The traveling salesperson problem involves finding an optimal route (called a tour ) that visits each of n cities exactly once and returns to the start. For example, suppose the distances between medical offices for a pharmaceutical representative are:           Note that the distance from one location to itself is an arbitrarily high number, 999. An example of a...

Oct 23 2021

For the project selection example, suppose that the returns in the objective function are normally distributed with means as given by the expected returns and standard deviation equal to 10% of the mean. However, also assume that each project has a success rate modeled as a Bernoulli distribution. That is, the return will be realized only if the project is successful (use the “Yes–...

Oct 23 2021

  Many manufacturing situations, such as the production of large and complex items as aircraft or machines, exhibit a learning effect in which the production time per unit decreases as more units are produced. This is often modeled by a power curve y = ax - b , where a and b are constants. Suppose that data on production times for the first 10 units produced were collected from a new project...

Oct 23 2021

The Hal Chase Investment Planning Agency is in business to help investors optimize their return from investment. Hal deals with three investment mediums: a stock fund, a bond fund, and his own Sports and Casino Investment Plan (SCIP). The stock fund is a mutual fund investing in openly traded stocks. The bond fund focuses on the bond market, which has a more stable but lower expected return. SCIP...

Oct 23 2021

  The entrepreneur in the previous problem did very well selling Victor shoes. His shoe supplier told him of a new product, Top Notch, that was entering the market. This shoe would be a product substitute for Victors, so that the higher the price of either shoe, the greater the demand for the other. He interviewed more potential clients to determine price response and cross elasticities. This...

Oct 23 2021

    A young entrepreneur has invented a new air-adjustable basketball shoe with pump, similar to those advertised widely by more expensive brand names. He contacted a supplier of Victor basketball shoes, a little-known brand with low advertising. This supplier would provide shoes at the nominal price of $6 per pair of shoes. He needs to know the best price at which to sell these shoes....

Oct 23 2021

    The Spurling Group is considering using magazine outlets to advertise their online Web site. The company has identified seven publishers. Each publisher breaks down their subscriber base into a number of groups based on demographics and location. These data are shown in the table below:               The company has set a budget of $25,000 for...

Oct 23 2021

  Mark Haynes is interested in buying a new car. He decided on a particular model, which has lots of options from which to choose. The base price of the car is $16,510 and he allotted a budget of $19,250 to purchase it. The table below shows the possible options over and above the base model that he could choose, their cost, and the utility that he assigned to each option:    ...

Oct 23 2021

  His financial advisor has suggested that at most 40% of the portfolio should be composed of high-risk funds. At least 25% should be invested in bond funds, and at most 40% can be invested in any single fund. At least six funds should be selected, and if a fund is selected, it should be funded with at least 5% of the total contribution. Develop and solve an integer optimization model to...

Oct 23 2021

    Josh Steele manages a professional choir in a major city. His marketing plan is focused on generating additional local demand for concerts and increasing ticket revenue, and also gaining attention at the national level to build awareness of the ensemble across the country. He has $20,000 to spend on media advertising. The goal of the advertisement campaign is to generate as much...

Oct 23 2021

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