What is the distinction between the optimal solution for a decision model and the best possible solution

Question:

What is the distinction between the optimal solution for a decision model and the best possible solution for the real problem?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Introduction To Management Science and Business Analytics A Modeling And Case Studies Approach With Spreadsheets

ISBN: 9781260716290

7th Edition

Authors: Frederick S. Hillier, Mark S. Hillier

See More Books

Question Posted: Mar 02, 2023 02:06 AM

See More Questions

What is the distinction between forecasting and planning? How can organizations become con fused over forecasting when this distinction is not clear?
What is the distinction between blocking and non-blocking with respect to messages?
What is the distinction between dye and pigment colorants?
Identify 3 ethical and 3 legal issues regarding Genomics ? with examples? Genomic services provided for gaining a better understanding of the interactions between genes and the environment but there...
The following comment appeared in the financial press: "Inadequate financial disclosure, particularly with respect to how management views the future and its role in the marketplace, has always been...
What is the labor market like?
2. In designing a new partnership agreement, how should profits and losses be divided?
A manufacturing company employs several maintenance employees. When a problem occurs with the equipment, a maintenance employee receives a description of the symptoms and is supposed to locate and...
Finance. What interest rate would make it worthwhile to incur a compensating balance of $17,500 in order to get a 0.65-percent lower interest rate on a 2-year, pure discount loan of $250,000?...
Three infinite lines L1, L2, and L3 defined by x = 0, y = 0; x = 0, y = 4; x = 3, y = 4, respectively, carry filamentary currents 100 A, 200 A, and 300 A along az. Find the force per unit length on...
Pathfinder College is a small liberal arts college that wants to improve its admissions process. In particular, too many of its incoming freshmen have failed to graduate for a variety of reasons,...
Give two ways correlation can be used when choosing variables to include in the model.
The A-36 steel pipe is subjected to the axial loading of 60 kN. Determine the change in volume of the material after the load is applied. 30 mm 40 mm 60 kIN 60 kN 0.5 m
Consider the following C functions and assembly code: int fun4 (int *ap, int *bp) ( int a = *ap; int bbp; return a+b; }) pushl ebp movl esp, ebp int fun5 (int *ap, int *bp) { int bbp; *bp + *ap;...
The position of a particle moving along the x-axis is given by x(t) = = 4.2 2.5t m. (Assume t is in seconds.) (a) At what time (in s) does the particle cross the origin? 1.68 S (b) What is the...
2. Boxes A and B are being pulled to the right by a rope attached to box B. Box A sits on top of box B, and both boxes accelerate together to the right at a rate of 1.75 m/s. The masses and...
You bought a 15-kilogram sack of unshelled peanuts for your restaurant. You weigh the sack three times on a balance, with the following results: Trial Mass (kg) 1 15.02 2 15.49 3 15.91 The results...
Two hikers leave the same tent at a campground and go separate ways. One hiker walks 8 miles directly south to Ashville, and the other hiker walks 14 miles directly northwest (i.e., N45W) to...
CarryALL, Inc., makes and sells small cargo trailers to individuals and small businesses. Since its opening in 1990, it has allocated indirect costs (IDC) to its three manufacturing plants based on...
General Electric Capital, a division of General Electric, uses long-term debt extensively. In a recent year, GE Capital issued $11 billion in long-term debt to investors, then within days filed legal...
Explain why a marketing audit might be desirable, even in a well-run company. Who or what kind of an organization would be best to conduct a marketing audit? Would a marketing research firm be good?...
This problem emphasizes the differences between the full-cost approach and contribution-margin approach to marketing cost analysis. Tapco, Inc., currently sells two products. Sales commissions and...
Identify some of the ways that a firm can raise money to support a new marketing plan. Give the advantages and limitationsfrom a marketing managers perspective of each approach.
Show that the convexity for a zero coupon bond with m payments per year is (m) n(n + -)(1+ m m
Abdul Canarte , a Central Bank economist, noticed that the total group purchasing basket of goods (CPI) has gone from $149,740.00 to $344,460.00 in 8 years. With monthly compounding, what is the...
ABC Corporation expects sales next year to be $50,000,000. Inventory and accounts receivable (combined) will increase $8,000,000 to accommodate this sales level. The company has a profit margin of 6...

What is the distinction between the optimal solution for a decision model and the best possible solution

Question:

Step by Step Answer:

An optimal solution is the best feasible solution according t...View the full answer

Introduction To Management Science and Business Analytics A Modeling And Case Studies Approach With Spreadsheets

Students also viewed these Business questions