2. Solving real world complex problems using either traditional optimization techniques or modern heuristic techniques would make interesting work. What do the terms heuristic and optimization (or optimal) mean? What is a quantitative application for each? Some independent research is needed

Assignment: Choose 4 of
following to answer.

1.      As a
self-study exercise, complete the self-test at the end of each chapter. Use the
key at the back of the book to correct your answers. Re-study pages for any
items you answer incorrectly.

2.      Solving real
world complex problems using either traditional optimization techniques or
modern heuristic techniques would make interesting work. What do the terms
heuristic and optimization (or optimal) mean? What is a quantitative
application for each? Some independent research is needed. What was your
source(s) for addressing this question? Provide a URL address(s) if applicable.
Do not hesitate to use outside sources in addressing questions in this course
and apply your understanding as it relates to your prior knowledge and
experience where appropriate.

3.      What is
implementation, and why is it important?

4.      Katherine
D’Ann is planning to finance her college education by selling programs at the
football games for State University. There is a fixed cost of $400 for printing
these programs, and the variable cost is $3. There is also a $1,000 fee that is
paid to the university for the right to sell these programs. If Katherine were
able to sell programs for $5 each, how many would she have to sell in order to
break even?

5.      An urn
contains 8 red chips, 10 green chips, and 2 white chips. A chip is drawn and
replaced, and then a second chip drawn. What is the probability of

(a)    a white chip on the first draw?

(b)   a white chip on the first draw and a red on
the second?

(c)    two green chips being drawn?

 

(d)   a red chip on the second, given that a white
chip was drawn on the first?

6.      Read the WTVX
case study on page 61 and answer the associated discussion questions.

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