...Broadly speaking these are the steps. Of course these may vary slightly depending on the type of problem, data, tools available etc. 1. Problem definition - The first step is to of course understand the business problem. What is the problem you are trying to solve – what is the business context? Very often however your client may also just give you a whole lot of data and ask you to do something with it. In such a case you would need to take a more exploratory look at the data. Nevertheless if the client has a specific problem that needs to be tackled, then then first step is to clearly define and understand the problem. You will then need to convert the business problem into an analytics problem. I other words you need to understand exactly what you are going to predict with the model you build. There is no point in building a fabulous model, only to realise later that what it is predicting is not exactly what the business needs. 2. Data Exploration - Once you have the problem defined, the next step is to explore the data and become more familiar with it. This is especially important when dealing with a completely new data set. 3. Data Preparation – Now that you have a good understanding of the data, you will need to prepare it for modelling. You will identify and treat missing values, detect outliers, transform variables, create binary variables if required and so on. This stage is very influenced by the modelling technique you will use at the next stage. For example, regression...
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...Students, please view the "Submit a Clickable Rubric Assignment" in the Student Center. Instructors, training on how to grade is within the Instructor Center. Click the link above to submit your assignment. Assignment #1: JET Copies Case Problem Read the "JET Copies" Case Problem on pages 678-679 of the text. Using simulation estimate the loss of revenue due to copier breakdown for one year, as follows: 1. In Excel, use a suitable method for generating the number of days needed to repair the copier, when it is out of service, according to the discrete distribution shown. 2. In Excel, use a suitable method for simulating the interval between successive breakdowns, according to the continuous distribution shown. 3. In Excel, use a suitable method for simulating the lost revenue for each day the copier is out of service. 4. Put all of this together to simulate the lost revenue due to copier breakdowns over 1 year to answer the question asked in the case study. 5. In a word processing program, write a brief description/explanation of how you implemented each component of the model. Write 1-2 paragraphs for each component of the model (days-to-repair; interval between breakdowns; lost revenue; putting it together). 6. Answer the question posed in the case study. How confident are you that this answer is a good one? What are the limits of the study? Write at least one paragraph. There are two deliverables for this Case...
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...The below Multiattribute Model compares the two retails outlets, Taimooria and Home Needs. Both are located at Maskan (Opposite Maskan gate, Karachi University) on the basis of which a young student who lives in IBA Hostel would make a choice of where to go. The first part of the model has listed the information about the stores selling groceries based on certain store characteristics like cleanliness, organization of shelves, spacious, friendly employees, total travel time, queues at the cash counters, availability of daily usage products, in store temperature and prices in relative terms. The total travel time, shop open time and queue at cash counter affect my beliefs about the convenience of the stores. The friendly employees, spacious and organized shelves store affects my belief about availability of product information. The prices are directly linked with the store being economical. Assortment is effected by the availability of a variety of daily usage products. A. Information About Stores Selling Groceries Store Characteristics Taimooria Home Needs Shop open time (relatively) Long Short Organized shelves No Yes Spacious No Yes Friendly Employees Yes No Total Travel Time (Minutes) 10 15 Queue at Cash Counter Long Short Availability of Daily Usage Products Excellent Good Prices (relatively) Low High The below table shows the beliefs about stores performance benefits on the basis of convenience, economy, assortment and availability of product information...
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...Shrimps Production Ltd.is to select a machine out of two proposal PI and PII.The former is a semi automatic model requiring a fixed rental of Rs.3,000 p.a.and variable cost of production of Rs.1,000 p.a.and variable cost of production of Rs..0.25 perunit. The market demand has been showing fluctuation and probabilities of different demand levels have been put as follows: Demand | v.cost | Rental | Totalcost | Prob. | Expectedcost | 10,000 | 1,000 | 3,000 | 4,000 | 0.12 | 480 | 12,000 | 1,200 | 3,000 | 4,200 | 0.17 | 714 | 150,000 | 1,500 | 3,000 | 4,500 | 0.41 | 1,845 | 17,000 | 1,700 | 3,000 | 4,700 | 0.24 | 1,128 | 19,000 | 1,900 | 3,000 | 4,900 | 0.06 | 294 | | | | | | 4,461 | Which model should be acquired? What will be the decision ,if the demand level is known with certainty at 10,000 units? Solution: The two models may be evaluated as follows: Model Pi Demand | v.cost | Rental | Totalcost | Prob. | Expectedcost | 10,000 | 1,000 | 3,000 | 4,000 | 0.12 | 480 | 12,000 | 1,200 | 3,000 | 4,200 | 0.17 | 714 | 150,000 | 1,500 | 3,000 | 4,500 | 0.41 | 1,845 | 17,000 | 1,700 | 3,000 | 4,700 | 0.24 | 1,128 | 19,000 | 1,900 | 3,000 | 4,900 | 0.06 | 294 | | | | | | 4,461 | ModelPii Demand | v.cost | Rental | Totalcost | Prob. | Expectedcost | 10,000 | 2,500 | 1,000 | 3,500 | 0.12 | 420 | 12,000 | 3,000 | 1,000 | 4,000 | 0.17 | 680 | 150,000 | 3,750 | 1,000 | 4,750 | 0.41 | 1,948 | 17,000 | 4,250 | 1,000 | 5,250 | 0.24 |...
