Math 540 Weeks 1-11 All Discussions Questions

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Math 540 All Discussions Week 1 Discussion Introuctions" Please respond to the following: Please introduce yourself. List three things they know and three things they want to know about the content in the course . I can collect this information and use it throughout the course. Week 2 discussion1: According to my lecture notes from week 1, managers operating in a low fixed cost environment tend to prefer to take risks, while managers operating in a high fixed cost environment tend to try to avoid taking risks. Comment on this, by indicating whether you agree or disagree with these statements. Please give the reasons you have to justify your points of view Week 2 discussion 2: Discrete vs. Continuous probability distributions 1. Explain the basic differences between discrete and continuous probability distributions. 2. How can you tell whether data are discrete or continuous? 3. Give an example of a cumulative probability distribution for a binomial distribution and a normal distribution. Week 3 discussion 1: Decision tables vs. Decision trees 1.Go to the lecture notes for week 2. Compare the decision table on lines 76 through 82 of tab 1, with the decision tree in tab 3. They are both dealing with the same problem. Which approach do you find easier to understand and implement? Give the reasons for your choice. In general, how useful do you think that decision trees are as compared to decision tables? In what circumstances might decision trees be superior to decision tables? Week 3 discussion 2: EVPI vs. EVSI What are the basic differences between the "Expected Value of Perfect Information" and "Expected Value of Sample Information"? Under what circumstances would it be useful to calculate both measures? Week 4 Discussion 1 "Forecasting" Please respond to the following: Choose one of the forecasting methods and explain the rationale behind using it in real-life. Describe how a domestic fast food chain with plans for expanding into China would be able to use a forecasting model. Week 4 discussion 2: "Forecasting Models" Please respond to the following: What is the difference between a causal model and a time- series model? Give an example of when each would be used. What are some of the problems and drawbacks of the moving average forecasting model? How do you determine how many observations to average in a moving average model? How do you determine the weightings to use in a weighted moving average model? Week 5 Discussion "Reflection to date" Please respond to the following: In a paragraph, reflect on what you've learned so far in this course. Identify the most interesting, unexpected, or useful thing you've learned and explain why Week 6 Discussion 1 "The Linear Programming Model" Please respond to the following: What are some business uses of a linear programming model? Provide an example. Week 6 Discussion 2 "The LP Model" Please respond to the following: In the graphical method, how do you know when a problem is infeasible, unbounded, or when it has multiple optimal solutions? What are the essential ingredients of an LP model? Why is it helpful to understand the characteristics of LP models? Week 7 Discussion 1 "Comparing Graphical and Computer-Based Methods" Please respond to the following: What does the shadow price reflect in a maximization problem? Please explain How do the graphical and computer-based methods of solving LP problems differ? In what ways are they the same? Under what circumstances would you prefer to use the graphical approach? Week 7 Discussion 2 "Sensitivity Analysis" Please respond to the following: How does sensitivity analysis affect the decision making process? How could it be used by managers? Week 8 discussion 1 Possible goals or objectives in linear programming In addition to maximizing profit or minizing costs, what other possible objectives can be used in linear programming problems? Give examples of 2 such objectives. Week 8 Discussion 2

Analysis of the Diet Problem.Look at the initial diet problem in the lecture notes. The solution minimizes cost under the given constraints. However, that solution calls for a very narrow and uninteresting meal for the people involved. How could the model be revised to keep costs down, but create meals that the people would enjoy? Week 9 Discussion 1 "Comparing Integer Programming and Linear Programming" Please respond to the following: Explain how the applications of Integer programming differ from those of linear programming. Why is "rounding-down" an LP solution a suboptimal way to solve Integer programming problems? Week 10 discussion 1: Comparing QM for Excel with QM for Windows Compare the Excel QM solution in the text with the QM for windows solution in the lecture notes for the wheat-shipping example. What are the significant differences in the two approaches? Which approach do you find easier to understand? Explain your reasons. Week 10 discussion 2 : Transportation vs. Transshipment models What changes are needed to modify the transportation model so that it can be used to solve a transshipment problem? How can QM for Windows be used to make these adjustments relatively easy?