If a company employs n salespersons, its gross sales in thousands of dollars may be regarded as a random vari-able having a gamma distribution with α = 80√n and β = 2. If the sales cost is $8,000 per salesperson, how many salespersons should the company employ to maxi-mize the expected profit?

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Optimization Models

Optimization models are mathematical models that help organizations determine the best way to allocate scarce resources to achieve specific objectives. These models can be used to solve a wide variety of problems, from finding the most efficient route for a delivery truck to determining the optimal mix of products to stock in a store.