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...Profile & Work Experience. Comart Lithographers Pvt. Ltd. (JUNE 2011– Till Date). As a Image Retoucher. (MUMBAI-BANGALORE) • Color correction in RGB/CMYK. • Retouching the skin and the hair masking for the model images • Cut outs the model as well as product images for the ad. • Prepared composite psds for lay outs. • Special color photoshop jobs. Honeycomb creative services Pvt Ltd. (MAR. 2009– JUNE 2011). As a Image Retoucher (BANGALORE) • Retouching the skin and the hair masking for the model images • Jewelers retouching & cut outs • Cut outs the model as well as product images for the ad • Prepared composite psds for lay outs. Comart Lithographers Pvt. Ltd. (Mar. 2005– mar 2009). As a Image Retoucher (Mumbai) • Images for magazine,press ad. • Retouching the skin and the hair masking for the model images • Jewelers retouching & cut outs • Cut outs the model as well as product images for the ad • Prepared composite psds for lay outs. • Maintained production schedules and Deadlines. RACHANA IAGES (Jan. 2003– Feb 2005). As a Mac Operator. (Mumbai) • Color correction in RGB/CMYK. • Retouching the skin and the hair masking for the model images • Cut outs the model as well as product images for the ad. • Prepared composite psds for lay outs. • Maintained production schedules and Deadlines. Infinity Studio. Photographer Jignesh Jhaveri (sept. 2002– Dec 2004). As a...
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...Julia’s Food Booth MAT 540 February 22, 2014 Julia’s Food Booth Case Problem (A) Formulate and solve an LP model. Variables: X1 = pizza slices, X2 = hot dogs, and X3 = barbeque sandwiches Maximize Z = ($0.75 X1) + ($1.05 X2) + ($1.35 X3) Subject to: $0.75x1+ $0.45x2 + $0.90x3 ≤ $1,500 24x1 + 16x2 +25x3 ≤ 55.296in of oven space X1 ≥ x2 + x3 (change to –x1 + x2 + x3 ≤ 0 for constraint) X2/x3 ≥ 0 Solution: X1 = 1250 pizza slices X2 = 1250 hot dogs X3 = 0 barbeque sandwiches Z = $2,250 (B) Evaluate the prospect of borrowing money before the first game. Yes, I do believe Julia would increase her profit if she borrowed money. The shadow price is $1.50 for each additional dollar she earns. The upper limit in the model that is given is $1,658.88. This means that Julia can borrow $158.88 from her friend, which gives her an extra profit of $238.32 or a total profit of $2,488.32. (C) Evaluate the prospect of paying a friend $100/game to assist. According to the information presented in (A) and (B), I do believe Julia should hire her friend for $100 per game. It would be difficult for Julia to prepare all of the food needed within the amount of time to reach her goal, so she will need the additional help. If she is borrowing extra money from another friend, she would be able to pay the help for the time spent helping at the game because the $158.88 she borrowed will allow her to do so. (D) Analyze the impact of uncertainties on the model. An impact of...
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...[TEAM] Read the case, “No Good Deed Goes Unpunished”. Notice that this case was written by another professor and me as a learning opportunity for our students. Yes, this really did happen in a major metropolitan area in the U.S. [ASSUMPTIONS] 1. Your team has been hired by the Arts Festival to help them, because Mark and the drug store are suing the Festival. 2. You were hired, because the Festival’s leadership cannot do this for themselves. What that means for you is that they do not need generic answers. They need specifics. For example, do not explain what “readiness to change” means. Instead, assess readiness to change and give your client your results. If they are not ready to change, where do they need to change? Specificity is your friend. 3. This is not a creative writing exercise even though you are working with creative people. This is a technical report that needs to be straightforward and concise. Develop the case for change by fully completing the following tasks and by supporting your answers with outside sources. (Minimum 5 outside resources.) Be sure to cite your sources in the text and to include a list of references in APA format. Do NOT write this as a set of responses to each task. I have never seen a professional document that simply answered a list of questions. Instead, write your response as a report to a client and let your report demonstrate your professional proficiency in the resolution of complex problems through excellent communication...
