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Identify the random variables in words

by | Nov 5, 2022 | Web programming | 0 comments

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Please follow the instructions in the file( the questions is in the file too)
To solve part b) below, you will need to do the following:
a. Use the Generalized Analytics Procedure (GAP) to set up your problem as follows:
i. Define your model in words
1. Identify the objective function in words
2. Identify the random variables in words
3. Identify the decision variables in words
ii. Formulate your model mathematically
1. Define the decision variables
2. Define the random variables
3. Define the objective function in terms of decision variables and random
variables
b. Solve the problem in Excel
c. Answer the questions stated in the problem (in words).

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