Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

problem 1: Print Media Advertising (PMA) has been given a contract to market Buzz Cola through newspaper ads in a main southern newspaper. Full-page ads in the weekday editions (Monday through Saturday) cost $2000, whereas on Sunday a full-page ad costs $8000. Daily circulation of newspaper is 30,000 on weekdays and 80,000 on Sundays.

PMA has been given a $40,000 advertising budget for the month of August. The experienced advertising executives at PMA feel which both weekday and Sunday newspaper ads are significant; therefore they wish to run the equivalent of at least eight weekday and at least two Sunday ads throughout August. (Suppose that a fractional ad would simply mean that a smaller ad is placed on one of the days; that is, 3.5 ads would mean three full-page ads and one half-page ad. As well, suppose that smaller ads decrease exposure and costs proportionately.) This August has 26 weekdays and 5 Sundays.

The main objective is to find out the optimal placement of ads by PMA in the newspaper throughout August so as to maximize the cumulative total exposure (as measured by circulation) for the month of August.

a) Formulate the linear programming model for the problem.
b) Use the Graphical method to find out the optimal solution. Illustrate all steps.
c) Use Excel Solver to find out the optimal solution. Copy and paste your spreadsheet and the answer report in its entirety from Excel. Keep in mind to not delete or modify any part of the answer report.

Here is how the spreadsheet was set up for Excel Solver. The spreadsheet exhibits 10 weekdays and 10 for Sundays. These numbers were chosen arbitrarily. Any quantities can be entered weekdays and Sundays since Excel Solver would find out the optimal solution anyway.

problem 2: Adele Weiss manages the campus flower shop. Flowers should be ordered three days in advance from her supplier in Mexico. Advance sales are so small that Weiss has no way to estimate the demand for red roses. She buys roses for $15 per dozen and sells them for $40 per dozen. Pay-off table for the problem is shown below.

(Krajewski, L., Ritzman, L., & Malhotra, M. (2007). Operations Management (8th ed.). Upper Saddle Reiver, NJ: Prentice Hall)
What is the decision based on each of the given criteria? Show work in making the decision for each criterion.

a) EMV approach.
b) EOL approach.

Use the tables given below.

a) EMV Approach.

1309_EMV approcah.jpg

b) EOL Approach.

55_EOL approach.jpg

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M93060

Have any Question? 


Related Questions in Statistics and Probability

In a pulse rate research a simple random sample of 120 men

In a pulse rate research, a simple random sample of 120 men results in a mean of 80 beats per minute, and a standard deviation of 11 beats per minute. Based on the sample results, the researcher concludes that the pulse ...

Write a two-to three-page short paper 10 percent of your

Write a two-to three-page short paper (10 percent of your total grade) comparing and contrasting the presentation of a historical event by two different historians. Historians do not only provide accounts of events (them ...

Case study mikhail gorbachevs 1988 un speechif the pace of

Case Study: Mikhail Gorbachev's 1988 UN SpeechIf the pace of improving US-Soviet relations seemed rapid, Mikhail Gorbachev's speech to the United Nations General Assembly would shift the process into overdrive.  In this ...

Questiona mining company has gained the drilling rights at

Question: A mining company has gained the drilling rights at two sites A and B. Each cost €100,000 each. Based on past experience they have estimated the chances of a successful drill as follows: P(A) = 0.6, P(B) = 0.5 I ...

1 all successful empires share certain characteristics what

1. All successful empires share certain characteristics. What are these characteristics and how do they relate to the rise of the Muslim empires? Put Islam in its historical context and explain how the Umayyad and Abbasi ...

A multiple-choice test consists of 7 questions each

A multiple-choice test consists of 7 questions. Each question has answer choices of a, b, c, and d, and only one of the choices is correct. If a student randomly guesses on each question, what is the probability that she ...

Hello kitty company claims that the proportion of its

Hello Kitty Company claims that the proportion of its employees investing in individual investment accounts is higher than national proportion of 50%. A survey of 100 employees in Hello Kitty Company indicated that 58 of ...

In minitab open the data set pulsemtw you may assume that

In Minitab, open the data set PULSE.mtw. You may assume that these 92 students are a random sample of all undergraduates. (a) Obtain a 95% confidence interval for µ F  - µ M , the extent to which average pulse rates of f ...

Suppose that x is a continuous random variable with pdf fxx

Suppose that X is a continuous random variable with pdf fx(x) = (lambda/2)e-lambda(abs(x)) for -infinity (question also attached for clarity)

Discuss how the concept of behavioral variability relates

Discuss how the concept of behavioral variability relates to the following topics: a. the research questions that interest behavioral researchers b. the design of research studies c. the measurement of behavior d. the an ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen