...1.Identify the part of setting up a simulation in Excel that you find to be the most challenging, and explain why. Identify resources that can help you with that. Using Excel in general is very difficult for me. From manipulating and navigating the ribbons to inserting graphs, pictures, and formulas. According to our textbook, a simulation is the replication “of a real system with a mathematical model that can be analyzed with a computer” (Taylor, p. 805, 2010). The part of setting up a simulation in Excel that I find to be the most challenging is the entire idea of using simulation in Excel. However, there are many resources available that can help me you these challenges. One of the biggest resource available is the World Wide Web. Others helpful resources are my textbook, supplemental instructions within the course shell, tutor, and instructor made available by Strayer University. 2. How do we use pseudorandom numbers in a simulation? How do pseudorandom numbers affect the accuracy of a simulation? Pseudorandom numbers random numbers generated by a mathematical process instead of a physical process. In other words, pseudorandom numbers is a process that appears to be random but is not. The way pseudorandom numbers are use in a simulation is by artificially creating random numbers which are uniformly distributed, the technique should be efficient, and do not reflect any pattern (Taylor, p. 634, 2010). Pseudorandom numbers are also used in, probability and statistics...
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...Consider this scenario: your school is planning to make toques and mitts to sell at the winter festival as a fundraiser. The school’s sewing classes divide into two groups – one group can make toques, the other group knows how to make mitts. The sewing teachers are also willing to help out. Considering the number of people available and time constraints due to classes, only 150 toques and 120 pairs of mitts can be made each week. Enough material is delivered to the school every Monday morning to make a total of 200 items per week. Because the material is being donated by community members, each toque sold makes a profit of $2 and each pair of mitts sold makes a profit of $5. In order to make the most money from the fundraiser, how many of each item should be made each week? It is important to understand that profit (the amount of money made from the fundraiser) is equal to the revenue (the total amount of money made) minus the costs: Proft = Revenue - Cost. Because the students are donating their time and the community is donating the material, the cost of making the toques and mitts is zero. So in this case, profit ≡ revenue. If the quantity you want to optimize (here, profit) and the constraint conditions (more on them later) are linear, then the problem can be solved using a special organization called linear programming. Linear programming enables industries and companies to find optimal solutions to economic decisions. Generally, this means maximizing profits...
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...Julia is a student seeking a way in which to subsidize her education. She has decided to rent a food booth to sell items at home football games. Having decided to sell pizza, hot dogs, and BBQ sandwiches, Julia needs to decide specifically which items to sell, and what prices she should charge to maximize the profit on her initial investment of $1500. Julia will be selling her products twice per game and decides to sell pizza slices and hot dogs for $1.50, and BBQ sandwiches for $2.25. The Time constraints prevents her from both preparing and selling her food; as such, she has decided to prepare the hot dogs and BBQ sandwiches prior to each game and have the pizzas delivered. To keep the food warm Julia rents an oven. Julia needs to clear at least $1000 in profit to make renting the booth a worthy investment. To begin analyzing this investment problem we must first calculate the profit made from hot dogs and BBQ sandwiches in order to formulate the linear model. Calculating Cost, Revenues, and Profit Profit = Income - Cost (Pizza - X1) - $1.50 - .75 = $.75 (Hot Dog - X2) - $1.50 - .45 = $1.05 (BBQ - X3) - $2.25 - .90 = $1.35 Model Summary Maximize Z = .75X1 + 1.05X2 + 1.35X3 where Z = profit from products sold subject to the following constraints .75X1 + .45X2 + 09X3 ≤ 1500 - Budget 24X1 + 16X2 + 25X3 ≤ 55296 - Space in oven (per sq. in.) X1 - X2 - X3 ≥ 0 - At least as many pizza slices as Hot Dogs and BBQ Sandwiches X2 - 2X3 ≥ 0 - At least twice...
