Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 3, Problem 43P
Summary Introduction
To determine: The things to do when the unbounded message is the result of the solver solution.
Introduction: In linear programming, the unbounded solution would occur when the objective function is infinite. If no solution satisfied the constraints, then it is said to be an unfeasible solution.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Apply Linear Programming to the Folling Question: Dan Reid, chief engineer at New Hampshire Chemical, Inc., has to decide whether to build a new state-of-art processing facility. If the new facility works, the company could realize a profit of $200,000. If it fails, New Hampshire Chemical could lose $150,000. At this time, Reid estimates a 60% chance that the new process will fail. The other option is to build a pilot plant and then decide whether to build a complete facility. The pilot plant would cost $10,000 to build. Reid estimates a fifty-fifty chance that the pilot plant will work. If the pilot plant works, there is a 90% probability that the complete plant, if it is built, will also work. If the pilot plant does not work, there is only a 20% chance that the complete project (if it is constructed) will work. Reid faces a dilemma. Should he build the plant? Should he build the pilot project and then make a decision? Help Reid by analyzing this problem
Which of the following is true?
a)The maximin criterion is an approach in Optimization under uncertainty which finds a solution that has the best possible payoff.
b)The maximin criterion is an approach in Optimization under uncertainty which finds a solution with the best worst possible payoff.
c)A risk profile represents the probability distribution of uncertain inputs.
d)Decision tree is a method to solve any optimization problem when the outcomes are subject to uncertainty.
I need 3 answers
Chapter 3 Solutions
Practical Management Science
Ch. 3.6 - Prob. 1PCh. 3.6 - Prob. 2PCh. 3.6 - Prob. 3PCh. 3.6 - Prob. 4PCh. 3.6 - Prob. 5PCh. 3.6 - Prob. 6PCh. 3.6 - Prob. 7PCh. 3.6 - Prob. 8PCh. 3.6 - Prob. 9PCh. 3.7 - Prob. 10P
Ch. 3.7 - Prob. 11PCh. 3.7 - Prob. 12PCh. 3.7 - Prob. 13PCh. 3.7 - Prob. 14PCh. 3.7 - Prob. 15PCh. 3.7 - Prob. 16PCh. 3.7 - Prob. 17PCh. 3.8 - The Pigskin Company produces footballs. Pigskin...Ch. 3.8 - The Pigskin Company produces footballs. Pigskin...Ch. 3.8 - The Pigskin Company produces footballs. Pigskin...Ch. 3.8 - Prob. 21PCh. 3.8 - Prob. 22PCh. 3.8 - Prob. 23PCh. 3.8 - Prob. 24PCh. 3 - Prob. 25PCh. 3 - Prob. 26PCh. 3 - Prob. 27PCh. 3 - Prob. 28PCh. 3 - Prob. 29PCh. 3 - Prob. 30PCh. 3 - Prob. 31PCh. 3 - Prob. 32PCh. 3 - Prob. 33PCh. 3 - Prob. 34PCh. 3 - Prob. 35PCh. 3 - Prob. 36PCh. 3 - Prob. 37PCh. 3 - Prob. 38PCh. 3 - Prob. 39PCh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 1C
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.Similar questions
- Combined-cycle power plants use two combustion turbines to produce electricity. Heat from the first turbine’s exhaust is captured to heat waterand produce steam sent to a second steam turbine that generates additional electricity. A 968-megawatt combined-cycle gas fired plant can be purchased for $450 million, has no salvage value, and produces a net cash flow(revenues less expenses) of $50 million per year over its expected 30-year life. Solve, a. If the hurdle rate (MARR) is 12% per year, how profitable an investment is this power plant? b. What is the simple payback period for the plant? Is this investment acceptable?arrow_forwardA college student works in both the school cafeteria and library. She works no more than 12 hours per week at the cafeteria, and no more than 16 hours per week at the library. She must work at least 20 hours each week. Write a system of inequalities that describes all the given conditions. Write a system of inequalities letting x= number of hours worked at the cafeteria per week and y = number of hours worked at the library per week. x+yz x≤ ysarrow_forwardThe Schoch Museum (see Problem 30 in Chapter 11) is embarking on a five-year fundraising campaign. As a nonprofit institution, the museum finds it challenging to acquire new donors, as many donors do not contribute every year. Suppose that the museum has identified a pool of 8,000 potential donors. The actual number of donors in the first year of the campaign is estimated to be somewhere between 60% and 75% of this pool. For each subsequent year, the museum expects that a certain percentage of current donors will discontinue their contributions. This is expected to be between 10% and 60%, with a most likely value of 35%. In addition, the museum expects to attract some percentage of new donors. This is assumed to be between 5% and 40% of the current year’s donors, with a most likely value of 10%. The average contribution in the first year is assumed to be $50 and will increase at a rate between 0% and 8% each subsequent year, with the most likely increase of 2.5%. Develop and analyze a…arrow_forward
