4

Question 1

four types of analytics and the question they answer?

Answer 1

descriptive: what happened?
explanatory: why did it happen?
predictive: what will happen?
prescriptive: what should be done?

Question 2

Optimization

Answer 2

identify best course of action by minimizing or maximizing the objective.

Question 3

Left side vs Right side

Answer 3

left side usually has the variable(s) and coefficient(s) while the right side has some constant (or constraint).

Question 4

Feasibility Region

Answer 4

Valid area under all constraints.

Question 5

Feasible Solution

Answer 5

solution satisfying all constraints.

Question 6

Binding vs Non-binding?

Answer 6

binding: no slack, each to the constraint, there will be a shadow price.
non-binding: there is slack, each to the constraint, there will be no shadow price.