Explain the seven phases in problem-solving and why they are dependent on its previous phase. Identify the Problem Analyze the Current Process Develop the Optimal Solution/s Implement Changes Study the Results Standardize the Solution Plan for the Future
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Explain the seven phases in problem-solving and why they are dependent on its previous phase.
- Identify the Problem
- Analyze the Current Process
- Develop the Optimal Solution/s
- Implement Changes
- Study the Results
- Standardize the Solution
- Plan for the Future
Step by step
Solved in 2 steps
- Define Decision Variables and write LP problem formulation. Please see picture attached for problem.. Think of a broad problem area. Select a research paper related to the broad problem area. Define the problem statement on the basis of research paper by clearly highlighting the variables.Cite some sources of nonlinearities that arise in the three components of problem formulation.
- The table below summarizes September 20223 financial performance by two market segments. The dates highlighted in orange indicate occupancy higher than 90% Please find the correct statement about the data analysis based on the table. Market segment 1 shows pattern of peak on Weekdays. Market segment 2 shows a pattern of peak on Weekends. Based on the demand pattern, Market Segment 2 could be leisure travelers. Most guests in the market segment 2 are less price sensitive than those in the market segment 1.Below is a table that shows the Freshmen Enrollment of the New Texas Elementary School during the 1a Semesters of the past ten (10) Academic Years (AY), AY 2013-2014 2014-2015 2015-2016 2016-02017 2017-2018 Freshmen Enrollees AY 200 220 235 270 315 4. For the Weighted Moving Averages model, use: a weight of 0.40 for the most recent data; a weight of 0.35 for the second most recent data; and a weight of 0.25 for the third most recent data. You are the Principal of New Texas Elementary School. You are interested to know the forecast of freshmen enrolment for the next academic year (AY2023-2024), in order to plan ahead the necessary resources: faculty, classroom, library holdings, physical facilities, student services, furniture and fixtures, etc.). These are the requirements: AT 2013-2014 1. Calculate the forecast using 5 forecasting techniques/methodologies/models namely: Naïve Model, Unweighted and Weighted Moving Averages, Exponential Smoothing, and Time-Series Regression. Follow and…Letz Products has two decisions to make, with the second decision dependent on the outcomeof the first. The company intends to build a new plant. Letz has the option of conducting itsown marketing research survey for which the results will either be positive or negative. Theinformation from this survey could help it decide whether to build a large plant, to build a smallplant, or not to build at all. Letz recognizes that although such a survey will not provide it withperfect information, it may be extremely helpful. Using the image explain to your client (Letz) what the above decision tree shows. You arerequired to show all working.
- I want to answer to solve ㅠㅠㅠㅠ. Q1. A builder has located a piece of property that she would like to but and eventually build on. The land is currently zoned for four homes per acre, but she is planning to request new zoning. What she builds depends on approval of zoning requests and your analysis of this problem to advise her. With her input and your help, the decision process has been reduced to the following costs, alternatives, and probabilities Cost of land $2 MillionProbability of rezoning .6If the land is rezoned, there will be additional costs for new roads, lighting, and so on of $1 million. If the land is rezoned, the contractor must decide whether to build a shopping center or 1,500 apartments that the tentative plan shows would be possible. If she builds a shopping center, there is a 70% chance that she can sell the shopping center to a large department store chin for $4 million over her construction cost, which excludes the land; and there is a 30% chance that she can…GENERATE THE DECISION VARIABLE SOLUTION AND GENERATE AN ANSWER REPORT 3. The Wisham family lives on a farm in South Georgia on which it produces a variety of crops and livestock, including pecans. It has 5 acres of pecan trees that yield approximately 1,000 pounds of unshelled pecans per acre each year. The family uses all of its pecan harvest to produce pecan pies, cookies, 1-pound bags of shelled pecans, and 5-pound bags of unshelled pecans, which it sells in town at the local farmers' market. The family sells pies for $5, packages of a dozen cookies for $3, bags of shelled pecans for $7, and bags of unshelled pecans for $16. A shelled pecan is half the weight of an unshelled pecan. It requires 4 ounces of shelled pecans to make a pie, and 6 ounces of shelled pecans to make a dozen cookies. The pies and cookies are baked in the family oven, and there are 120 hours of baking time available. It takes 55 minutes to bake a batch of 4 pies and 15 minutes to bake a batch of 2 dozen…What is e augmented form of the problem? Why is it called so?
- Explain how Operations Research and Linear Regression are effective decision-making tools for an Industrial Engineer. Cite specific examples wherein each of these two tools is useful in decision-making.Barry McGuire wants to purchase a dry-cleaning firm. Barry has heardof the SWOT analysis and wants to use this methodology to determinewhether he should purchase the business. He found the following information:The dry cleaner is located in a busy shopping center and currentlydoes all the cleaning on the premises. It has three commercial accountsthat make up 20 percent of its business. The population in the local area isgrowing by approximately 6 percent per year. Located across the street inanother shopping center is a price-cutting dry cleaner that advertises heavilyin the local area. With the exception of this shopping center and theproperty across the street, all property in this area is zoned residential. Mostof the residents in this area are professional people who wear suits to work.The shop has an assumable lease, and the lease has a fixed rental fee for thenext 5 years. Barry has had 5 years of experience in the dry-cleaning businessand would run the shop full time. Based on…Lab 3 AP Austin Peay State University CLARKSVILLE TENNESSEE College of Business Decision Trees MGT 5055 Decision trees provide a graphical representation of decision alternatives, uncertain events, and their respective outcomes. They can be particularly useful for sequential decision problems. Learning material: Please watch this video Scenario: A farmer is deciding whether to plant Corn or Wheat in his field for the upcoming season. The yield and hence revenue from each crop will depend on the weather, which can either be Sunny or Rainy. Data: Revenues in USD (based on weather conditions): Crop Corn Wheat Weather Probabilities: • Sunny: 0.6 • Rainy: 0.4 Assignment Steps: 1. Draw the Decision Tree: Sunny Rainy 8,000 4,000 6,000 5,000 • Start with a decision node for the crop choice. • Branch out to the two potential weather outcomes for each crop choice. 2. Calculate Expected Monetary Values (EMVs): For each crop, use the provided probabilities and revenues to calculate the EMV. EMV =…