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...by Kenneth D. Pritsker No man is an island and, increasingly, no company or industry can .function profitably without some degree of intra-industry integration. Through a model based on companies competing in major segments of the air transportation industry, key relationships are identified among industry segments in a way that reconciles internal and external industry views. The model captures business processes, value chains, and interactions that generate end products in order to isolate strategic process issues and strategies to meet them. Over the past 20 years, industries have expanded their boundaries by diversifying into new product areas, by creatively insourcing and outsourcing activities, and by entering into innovative cooperative agreements with companies from other industries. This expansion has almost blurred traditional industry boundaries by creating an economy of industries that are tightly interlinked. As an industry's scope expands, activities are developed to coordinate cross-industry interactions. In many cases, an industry's integrative activities are more profitable than its traditional operations because of the critical nature of the functions provided and the power gained by coordinating these activities. This paper introduces strategic reeingineering as a framework for understanding an industry in terms of its processes and value-added chains. This internal macro-process perspective on an industry's operations creates new strategic issues...
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...To maximize profits Julia should provide 1,250 pizza slices; 1,250 hot dogs and zero BBQ sandwiches. A profit would be maximized (represented as Z) at $2,250 for game. However it is important that we discuss her expenses and take that into consideration as well. She has to lease the actual booth and it costs her $1000 to do so per game. She also has to lease the warming oven, which is $600 for the 6 game season; this equates to $100 per game. So her profit would be $2250 - $1000 (booth) - $100 (oven) = $1150. Julia uses $1500 for the first time but after that she can use the profit from the previous game to supply funds for the food in the future. A) Evaluate the prospect of borrowing money before the first game. If Julia borrowed money it would increase her profit. The dual value from the linear programming model is $1.50 for each additional model. From the table, you can see that the upper limit is $1,658.88. This translates that she should only borrow $158.88, which is formulated by $1,658.88- $1,500.00 (her original investment money). Her original profit was $2,250. If you add her additional profit of $238.32 to her original profit, then there will be a new total profit of $2,488.32. B) Evaluate the prospect of paying a friend $100/ game to assist. Julia should indeed hire her friend for $100 per game. That would be a lot of work for one person in a very limited time frame. This would be a smart business move, especially if you take into consideration...
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...The three products/variables in this problem that must be considered for purchase are: x1: Pizza Slices x2: Hot Dogs x3: Barbeque Sandwiches The objective is for Julia to maximize profits. Julia’s goal is to earn a profit of at least $1,000.00 after each game. Profit = Sell – Cost Profit Function: Z = 0.75(X1) + 1.05(X2) + 1.35(X3) Constraints and Cost: The maximum amount of funds available for purchase is $1500.00 Cost per pizza slice = $0.75 because Julia purchases each pizza for $6.00 and there are 8 slices per pizza. Cost per hot dog = $0.45 Cost per sandwich = $0.90 LPP Model: Maximize Profit: Z= $0.75x1 + $0.45x2 + $0.90x3 < $1,500 Subject to 24x1 + 16x2 + 25x3 < 55,296 oven space x1 > x2 + x3 (changed to –x1 + x2 + x3 < 0 for constraint) x2/x3 > 2 (changed to –x2 + 2x3 < 0 for constraint) x1, x2, x3 > 0 Solve the LPM: Pizza(X1) = 1,250; Hotdogs(X2) = 1,250 and Barbecue sandwiches(X3) = 0 Maximum value of Z = $2,250 It would be in Julia’s best interest to stock 1,250 slices of pizza, 1, 250 hot dogs and no barbecue sandwiches as it will yield the maximum profit of $2,250.00 (B) Evaluate the prospect of borrowing money before the first game. I do assert that Julia should borrow money from her friend to increase her profits. The shadow price is $1.50 for each additional dollar Julia earns. The upper limit in the model that is given is $1,658.88. This means that Julia can borrow $158.88 from her friend, which will help her yield...
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...Young Working Population A no claim discount (NCD) scheme which encourages the policyholder to drive more carefully due to the penalty applied if a claim occurs and reward gained if no claim occurs is common in motor vehicle insurance. Different companies have varying NCD scheme which provides a conundrum for policyholders to choose the most optimal policy for each individual policyholder. A common argument for the introduction of an NCD scheme is that it is fairer than using a flat rate. Looking at the popularity in the rise of NCD schemes seems to indicate this is true. Not only does the scheme encourages better driving but it enables the policyholder to reduce their premium until they reach the maximum no claim discount. For the young working population, an NCD scheme would be of great benefit especially for a young worker who is only entering the workforce. The young worker would have more frequent car usage and benefit from the reduced premium due to the discount. Since the young worker would more likely need the car for commute to work and also later on for family responsibilities. However the worker would need to take consider the portability of the NCD scheme should in the future, he decide to move to another insurer that offers a more optimal policy. Portability is an especially important aspect to consider for a young worker that is still trying out jobs and may change jobs multiple times before settling on one. In this report a model for an NCD scheme in health...
