Assume an outlet mall that has 4 spaces available to be rented to 4 stores (see...
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Assume an outlet mall that has 4 spaces available to be rented to 4 stores (see figure 1). Table 1 presents the store names with the projected number of people (the unit is thousands of people per week) who will visit pair of stores. For instance, based on the collected data, 3000 people per week is estimated to visit both Stores of 3 and 2 (Parade and Aye). Figure 1 shows the layout of the mall and the distance between the available spaces. We want to find an optimized arrangement of stores for this mall. Our goal is to minimize the total distance that customers must travel. This total distance is calculated as the sum of (number of customers that will visit store i and j) x (Distance between store i and j). In the other words, we want to minimize Edip where, di denotes the distance between stores (find in figure 1) and p, denotes the estimated number of people who will visit both stores i and j. For instance, customers who wish to visit Are and Bazaar is 7000 people per week. If Are is located at space 1 and Bazaar located at space 2, the total distance that customers should travel becomes 7,000 x 80 = 560,000 people-feet Develop a LP model that can be used for optimizing the arrangement of the stores in this mall. In fact, you want to find which store should be located at what space. You just need to develop and submit the objective function and the constraints of your model. You do not need to solve your model in excel. Table 1, Estimated number of customers who will visit the pair of stores (p₁). Common Customers with k (000's) 2 5 Store, i 1: Clothes Are 2: Computers Aye 3: Toy Parade 4: Book Bazaar 1 2 3 1 1527 - - 3 8 N 23 3 23 I m 3 2 80 7 Distance (feet) 2 3 80 150 130 3 150 130 4 150 100 120 4 170 100 120 Figure 1, The map of the mall that shows the location of available spaces. Distances between the available spaces are listed in the table adjacent to the map. Assume an outlet mall that has 4 spaces available to be rented to 4 stores (see figure 1). Table 1 presents the store names with the projected number of people (the unit is thousands of people per week) who will visit pair of stores. For instance, based on the collected data, 3000 people per week is estimated to visit both Stores of 3 and 2 (Parade and Aye). Figure 1 shows the layout of the mall and the distance between the available spaces. We want to find an optimized arrangement of stores for this mall. Our goal is to minimize the total distance that customers must travel. This total distance is calculated as the sum of (number of customers that will visit store i and j) x (Distance between store i and j). In the other words, we want to minimize Edip where, di denotes the distance between stores (find in figure 1) and p, denotes the estimated number of people who will visit both stores i and j. For instance, customers who wish to visit Are and Bazaar is 7000 people per week. If Are is located at space 1 and Bazaar located at space 2, the total distance that customers should travel becomes 7,000 x 80 = 560,000 people-feet Develop a LP model that can be used for optimizing the arrangement of the stores in this mall. In fact, you want to find which store should be located at what space. You just need to develop and submit the objective function and the constraints of your model. You do not need to solve your model in excel. Table 1, Estimated number of customers who will visit the pair of stores (p₁). Common Customers with k (000's) 2 5 Store, i 1: Clothes Are 2: Computers Aye 3: Toy Parade 4: Book Bazaar 1 2 3 1 1527 - - 3 8 N 23 3 23 I m 3 2 80 7 Distance (feet) 2 3 80 150 130 3 150 130 4 150 100 120 4 170 100 120 Figure 1, The map of the mall that shows the location of available spaces. Distances between the available spaces are listed in the table adjacent to the map.
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Fundamentals of Financial Management
ISBN: 978-0324664553
Concise 6th Edition
Authors: Eugene F. Brigham, Joel F. Houston
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