By definition, simulations require a distribution to be specified (e.g., normal, Poisson). Many times, the exact distribution to be used is unknown, so it must be assumed. One argument against using simulations to perform risk analysis is that there is no real benefit because the set of assumptions is simply shifted from assumed parameter values to assumed distributions of parameters. Comment on this argument and justify your opinions with reasons, facts, and examples.
MIS 665 Topic 4 DQ 1
Many times, linear optimization is used to maximize an objective function because profit, productivity, or efficiency is the outcome of interest. Provide two examples where the goal is to optimize a process by minimizing an objective function. In your examples, identify the outcome and any constraints that would need to be met.
MIS 665 Topic 4 DQ 2
When many constraints are present in a linear optimization problem, there is a greater chance that a redundant constraint exists. Assume you are trying to maximize an objective function and you have two decision variables, X1 and X2. If a redundant constraint exists, does the constraint become necessary if you try to minimize (instead of maximizing) the same objective function? Why? Do you need an objective function to determine if a constraint is redundant? Explain.
MIS 665 Topic 5 DQ 1
Many linear optimization problems can be solved by finding a graphical solution, but there are some problems that require more advanced spreadsheets and software to find an optimal solution. Describe an optimization problem in which finding a solution would be impossible using the feasible-region approach. Discuss the attributes the problem would have to make it impossible to solve using the feasible-region approach.
MIS 665 Topic 5 DQ 2
Optimization techniques are used in many applications. For example, when customers order products from an online store, the shipper has to determine the optimal way to get the product delivered to the customer. The delivery path that is chosen is the path that minimizes shipping costs while simultaneously satisfying these constraints:
The product must arrive by a promised date.
The shipper must deliver a finite set of items.
The product must originate from one of several warehouse hubs across the country.
Discuss whether there can be multiple solutions (i.e., more than one path to get the product to your house). Explain why. Is there a guarantee that a solution always exists? Explain.
MIS 665 Topic 6 DQ 1
Most transshipment network modeling problems assume the costs are constant. For example, the costs of shipping a product from one city to another are assumed fixed. This can change over time if fuel costs change. If you knew the distribution of fuel costs, how could the distribution of fuel costs be incorporated into the transshipment problem? Discuss the benefits of employing this approach.
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