expertise to generate new ideas and approaches. Additionally, problem solve's are resilient in the face of setbacks, learning from failures and adapting their strategies accordingly. By developing strong problem-solving skills, individuals can enhance their ability to navigate uncertainties and achieve desired outcomes in various personal and professional contexts. Question. How can brainstorming sessions contribute to the problem-solving process, and what are some best practices for…
- Excel based modeling has grown in importance in business organizational settings. You are required as the Operations Manager of a Mobile telecommunication company to write a report stating the benefits and drawbacks of modeling and specially excel based modeling for your organizations. Your report could include the following areas Questions 1- Introduction 2- Definition of Modeling 3- Definition of Excel modeling 4- Advantages of Modeling 5- Advantages of Excel modeling 6- Disadvantages of Modeling 7-Disadvantages of Excel modeling1– Please complete all work in excel. Use excel to make the calculations (cells can be clicked on to view any formulas used) and be sure to identify your answer, including units. You must have an excel file with formulas within the cell. A. XCountry Train Inc. specializes in trans-American moves for businesses and individuals through the delivery of containers. For every container the company loads on its trans-American rail, the business must pay the rail owners $8,000. In addition, containers are weighed and for each pound of weight, the company must pay $0.10. Harry plans to charge $0.50 per pound to his customers. What would the total revenue be for this?1– Please complete all work in excel. Use excel to make the calculations (cells can be clicked on to view any formulas used) and be sure to identify your answer, including units. You must have an excel file with formulas within the cell. a. XCountry Train Inc. specializes in trans-American moves for businesses and individuals through the delivery of containers. For every container the company loads on its trans-American rail, the business must pay the rail owners $8,000. In addition, containers are weighed and for each pound of weight, the company must pay $0.10. Harry plans to charge $0.50 per pound to his customers. The company finds out that to maintain the integrity of its containers, each container could only hold an average of 30,000 pounds. What would the company have to charge customers to make $8,000 in profit on each container?
- Consider Bruno who manages an underwriting team in an insurance firm. Recently, the management of Bruno’s firm informed him of their decision to create a new risk assessment team, consisting of data scientists with machine learning expertise, and reduce the size of Bruno’s underwriting team. Bruno’s underwriting team will now work with the new risk assessment team in order to determine whether to provide insurance to applicants. Graphically illustrate the impact of the management’s restructuring decision on the firm’s production function. Your diagram should have the amount of human intelligence on the horizontal axis and the number of decisions on whether to provide insurance on the vertical axis. Fully label your diagram. Note that there are no actual numbers given in this question: you may make them up or simply use appropriate notations. Briefly explain the key information of your diagram.Identify the statement which is TRUE regarding decision making. a. Managers should use only ready-made solutions all the time. b. Managers should not use any ready-made solutions at all. c. Managers should rank the solutions according to his personal preferences only. d. Managers should rank the solution according to its advantages and disadvantages.You may need to use the appropriate technology to answer this question. Management Decision Systems (MDS) is a consulting company that specializes in the development of decision support systems. MDS has a four-person team working on a current project with a small company to set up a system that scrapes data from a collection of websites and then automatically generates a report for management on a daily basis. Activity A B C Description Report generation Web scraping Testing Immediate Predecessor This answer has not been graded yet. A, B Optimistic 2 (d) Should you use the estimate in (b) or (c)? 5 1 Time (Weeks) (a) Construct the project network. (Submit a file with a maximum size of 1 MB.) Choose File No file chosen Most Probable 9 10 1 Pessimistic 13 The probability estimate from (b) based on the critical path is more accurate. The probability estimate from (c) based on both paths is more accurate. O The probability estimates from (b) and (c) are equal. 12 (b) Based solely on the…