- Consider a buying firm and a supplier negotiating terms for a contract. Suppose the Marginal Benefit to the buying firm of additional contract provisions in a contract (x) to the firm is: MB = 20,000 – 400x. Suppose the Marginal Cost to the buying firm of additional contract provision to the firm is: MC = 100x. What is the optimal number of contract provisions? Reconsider the previous question. If the maximum value (or price) of the contract that the buying firm is willing to pay for is $3,000, what would you expect the firm to do? a) Use the spot market b) Vertically integrate c) Continue to contract d) engage in holduparrow_forwardDickie Hustler has $2 and is going to toss an unfair coin(probability .4 of heads) three times. Before each toss, hecan bet any amount of money (up to what he now has). Ifheads comes up, Dickie wins the number of dollars he bets;if tails comes up, he loses the number of dollars he bets.Use dynamic programming to determine a strategy thatmaximizes Dickie’s probability of having at least $5 afterthe third coin toss.arrow_forwardDo the following problems using either TreePlan A student is deciding which scholarships (out of two) to accept. The first scholarship is worth $10,000 but carries the condition that recipients cannot accept another other forms of income (such as other scholarships). The second scholarship is awarded in a competition, where this student has a 50% chance of earning $7,000, a 40% chance of earning $10,000, and a 10% chance of earning $15,000. The student must inform the administrator of the first scholarship whether she will be accepting their offer today. A. Develop a decision tree to determine which scholarship this student should accept (using our normal decision criteria). B. Under what circumstance might the student accept the other scholarship?arrow_forward
- The Math Club is selling pies on March 14th as a fundraiser. Let Q be the number of pies they make and sell. The total cost, C(Q) in dollars, for making Q pies is given by: C(Q) = 36 + 2Q. The sales price is 5 dollars for each pie. What is the fixed costs of making pies?arrow_forwardIf a "Prisoner’s Dilemma" type of game is played repeatedly for a given number of finite periods that is known to each player, players can maintain cooperation throughout the game. true or false? Solve this Economicarrow_forwardSushow Inc. is a show company that makes an average of $400,000 from a good show and loses an average of $100,000 on a flop. Of the shows the network analyzes, 25% turn out to be hits and 75% turn out to be flops. For $40 000, a market research firm will ask an audience to watch a pilot of a likely show and give their views on whether the show will be a hit or a flop. If the show is actually going to be a success, there is a 90% chance that the market research firm will predict that the show will be a success. If the show is actually going to be a failure, there is an 80% chance that the market research firm will predict that the show will be a failure. will be a failure. a) Which decisions would maximize profits for Sushow? b) Calculate the VEIP c) Calculate the VEIE.arrow_forward
- Which of the following statements is NOT true? Your answer: O Primal Simplex Algorithm starts feasible but nonoptimal O Dual Simplex Algorithm starts optimal but infeasible Generalized Simplex Algorithm starts optimal and infeasiblearrow_forwardYou own a coffee shop in a metro Toronto shopping mall. It is Friday evening and you are trying to decide how many dozen blueberry muffins to bake for the Saturday morning rush.Based upon your experience with Saturdays, you think that the probability of being able to sell 5 dozen is 0.25, of being able to sell 10 dozen in 0.45, of being able to sell 15 dozen is 0.20 and of being able to sell 20 dozen is 0.10A dozen muffins sells for $10.00 and has an incremental cost of $6.35. If you have leftover muffins, you will sell them to the local food bank for $2.00 per dozen.Use your knowledge of decision analysis to model and solve this problem in order to recommend the number of dozen muffins that should be baked.arrow_forwardStock in Company A sells for $89 a share and has a 3-year average annual return of $24 a share. The beta value is 1.26. Stock in Company B sells for $83 a share and has a 3-year average annual return of $18 a share. The beta value is 1.13. Derek wants to spend no more than $19,000 investing in these two stocks, but he wants to earn at least $2100 in annual revenue. Derek also wants to minimize the risk. Determine the number of shares of each stock that Derek should buy. Set up the linear programming problem. Let a represent the number of shares of stock in Company A, b represent the number of shares of stock in Company B, and z represent the total beta value. Minimize z3 1.26а + 1.13b subject to 89а + 83b s 19000 24a + 18b > 2100 a 2 0, b20. (Use integers or decimals for any numbers in the expressions. Do not include the $ symbol in your answers.) Derek should buy 88 share(s) of stock in Company A and 0 share(s) of stock in Company B. (Round to the nearest integer as needed.)arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,