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..."Impact of Government Regulation" Please respond to the following: •* From the scenario for Katrina’s Candies, take a position as to whether government regulation is constraining or enabling in this situation, as it relates to the operational efficiency of the company. Speculate on the fundamental manner in which government regulation could impact the shareholders’ wealth and profitability. Considering the scenario for Katrina’s Candies, I believe the government regulation is enabling in this situation, as it relates to the operational efficiency of the company. The government’s intervention in the US market place process is to; provide for a market that is competitive by keeping monopolistic and other anti-competitive tactics at bay, protect the public interest and enable and encourage innovation. These are accomplished through the antitrust regulation statues and their enforcement which prohibits monopolies as stated in the Sherman Act, 1890 (McGuigan et al., 2014). The presence of anticompetitive business practices of collisional price fixing, wholesale price discrimination, exclusive dealing and tying contracts, anti-merger regulations, and interlocking directorates are specified in the Clayton Act, 1914. The Federal Trade Commission is the nation’s consumer protection agency that works for the consumer to prevent fraud, deception and unfair business practices in the marketplace. Government policies are there to ensure that products are available to the consumer at lower...
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...Assignment #1: JET Copies Case Problem Strayer University MAT540: Quantitative Methods October 29, 2013 JET Copies is a company designed to alleviate a longer commute and longer wait time, and possibly have a more cost efficient method for the college students to make copies. The three students James, Ernie, and Terri decided to go into business together with a copying business initiative. Considering what was ahead of the new business, for example, possible machine downtime and days to repair the copier, they had to determine the average number of days that it would take for them to acquire a repair team to fix the machine in the event that it broke down. As discovered, the average time for repair was between one and four days. In order to calculate the average, a probability distribution was developed using Microsoft Excel. From there, the cumulative probability was obtained by adding the probability, P(x), from the previously itemized probabilities where the cumulative summation of a probability is always equal to one (1) or 100%. A random number formula, =RAND(), was plugged into the Microsoft Excel desired cell, in this situation, (H4), which generated a random range of numbers that are greater than or equal to zero and less than one. The interim time between breakdowns were achieved simply by soliciting the experience several staff members in the college of business who were familiar with frequency of the copier’s inconsistent behavior. It was estimated that the...
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...Jet Copies Company Breakdown Simulation p(y) Cumulative Repair Time y 0.2 0 1 0.45 0.2 2 0.25 0.65 3 0.1 0.9 4 Time Between Cumulative Repair Breakdown RN1 Breakdown X Time RN2 Time RANDBETWEEN(2000,8000) Total # of copies Loss of Revenue 1 0.34 3.48 3.48 0.78 3.00 3244 9732 $973.20 2 0.32 3.41 6.89 0.06 1.00 5332 5332 $533.20 3 0.09 1.84 8.73 0.73 3.00 7922 23766 $2,376.60 4 0.83 5.46 14.19 0.95 4.00 2429 9716 $971.60 5 0.73 5.12 19.31 0.54 2.00 6601 13202 $1,320.20 6 0.67 4.91 24.22 0.09 1.00 4895 4895 $489.50 7 0.50 4.23 28.45 0.83 3.00 4113 12339 $1,233.90 8 0.11 1.96 30.40 0.92 4.00 2757 11028 $1,102.80 9 0.81 5.39 35.79 0.73 3.00 4852 14556 $1,455.60 10 0.24 2.97 38.75 0.40 2.00 2729 5458 $545.80 11 0.01 0.43 39.19 0.68 3.00 4396 13188 $1,318.80 12 0.50 4.24 43.43 0.71 3.00 7962 23886 $2,388.60 13 0.95 5.86 0.14 1.00 5345 5345 $534.50 14 0.25 2.99 0.62 2.00 5572 11144 $1,114.40 15 0.33 3.42 0.05 1.00 7020 7020 $702.00 16 0.80 5.36 0.53 2.00 7763 15526 $1,552.60 17 0.31 3.35 0.41 2.00 2337 4674 $467.40 18 0.56 4.49 0.93 4.00 3641 14564 $1,456.40 19 0.02 0.86 0.69 3.00 5354 16062 $1,606.20 20 0.94 5.80 0.25 2.00 5431 10862 $1,086.20 21 0.57 4.53 0.97 4.00 4124 16496 $1,649.60 22 0.38 3.69 0.42 2.00 4657 9314 $931.40 23 0.32 3.42 ...
