Decision analysis | Statistics homework help

Decision analysis | Statistics homework help.


PART-1 Please go through Examples 1.2 (  at page 12) and 1.4 (Sam’s Bookstore at page 20) from our textbook (in attachment ) and create Excel files as described in examples. Show all the work they implemented and get familiar with some nice features of Excel. Each example will be 20 POINTS

Page : 38-41, 46-50 in attachment 

PART-2 For each of below questions I provide the solution values. So for each question you need to:`z

a) Understand problem

b) Decide on decision variables

c) Form your objective function

d) Form your constraints

e) Bring parts b, c and d all together to create a linear programming model

f) Transfer this model into Excel

g) Use solver to find optimum solution

h) Interpret the results and tell me what would be your and interpretations recommendation based on this solution. 


Create a single excel file and name it as Assignment week1_ yourname_lastname

For each question use a separate Excel worksheet not different files. Name worksheet-1 as Example-1, worksheet-2 as Example-2, Worksheet-3 as Q1 and worksheet-4 as Q2

Show all of your model and interpretation in the same worksheet. 

Please do not copy and paste from other students. Please remember that everybody’s design will be different and there is no chance that two student’s models would be exactly same. 

Please also make sure that you used SOLVER for optimum solution. 

DUE DATE : Please submit your excel file before our first class on Sept 10, 2021 before our next class. Late assignments will not be accepted.

Question 1 30 POINTS

A company produces two types of tables, T1 and T2. It takes 2 hours to produce the parts of one unit of T1, 1 hour to assemble and 2 hours to polish. .It takes 4 hours to produce the parts of one unit of T2, 2.5 hour to assemble and 1.5 hours to polish. Per month, 7000 hours are available for producing the parts, 4000 hours for assembling the parts and 5500 hours for polishing the tables. The profit per unit of T1 is $90 and per unit of T2 is $110. How many of each type of tables should be produced in order to maximize the total monthly profit?  

Answer 1
The maximum profit is $273000 . Hence the company needs to produce 2300 tables of type T1 and 600 tables of type T2 in order to maximize its profit.

Question-2 30 POINTS

John has $20,000 to invest in three funds F1, F2 and F3. Fund F1 is offers a return of 2% and has a low risk. Fund F2 offers a return of 4% and has a medium risk. Fund F3 offers a return of 5% but has a high risk. To be on the safe side, John invests no more than $3000 in F3 and at least twice as much as in F1 than in F2. Assuming that the rates hold till the end of the year, what amounts should he invest in each fund in order to maximize the year end return? 

The return R is maximum at 603.33.
For maximum return, John has to invest $11333 in fund F1, $5667 in fund F2 and $3000 in fund F3.

Decision analysis | Statistics homework help

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