The term “Basic variable”.

Question

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Answer 1

Question

Chapter 19, Problem 6DRQ

a)

Summary Introduction

To explain: The term “Basic variable”.

b)

Summary Introduction

To explain: The term “Shadow price”.

c)

Summary Introduction

To explain: The term “range of feasibility”.

d)

Summary Introduction

To explain: The term “range of optimality”.

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By selecting Cigna Accredo pharmacy that i identify in my resand compare the current feedback system against the “Characteristics of a Good Multiple Source Feedback Systems” described in section 8-3-3. What can be improved? As a consultant, what recommendations would you make?

Scenario You have been given a task to create a demand forecast for the second year of sales of a premium outdoor grill. Accurate forecasts are important for many reasons, including for the company to ensure they have the materials they need to create the products required in a certain period of time. Your objective is to minimize the forecast error, which will be measured using the Mean Absolute Percentage Error (MAPE) with a goal of being below 25%. You have historical monthly sales data for the past year and access to software that provides forecasts based on five different forecasting techniques (Naïve, 3-Month Moving Average, Exponential Smoothing for .2, Exponential Smooth for .5, and Seasonal) to help determine the best forecast for that particular month. Based on the given data, you will identify trends and patterns to create a more accurate forecast. Approach Consider the previous month's forecast to identify which technique is most effective. Use that to forecast the next…

Approach Consider the previous month's forecast to identify which technique is most effective. Use that to forecast the next month. Remember to select the forecasting technique that produces the forecast error nearest to zero. For example: a. Naïve Forecast is 230 and the Forecast Error is -15. b. 3-Month Moving Forecast is 290 and the Forecast Error is -75. c. Exponential Smoothing Forecast for .2 is 308 and the Forecast Error is -93. d. Exponential Smoothing Forecast for .5 is 279 and the Forecast Error is -64. e. Seasonal Forecast is 297 and the Forecast Error is -82. The forecast for the next month would be 230 as the Naïve Forecast had the Forecast Error closest to zero with a -15. This forecasting technique was the best performing technique for that month. You do not need to do any external analysis-the forecast error for each strategy is already calculated for you in the tables below. Naïve Month Period Actual Demand Naïve Forecast Error 3- Month Moving Forecast 3- Month Moving…

Answer 2

Question

Chapter 19, Problem 6DRQ

a)

Summary Introduction

To explain: The term “Basic variable”.

b)

Summary Introduction

To explain: The term “Shadow price”.

c)

Summary Introduction

To explain: The term “range of feasibility”.

d)

Summary Introduction

To explain: The term “range of optimality”.

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Answer 3

Question

Chapter 19, Problem 6DRQ

a)

Summary Introduction

To explain: The term “Basic variable”.

b)

Summary Introduction

To explain: The term “Shadow price”.

c)

Summary Introduction

To explain: The term “range of feasibility”.

d)

Summary Introduction

To explain: The term “range of optimality”.

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Answer 4

Question

Chapter 19, Problem 6DRQ

a)

Summary Introduction

To explain: The term “Basic variable”.

b)

Summary Introduction

To explain: The term “Shadow price”.

c)

Summary Introduction

To explain: The term “range of feasibility”.

d)

Summary Introduction

To explain: The term “range of optimality”.

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Answer 5

Chapter 19, Problem 6DRQ

a)

Summary Introduction

To explain: The term “Basic variable”.

b)

Summary Introduction

To explain: The term “Shadow price”.

c)

Summary Introduction

To explain: The term “range of feasibility”.

d)

Summary Introduction

To explain: The term “range of optimality”.

Answer 6

Chapter 19, Problem 6DRQ

a)

Summary Introduction

To explain: The term “Basic variable”.

Answer 7

Chapter 19, Problem 6DRQ

a)

Summary Introduction

To explain: The term “Basic variable”.

Answer 8

b)

Summary Introduction

To explain: The term “Shadow price”.

Answer 9

b)

Summary Introduction

To explain: The term “Shadow price”.

Answer 10

c)

Summary Introduction

To explain: The term “range of feasibility”.

Answer 11

c)

Summary Introduction

To explain: The term “range of feasibility”.

Answer 12

d)

Summary Introduction

To explain: The term “range of optimality”.

Answer 13

d)

Summary Introduction

To explain: The term “range of optimality”.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 19 - For which decision environment is linear...Ch. 19 - What is meant by the term feasible solution space?...Ch. 19 - Explain the term redundant constraint.Ch. 19 - Prob. 4DRQ Ch. 19 - Prob. 5DRQ Ch. 19 - Prob. 6DRQ Ch. 19 - Prob. 1P Ch. 19 - Prob. 2P Ch. 19 - Prob. 3P Ch. 19 - A small candy shop is preparing for the holiday...

The term “Basic variable”.

Solution Summary: The author explains the term "basic variable" and "Shadow price" in linear programming. Range of feasibility is the range of values present in the right hand side quantities of a constraint.

Concept explainers

To explain: The term “Basic variable”.

To explain: The term “Shadow price”.

To explain: The term “range of feasibility”.

To explain: The term “range of optimality”.

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Chapter 19 Solutions