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...Employers often want to find out if their workers are productive and loyal. Determine at least one limit that you would place upon a private employer’s rights to monitor the productivity and communications of employees at work. Support your response. Businesses contend that monitoring to increase employee productivity, efficiency, and work quality is necessary in order to compete in the global marketplace. This is also necessary to ensure workers are productive and loyal to the company. Employers are concerned with proper employee behavior and Code of Conduct compliance in relation to their industries and related organizations. More employers are using monitoring devices to check or keep track of their employees' actions, behavior, and theft. Employers have a legitimate interest in keeping track of how their employees spend their work hours, whether doing business or goofing off or extortion. Therefore, employers use several types of employee monitoring systems such as computer monitoring, video surveillance, investigators, undercover operatives, spying, eavesdropping, electronic mail and voice mail, and active badge systems to help monitor their employees. Employers are allowed to monitor their employees' communications, within reasonable limits, but employers must make sure that their monitoring does not violate their workers' privacy rights. On a practical level, employers must decide how much monitoring is necessary to serve their legitimate interests without...
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...Introduction This paper will answer the question whether or not JET Copies, a new copier company established by three friends, should purchase a smaller copier as a backup for the primary copier when the primary copier is not in service. The owners of the company have purchased a primary copier similar to the one in the dean’s school of business. During making their decision to purchase, the owners received positive information from the seller regarding the copier reliability. The price of the primary copier is $12,000. Terri, one of the owners of JET Copier, received a loan for her family to purchase the copier. After talking to someone from the dean’s office of business, JET Copies discovered that the copier is not as reliable as they thought. To prevent loss of revenue, JET Copies uses several simulations in an attempt to estimate the loss of revenue—repair days, time between breakdowns, and number of copies per day. The price of the second copier is $8,000. If revenue lost for a year is greater than or equal to $8000, then JET should purchase. Below are my calculation after setting up and running simulations based on the information provided within the case study. 1. In Excel, use a suitable method for generating the number of days needed to repair the copier, when it is out of service, according to the discrete distribution shown. The owners of JET Copies decided to purchase a copier similar to the one used in the college of business at State. The company they purchased...
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...Michelle D. Griner MAT540 – Professor Johnson Strayer University Formulate a linear programming model for Julia that will help you to advise her if she should lease the booth. Formulate the model for the first home game. Explain how you derived the profit function and constraints and show any calculations that allow you to arrive at those equations. Let, X1 =No of pizza slices, X2 =No of hot dogs, X3 = No of barbeque sandwiches Objective function co-efficient: The objective is to maximize total profit. Profit is calculated for each variable by subtracting cost from the selling price. For Pizza slice, Cost/slice=$4.5/6=$0.75 | X1 | X2 | X3 | SP | $1.50 | $1.60 | $2.25 | -Cost | $0.75 | $0.50 | $1.00 | Profit | $0.75 | $1.10 | $1.25 | Maximize Total profit Z = $0.75X1 + 1.10X2 +1.25X3 * Constraints: 1. Budget constraint: 0.75X1 + 0.50X2 + 1.00X3 ≤ $1500 2. Space constraint: Total space available = 3*4*16=192 sq feet =192*12*12=27,648 sq. in. The oven will be refilled during half time. Thus, the total space available = 2*27,648 = 55,296 sq. in. Space required for a pizza = 14*14 = 196 sq. in. Space required for a slice of pizza = 196/6 = 32.667 sq. in. approximately. Thus, space constraint can be written as: 33X1 + 16X2 +25X3 ≤ 55,296 (sp. in of oven space) 3. at least as many slices of pizza as hot dogs and barbeque sandwiches combined X1 ≥ X2 + X3 (at least as many slices of pizza as hot dogs and barbeque sandwiches ...
