ACETUTORS: please help
• Explain the parts of a decision tree. • What are some benefits of using decision trees? • In what ways can decision trees be used for business decisions? Name some real-world examples.
• How does the science of probability affect decisions? Why?
• Why do we use pseudorandom numbers in simulations? • How do pseudorandom numbers affect the accuracy of a simulation?
• What is the role of statistical analysis in simulation?
Activity – Rationale of Forecasting
o Choose one of the forecasting methods and explain the rationale behind using it in real-life. o Describe how a domestic fast food chain with plans for expanding into China would be able to use a forecasting model.
Activity – Forecasting Methods Question for discussion:
o What is the difference between a causal model and a time- series model? Give an example of when each would be used. o What are some of the problems and drawbacks of the moving average forecasting model? o How do you determine how many observations to average in a moving average model? How do you determine the weightings to use in a weighted moving average model?
Activity – Reflection to date
• In a paragraph, reflect on what you’ve learned so far in this course. Identify the most interesting, unexpected, or useful thing you’ve learned and explain why?
•Activity –Linear programming Model o What are some business uses of a linear programming model? Provide an example.
•Activity – Characteristics of linear programming o In the graphical method, how do you know when a problem is infeasible, unbounded, or when it has multiple optimal solutions? o What are the essential ingredients of an LP model? Why is it helpful to understand the characteristics of LP models?
•Activity – Minimization model o Distinguish between a minimization and maximization LP model. How do you know which of these to use for any given problem?
Activity – Discussion on shadow price o What does the shadow price reflect in a maximization problem? Please explain o How do the graphical and computer-based methods of solving LP problems differ? In what ways are they the same? Under what circumstances would you prefer to use the graphical approach?
Activity – Discussion on sensitivity analysis o How does sensitivity analysis affect the decision making process? How could it be used by managers?
Activity –Discussion on objective function o What is the relationship between decision variables and the objective function? o What is the difference between an objective function and a constraint?
•Activity – Discussion on applications of linear programming o Does the linear programming approach apply the same way in different applications? Explain why or why not using examples.
Activity – Discussion on the difference between integer and linear programming o Explain how the applications of Integer programming differ from those of linear programming. o Why is “rounding-down” an LP solution a suboptimal way to solve Integer programming problems?
Activity – discussion on characteristics of integer programming problems o Explain the characteristics of integer programming problems. o Give specific instances in which you would use an integer programming model rather than an LP model. Provide real-world examples. Week 10
Activity – Discussion on transshipment problems o Can we apply transshipment models to inventory applications? Why or why not? o Is the transportation model an example of decision making under certainty or decision making under uncertainty? Why?
Activity – Discussion on transportation problems
o Explain the assignment model and how it facilitates in solving transportation problems. o What benefits would be gained from using this model?
Activity – Reflection to date • In a paragraph, reflect on what you’ve learned in this course. Identify the most interesting, unexpected, or useful thing you’ve learned, and explain how it can be applied to your work or daily life in some manner.
(I’m a administrative officer, I plug in invoices )