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...What did the scholars do? The scholars did research on the aggregate contract and individual contract evaluation. The model they used is based on risk-neutral principal and agent. There is no income for agent, but he/she can derive income from the slack contract, which is the reported cost minus the real cost. Contract setting is based on Hurdle contract. Principal will set the hurdle at c+σ for slack contract, no matter what agent reports, if the price is below c+σ, principal will pay c+σ; while principal also set c-σ for the rationing contract. What did they find? Individual project model: Project 1 project 2 |0.5 |0.5 | |+σ |-σ | |0.5 |0.5 | |+σ |-σ | Two projects Model: |0.25 |0.25 | |+σ ; +σ |-σ ; +σ | |+σ ; -σ |-σ ; -σ | They found that under intermediate level of profitability and slack potential, the aggregation contract is preferred and the advantage is maximized. They also found that it is better to bundle projects with negatively correlated profitability when principal choose the aggregation evaluation. If the projects are positively correlated, aggregation evaluation could still be beneficial as long as the correlation is small enough. ...
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...Podcast #2 Is it the job? Is it the work environment? Factors in the work environment play a bigger role in predicting and producing stress and burnout rather than just the individual and the type of person they are. But that doesn’t mean that individuals react to stress in different ways from different work environments. Everybody handles and deals with stress in different ways. For myself, I believe I deal with stress pretty well, but it’s definitely the work environment that affects my stress. When I was in high school I worked first ship at a corporation called Shape Corp. Shape Corp was a corporation that made parts for Chevrolet cars and trucks. The part of the factory that I worked in handled the bumpers for all the cars and trucks on the market. My shift was from 6:30am to 3:30pm. This job was very rewarding because of the paycheck and the time frame. It allowed me to make good money and allowed me to play summer baseball at nights. But this job caused stress in my life that I thought would never occur. This job also caused me to be burned out at the end of the day that it was an absolute struggle to get up each and every day. The type of burnout that is caused in my life was exhaustion. The burnout exhaustion, stated from Early Signs of Burnout with Christina Maslach, is an individual stress response that caused from being overly tired mentally and physically. I was so exhausted from going to work for eight hours, and then going and playing a 9 inning baseball game...
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...Journal 2: “The Church as a Forgiving Community” Peri Paige Kennedy Liberty University Summary The article's title is "The Church as Forgiving Community: An Initial Model". It was written by Chad M. Magnuson and Robert D. Enright of the University of Wisconsin-Madison. The commentary contains a brief synopsis of a system that could be integrated into churches to teach higher levels of forgiveness. It further explains the reasoning for the need of forgiveness due to all of the benefits that having a forgiving character can bring. Those who forgive more easily have a tendency to present with reductions in anger, depression, anxiety, grief, PTSD, and stress. They also have higher levels of self-esteem, hope, and positive attitudes. Even though the idea of forgiveness has been taught from early civilizations and documented in the pages of the Hebrew Bible and New Testament, the benefits of forgiveness have not been explored until approximately twenty years ago. It was not until 1984 when social scientist, Smedes and again in 1990 Worthington and DiBlasio sought to explore these possible benefits and to develop models of forgiveness (Magnuson & Enright, 2008). The two most popular models are Enright's process model and Worthington's REACH model. Enright's model which has four basic steps; the first is to begin to uncover the hurt or shame caused by the offense; the second step is to purposefully decide to forgive, the third step is to work towards forgiveness. One must begin...
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...Impact of Path Loss and Delay Spread on Base Station Cooperation Konstantinos Manolakis, Stephan Jaeckel, Eva Salvador Marquez, Volker Jungnickel Fraunhofer Heinrich Hertz Institute Einsteinufer 37, D-10587, Berlin, Germany Konstantinos.Manolakis@hhi.fraunhofer.de Abstract—In this paper, we investigate the maximum inter-site distance (ISD) for performing joint signal processing between cooperative base stations. As a metric, we use the maximum excess delay measured at 95% point of the cumative power delay profile from all base stations. For the distance-dependent channel parameters, we consider Greenstein’s statistical propagation model, which we extended for broadband transmissions. We extract all model parameters from 2.6 GHz multi-cell measurements in our field trial and parametrize the model at a fixed ISD. We also investigate the impact of antenna downtilt and find that when a larger downtilt is used, the rms delay spread and 95% excess delay are smaller. However, there are critical 3D effects close to the sites not included in the model. Then we consider larger ISDs and indicate how the delay parameters grow. Based on Greensteins model, the short cyclic prefix in LTE is hardly violated for realistic ISD at 2.6 GHz. I. I NTRODUCTION Base station cooperation is envisioned as a promising technique for future mobile networks where the carrier frequency shall be fully reused. It reduces the mutual interference between adjacent radio cells and increases...
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