Production:
1. Everyone involved or interested in production: All managers (production, operations, hiring,
training, etc), potential and current employees, shift leaders, etc.
2. I would expect a positive correlation between the two
3. No, it is not surp
Linear Programming Steps: pp. 31, 32 (13th ed.), pp. 33,34 (14 ed.)
Step 1: understand the problem
Step 2: describe the objective
Step 3: describe each constraint
Step 4: define the decision variables (the controllable inputs - Ex. # produced)
Step 5: wri
QM 670 PowerPoint Regression Example Problem
We are using the following data to build a model to predict house prices.
Price
87
155
148
290
455
122
75
98
100
136
149
165
210
225
140
115
105
138
100
93
Sq.Feet
1400
2100
2400
2900
3900
2300
1300
1700
1650
2
Regression and Correlation Analysis
Simple Linear Regression (SLR)
Situation we wish to analyze the relationship between two continuous variables X and
Y). Y is the response variable, and is the variable we wish to predict. X is the
explanatory variable,
QM 670 Group Projects Presentation Notes Summer 2016
As stated in the syllabus, you will complete a group project and submit a
PowerPoint presentation for your project. The purpose of the assignment is twofold: to
improve your leadership and teamwork skil
Linear Programming Problem 2.52, Assignment 1 #52, p. 79 (13th ed.), p. 81 (14th ed.)
Creative Sports Design (CSD) manufactures a standard-size racket and an oversize racket.
The firm's rackets are extremely light due to the use of a magnesium-graphite al
Predicting NFL
Average
Attendance by
Home Team
QM 670 Group 3
Introduction
It is beneficial for National Football League
(NFL) franchises to be able to predict
average attendance for each of their home
games in a given season.
Accurate prediction of ave
Linear Programming Thumbnail Notes
Objective: we wish to optimize subject to certain constraints. In business, we usually either maximize
profit or minimize cost.
The basic linear program formulation consists of three components:
1.
Definition of variable
Linear Programming Homework Problem 3.16 - Assignment 2 #16, pp. 132-133 (13th ed.), pp. 133-134 (14th ed.)
Tucker Inc. produces high-quality suits and sport coats for men. Each suit requires
1.2 hours of cutting time and 0.7 hours of sewing time, uses 6
Linear Programming Homework Problem 4.23 - Assignment 3 #23, p. 200 (13th ed.), pp. 201-202 (14th ed.)
EZ-Windows, Inc., manufactures replacement windows for the home remodeling business.
In January, the company produced 15,000 windows and ended the month
Linear Programming Homework Problem 4.25 - Assignment 3 #25, pp. 201-202, (13th ed.), p. 201 (14th ed.)
Western Family Steakhouse offers a variety of low-cost meals and quick service. Other
than management, the steakhouse operates with two full-time emplo
Linear Programming Homework Problem 6.15 - Assignment 4 #15, pp. 294 - 295 (13th ed., Not in 14th ed.)
A market research firm's three clients each requested that the firm conduct a sample survey.
Four available statisticians can be assigned to these three
Linear Programming Problem 2.28, Assignment 1 #28, p. 73 (13 ed.), p. 75 (14th ed.)
Tom's, Inc., produces various Mexican food products and sells them to Western Foods, a
chain of grocery stores located in Texas and New Mexico. Tom's, Inc. makes two salsa
0.1
0.1.1
Linear Programming
Objectives
By the end of this unit you will be able to:
formulate simple linear programming problems in terms of an objective function to be maximized or minimized subject to a set of constraints.
find feasible solutions for
Forecasting Homework
1. For each of the five worksheets on here, answer the following:
a. What forecasting method is most appropriate? Explain.
b. Use the method indicated in a., and discuss the efficacy of the model (i.e., how well does it fit the data).
QM 670 Exam I
Spring 2015
When needed, the item will refer to a worksheet in your Excel QM670Exam1Spring2015 file.
For items 1-4, refer to the Weight loss worksheet.
1. Based on the plot of weight loss vs. the number of sessions attended, which of the fol
1.
Given the information, which answer is BEST? (4)
X-variables
R2
Adjusted R2
MSE
a.
b.
c.
d.
e.
Model 1
6
.9344
.9058
5867.53
Model 2
4
.9277
.9133
5746.09
Model 3
3
.8761
.8497
5844.78
Model 1 performs the best in all areas.
Model 3 performs better tha
Forecasting Homework
1. For each of the five worksheets on here, answer the following:
a. What forecasting method is most appropriate? Explain.
b. Use the method indicated in a., and discuss the efficacy of the model (i.e., how well does it fit the data).
1. Production Data
Dexterity Score # Units Produced
12
55
14
63
17
67
16
70
11
51
19
78
21
81
16
68
23
85
17
76
The observations are scores on a dexterity test and the number of units produced on a production run.
1. Who would be interested in this type o
Forecasting Homework
1. For each of the five worksheets on here, answer the following:
a. What forecasting method is most appropriate? Explain.
b. Use the method indicated in a., and discuss the efficacy of the model (i.e., how well does it fit the data).
COURSE SYLLABUS
COLLEGE OF BUSINESS
SPRING
SEMESTER 2017
QM 670- I03
Decision Theory
INSTRUCTOR:
OFFICE HOURS:
Dr. John D. Barrett, Chair and Professor
Department of Economics and Finance
Tuesday
8:00 a.m. - 9:30 a.m.,
2:00 p.m. - 4:00 p.m.
Wednesday 2:00
QM 670 Exam I Spring 2017
Name_
This exam is worth 50 points. Point values for each problem are in parentheses.
1. See the plots on the page 5; labeled a, b, and c. For each, identify the existence of the
following for each plot if applicable. (5 ea.)
Lin