DECISION ANALYSIS PROJECT: MODELING IN THE REAL WORLD This assignment is an individual project-based assignment with the
Question:
DECISION ANALYSIS PROJECT: MODELING IN THE REAL WORLD This assignment is an individual project-based assignment with the objective is to design a quantitative analysis approach according to the five-step description as in Taylor’s text boo (Introduction to Management Sciences, 11th Edition), see Chapter One. Choose one of the problems which you encounter in your work environment/area to conduct this project. For that purpose, you can apply any of the techniques that are covered in this course. The framework or guideline for your support is given below. Please do not feel bound by the above structure. It is merely to help you get started. You may assume or use artificial data/information in order for the analysis to represent a real situation (this is for simulation purposes only). The solution approach/technique has to discussed comprehensively in the report; thus, the solution can be applied. Commercial software such as QM for windows or Excel QM, etc. can be used as a tool to solve the problem. You may use the internet as your resources. Please provide the report in 12-15 pages (in a softcopy version). The problem: Please feel free to give your own suitable title
1. Introduction
1.1 Background of the problem (general to specific)
1.2 Issues, concerns/challenges currently faced 1.3 The motivation of the study/problem statement
2. Problem Definition
2.1 The objective of the study
2.2 A specific description of the problem 2.3 Scope of the study
3. Model Construction
3.1 The technique(s) used
3.2 The objective function (if there is)
3.3 The constraints/criteria involved
4. Implementation and results
4.1 Detailed presentation of data/information
4.2 Results or findings 4.3 Evaluation/Analysis of the results
5. Conclusions
5.1 Advantages and disadvantages of the technique used
5.2 Recommendation
5.3 Limitation of the current study
6. References
A Survey of Mathematics with Applications
ISBN: 978-0134112107
10th edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde