Project Paper Assignment<\/b>(Linear Programming Models)<\/b><\/p>\n
This is a chance to perhaps incorporate some of your experience, interests, and career business\/management goals and ambitions within the context of an individual project paper. Make-up your own problem and apply the linear programming tools and techniques we have been learning (Chapters 7 and 8). You do not need to use real data here; instead, a reasonable and plausible objective function and constraints will suffice.<\/p>\n
Pretend your instructor is your boss or your client (i.e., you are a consultant). Your paper should be 100% professional (neat, typed, error-free, descriptive, easy to read and follow, etc.) in nature. You are in college and, for most of you, English is your native language; that should be reflected in the quality of your writing (spelling, punctuation, grammar, etc.). At this point in your life and academic career this is assumed<\/i>; i.e., you get no credit for writing at an acceptable level… instead, you incur severe sanctions if you do not.<\/p>\n
Your problem will have exactly two variables (an X1 and an X2) and will incorporate a maximization (either profit or revenue) objective. You will include at least four constraints (not including the X1\u2265 0 and X2 \u2265 0 [i.e., the \u201cNon-negativity\u201d or \u201cDuh!\u201d] constraints). At least one of these four must be a\u201c\u2264\u201d constraint, and at least one other must be a\u201c\u2265\u201d constraint; do not include any \u201c= only\u201d constraints. You must have a unique Optimal Solution Point; i.e., no unboundedness or infeasibility problems and no alternative optimal solutions.<\/p>\n
You will make up the context, the particular numbers (objective function coefficient values), and the relationships (constraint equations and values) for your problem. Your model should be reasonable, plausible, and thoughtfully derived and explained<\/i>\u2014but not necessarily an accurate reflection of reality (i.e., you can make up the numbers).<\/p>\n
Make sure you incorporate all of the topics we have gone over. Of course, it is clearly not good enough to just \u201cmention and briefly define\u201d any of these topics and leave it at that; instead, you need to incorporate<\/i> each in your paper within the context of your problem\/situation. Present and discuss your problem (background, objective, constraints, etc.) in \u201cEnglish\u201d and then supplement that in \u201cMath\u201d (linear programming) language.(This is an extremely important part of your paper, and something that you will have to do a lot when you graduate and start a career.) The overwhelming majority of your paper will be written in \u201cEnglish,\u201d with a bit of \u201cMath\u201d language stuff thrown in<\/i> (as opposed to lots of \u201cMath\u201d language with a bit of \u201cEnglish\u201d thrown in).<\/p>\n
Draw each constraint equation\u2019s own individual graph. Then draw one \u201cfinal\u201d graph that includes the feasible region, the optimal objective function line (you need to actually graph<\/i> it; do not just estimate where it goes!), and the optimal solution point. Perhaps the best way to draw these graphsis using a computer program such as EXCEL.<\/p>\n
Make sure you incorporate (as discussed above) your objective function, constraints, slack and surplus values, optimal solution, optimal objective function value, sensitivity analysis, range of optimality, range of feasibility, dual prices, shadow prices, reduced costs, and anything else that we have discussed that is relevant to your project\u2019s problem\/situation.<\/p>\n
While much of your work will be narrative, of course you should feel free to draw pictures, construct tables, use (and explain<\/u>!) math equations and \u201cmath language,\u201d etc., as you think appropriate and necessary. Re-stating some or all of your computer output in some other form is certainly ok; in fact, that is a big part of this project.<\/p>\n
Make sure you include a page number for all pages.<\/p>\n
Project Paper Assignment<\/b><\/p>\n
(Linear Programming Models)<\/b><\/p>\n
This paper is due by the last day of class<\/u>. Of course, you can turn in your paper early if you so desire. No late papers will be accepted. If you get started soonthen you should haveplenty of time to do a good job here.<\/p>\n
My advice is to write the paper in sections, one or two at a time. In the interests of organization and reading ease, give each section a title (and maybe include some sub-titles too where appropriate). Double-space the text. Print on onlyone side<\/i> of the paper (i.e., single-sided, not \u201cduplex\u201d; nothing on the back of any sheet of paper). Include a cover sheet\/title page. Write your name(s) on the cover sheet only, nowhere else.<\/p>\n
I know that you are all wondering \u201cHow long should this paper be?\u201d Well, the answer is, \u201cLong enough to get the job done!\u201d I would expect most papers to be about seven to ten or so pages in length\u2014but that is just a very general ballpark estimate. Of course in the real business world, which I want you to simulate here, there is seldom a minimum page length requirement for projects and papers. You will simply be expected to write enough to \u201cget the job done\u201d; no less, no more. <\/p>\n
This is your chance to shine and to be evaluated in a context other than pencil-and-paper exams. Report\/Project writing is a skill that you will need throughout your business career. Remember, your bottom-line mission here is to impress me with your ability to implement, incorporate, and professionally communicate your knowledge and understanding of linear programming as a business\/ management tool, as opposed to a more purely mathematical and mechanical comprehension of it.<\/p>\n
As with all of your other work, your paper will be evaluated from an absolute, not a relative, perspective. In other words, I do not grade \u201con the curve\u201d by comparing your paper to the work of any other paper in this or any previous semester\u2019s Quant Methods course\u2014instead, your grade is based upon your adherence to all prescribed dimensions of this assignment this semester and the excellence with which you implement this assignment. Of course, everything you submit needs to be your<\/i> (or you and your partner\u2019s) work; i.e., you<\/i> need to produce your own submitted work-product. <\/p>\n
Remember, discussing and explaining your problem and your findings via sufficient incorporation (not just mere mention or token definition!) of the topics we discussed is a MAJOR part of this project and, therefore, of your grade. This is the kind of stuff you might do in your business career.<\/p>\n","protected":false},"excerpt":{"rendered":"
Project Paper Assignment(Linear Programming Models) This is a chance to perhaps incorporate some of your experience, interests, and career business\/management goals and ambitions within the context of an individual project paper. Make-up your own problem and apply the linear programming Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-52878","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/52878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=52878"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/52878\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=52878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=52878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=52878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}