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...Stateline Shipping and Transport Company Strayer University MAT540 – Quantitative Methods September 1, 2011 Stateline Shipping and Transport Company In Excel, or Other Suitable Program, Develop a Model for Shipping the Waste Directly from the 6 Plants to the 3 Waste Disposal Sites The Stateline Shipping and Transport Company wanted to transport chemical wastes from the six plants to the three waste disposal sites. The six pants and their capacity for wastes generated are shown below. Also shown are the three waste disposal sites and their demand requirements. |Plants |Supply (barrels) | |1. Kingsport |35 | |2. Danville |26 | |3. Macon |42 | |4. Selma |53 | |5. Columbus |29 | |6. Allentown |38 | |Waste Disposal Sites |Demand (barrels) | |A. Whitewater |65 | |B. Los Canos |80 | |C. Duras |105 | Shown below are the shipping costs ($/bbl) from each waste disposal site to each plants. |Plants |Waste Disposal Sites | | |A. Whitewater...
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...JET Copies Case Problem Assignment #1 MAT540, Strayer University Assignment#1: JET Copies Case Problem According to the discrete distrubution, the number of days (y) needed to repair the copier is as follows (where “R2” is a random value in the excel sheet between and 0 and 1): 0 < R2 < .2, then it takes 1 day .2 < R2 < .65, then it takes 2 days .65 < R2 < .9, then it takes 3 days .9 < R2 < 1, then it takes 4 days James estimated that the time between break-downs was probably between 0 and 6 weeks, with the probability increasing the longer the copier went without breaking down. For simulating the interval between successive breakdowns: f(x) = x/18, 0 ≤ x ≤ 6 weeks where x= weeks between break-downs f(x) = x²/36, 0 ≤ x ≤ 6 weeks where x= weeks between break-downs f(x) = random number1 (R1) = x²/36 x = 6*sqrt(R1) 3. For simulating the lost revenue every day that the copier is out of service, select a random number (R3) between 2000 and 8000, since it is estimated that they would see between 2000 and 8000 copies a day. They will charge $0.10 per copy. Therefore, the lost revenue for each day the copier is out of service is equal to R3*.1*repair time. The amound of revunue lost is approxiamtely $12,934.80. Please see the attached excel sheet. In order to estimate the revenue lost for the one year of operations the simulation has been performed. The estimates indicated that the copies sales were between 2000 to 8000 pieces...
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...MAT540 Quantitative Analysis Quiz 3 TRUE/FALSE – clearly indicate your response. 1. Sensitivity analysis is the analysis of the effect of parameter changes on the optimal solution. T . 2. The sensitivity range for an objective function coefficient is the range of values over which the current optimal solution (product mix) will remain optimal. T . 3. The sensitivity range for a right-hand-side value in a constraint is the range of values over which the quantity values can change without changing the solution variable mix, including slack variables. T . 4. The terms reduced cost, shadow price, and dual price all mean the same thing. F . 5. Sensitivity analysis can be used to determine the effect on the solution for changing several parameters at once. F . 6. A negative shadow price indicates that the objective function decreases when the right hand side of a constraint increases. T . 7. For a profit maximization problem, if the allowable increase for a coefficient in the objective function is infinite, then profits are unbounded. T . MULTIPLE CHOICE – clearly indicate your response. 1. For a linear programming problem, assume that a given resource has not been fully used. In other words, the slack value associated with that resource constraint is positive...
