Decision Analysis and Modeling NMIMS Solved Assignments June 20
Q1. Decision Analysis involves a systematic decision making process. Explain the approaches to the study of Decision Analysis and Modeling with a suitable example.
Q2. Explain the application of simulation in business analysis.
Q3a. Solve the following problem:
Maximize Z = 40a + 35b
Subject to: 4a + 6b <= 120
8a + 6b <= 192 and a and b both are nonnegative
Q3b. What is the difference between the assumption of linearity and continuity in LPP?
June 2019 NMIMS Solved Assignments
Q1. Suppose you want to design a salad having two main items, lettuce and tomato. Suppose that each gram of lettuce provides 2 units of vitamins and 2 units of minerals and each gram of tomato provides 1 unit of vitamins and 2 units of minerals. The cost of lettuce is 100 Rs/gram and the cost of tomato is 20 Rs/gram.
The salad must provide at least 8 units of vitamins and 10 units of minerals. How many grams of each item should be provided in order to meet the requirements of vitamins and minerals for the least cost? What will this salad cost? Use the graphical method. Present both primal and dual forms, including their graphs. (10 Marks)
Q2. You are required to develop a multiple linear regression model based on the data given below, reporting about multicollinearity to refine your model, if required. Consider Profit (Rs.) as the dependent variable. Interpret your results. Suppose your dependent variable (Profit) takes values of “High profit” (Profit > Rs 1,35,000) or “Low profit”: in such case what type of regression model would you like to use and why? (For this part of the question, you need not develop the model or interpret the results.) (10 Marks)
PLEASE REFER THE TABLE BELOW
Q3. Suppose that you are required to plan the least-cost transportation from the manufacturing centers to the outlets. The transportation cost matrix is given below.
- Find the initial basic feasible solution using Vogel’s Approximation Method. (5 Marks)
- Find the final (optimal) solution using Modified Distribution method. (5 Marks)