optimization

Question 1

prescriptive analytics is

Answer 1

application of logic and math to specify a preffered course of action

Question 2

presxcriptibve analytics =

Answer 2

predicitve analytics + operations research

Question 3

what is operations research

Answer 3

application of math model to tackle real life problems associated with decesion making

Question 4

we dont just want a solution in optimization but

Answer 4

a maximum

Question 5

what is a feasible solution

Answer 5

one that doesnt violate any constraint

Question 6

what is optimal solution

Answer 6

 Optimal solution is one that is the best, no other solution provides greater revenue, our goal in building math model is finding optimal model not feasible solution as it is easy to find a feasible one

Question 7

how to find optimal solution

Answer 7

use graphical solutions (only 2 variables) , excel solver, gurobi

Question 8

variables are

Answer 8

collumns

Question 9

decesions variables are

Answer 9

rows

Question 10

constraints are in

Answer 10

rows

Question 11

parameters are

Answer 11

A numerical factor that defines a system – Example: selling price, capacity, demand

already known and cant be changed

Question 12

• Has to be greater than or equal too and must be linear

Answer 12

true