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...Quantitative Methods -MAT 540 JET Copies Case Problem Assignment #1 Days-to-repair Terri was able to gather data from the college which allowed them to develop a table for the probability distribution of the wait for repair services on JET’s copier. To model the probability of wait times in the JET Copies simulation, the JET partners generated a random number representing the probability of an occurrence of a breakdown. They then programmed a VLOOKUP function to match this breakdown probability to the corresponding “Repair Time in Days” column of the table. The result is the simulated time to get repair service for each breakdown occurrence. Interval between breakdowns The James, Ernie, and Terri purchased a copier just like the one used at their college office. When Ernie talked with someone in the dean’s office at State, he was told that the University’s copier broke down frequently often for 1 to 4 days. The partners became worried that their machine would also frequently break down. Although they could not get an exact probability distribution, James was able to determine that breakdowns occurred between 0 and 6 weeks apart. The probability of a breakdown increased as time passed. To model the time between breakdowns in their simulation, JET created a list of random numbers. Next, they applied the probability function f(x) = 2x/a2 0≤ x ≤ a. For this situation, the formula used is x = a √r. Since James estimated breakdowns occur zero to six weeks apart...
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...Case Problem: Stateline Shipping and Transport Company Assignment #4 Case Problem: Stateline Shipping and Transport Company MAT540: Quantitative Methods Vargha Azad 09/08/13 In Excel, or other suitable program, develop a model for shipping the waste directly from the 6 plants to the 3 waste disposal sites. Solve the model you developed in #1 (above) and clearly describe the results. In Excel, or other suitable program. Develop a transshipment model in which each of the plants and disposal sites can be used as intermediate points. 6 Plants labeled 1 through 6, 3 waste facilities labeled A through C Objective function: Minimize Z = 1A(12) + 1B(15) + 1C(17) + 2A(14) + 2B(9) + 2C(10) + 3A(13) + 3B(20) + 3C(11) + 4A(17) + 4B(16) + 4C(19) + 5A(7) + 5B(14) + 5C(12) + 6A(22) + 6B(16) + 6C(18); Subject to: 1A + 1B + 1C = 35 2A + 2B + 2C = 26 3A + 3B + 3C = 42 4A + 4B + 4C = 53 5A + 5B + 5C = 29 6A + 6B + 6C = 38 1A + 2A + 3A + 4A + 5A + 6A ≤ 65 1B + 2B + 3B + 4B + 5B + 6B ≤ 80 1C + 2C + 3C + 4C + 5C + 6C ≤ 105 All Combinations ≥ 0 Solver add-on solution in MS Excel yielded the following results: 35 bbl of wastes shipped from Kingsport to Whitewater, 26 bbl of waste shipped from Danville to Duras, 42 bbl of wastes shipped from Macon to Duras, 1 bbl of wastes shipped from Selma to Whitewater, 52 bbl of wastes shipped from Selma to Los Canos, 29 bbl of wastes shipped from...
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...STRAYER UNIVERSITY THE SHELL OIL COMPANY: FUEL OIL CARGO TRANSPORTATION COST MINIMIZATION A TERM PAPER SUBMITTED TO PROFESSOR FARAMARZ FATHNEZHAD, PH.D. QUANTITATIVE METHODS FOR BUSINESS MAT540 007016 WINTER 2006 BY ALPHARD VICTOR T. ROMERO ALEXANDRIA, VIRGINIA MARCH 2006 Contents Chapter 1. Introduction…………………..…...…………..……………………..………..2 2. The Case Of Shell Oil Company……………………………….…...……..….3 3. The Case Figures And Calculations.……….…………………….….......….…5 4. Conclusions……………………….…….…………………………..…………9 Bibliography…..………………………………….…………….………………………..10 -1- CHAPTER 1 - Introduction In today’s competitive global business environment, more and more business organizations have realized that the creativity and ingenuity needed to develop new products, provide better services, grow market share, and maintain a competitive advantage can best come through an effective practice of management science (Strohmeier n.d.). One of the known and established firms who have practiced and maximize the use of the management science application is the Shell Oil Company. The Shell Oil Company is an affiliate company of the petroleum-chemical giant firm Shell Group, a global firm that operates in more than 140 countries and territories worldwide and spans its operations in different subsidiaries and divisions. The Shell Oil Company, with its corporate office headquartered in Houston, Texas, is one of the leading oil and gas producer...
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