Blog

What type of probability distribution will Chris need to use to generate random observations when he only knows his best, worst, and most likely scenarios?

Based on the information provided above, the 5 simulated # sweatshirts demand (a, b, c, d, and e, respectively) are  

Let’s take a situation of optimization modeling with a number of resources constraints. Each indicate the amount of the resources used cannot exceed the amount available. Why do you think is the shadow price of such a resource always zero when the amount used in the optimal solution is less than the amount available? Explain.

Which statement is true regarding a simulation model?

Interpret the trend coefficient and the coefficient of the second quarter (Q2) in the context of the problem.

Suppose you want to open a convenience store on High Street few blocks from the Students Union at OSU campus.Please describe three kinds of data that you would gather and analyze to be better informed of your decision.

Suppose that a simple exponential smoothing model is used (with

Suppose the table below shows the actual and the predicted sales values for the 4 months (August-November).  Actual Predicted 180 170 190 180 200 190 210 196  Round your final answers to 3 decimal places Calculate the MAD [MAD] Calculate the MAPE [MAPE]  

Which quarter has the second highest sales?

What percentage of female customers earn at least 70? Round your answer to 2 decimal places. Enter your answer but don’t use % sign. (Example if the answer is 30.50% just enter 30.50 with no percent sign).  Hint: Use the contingency table you found in question #4.