This assignment focuses on Classical decision theory in decision making. There is also a description of logical process of modelling. Also, apply techniques and practice to model real-world problems
Classical decision theory in decision making : logical process of modelling
ASSIGNMENT BRIEF. This Assignment assesses the following module Learning Outcomes: Firstly, Select and apply quantitative modelling concepts for problem solving and decision making. Secondly, Use classical decision theory as aid to decision making. Thirdly, acquire a critical awareness of the logical process of modelling complex decision problems. Fourthly, Apply techniques and practice to model real-world problems. 5. Derive solution(s) using a suitable software package when required. 6. Critically analyse and report results. Assignment Brief: This individual assignment requires that you answer Questions 1 and 2 below. 1. Linear Programming has been successfully applied in many Operations Research applications.
Classical decision theory in decision making : logical process of modelling
Therefore, a) describe, with the aid of two self-selected case studies from the literature, examples where Linear Programming has been applied as a mathematical technique to help Operations Research managers to plan and make the decision necessary to allocate resources, and b) discuss limitations of Linear Programming. 2. Dr Wellman Hun is the Operations Director of XYZ-Brains Ltd based in Hertfordshire UK.
Classical decision theory in decision making : logical process of modelling
The company manufactures smart suitcases and they intend to introduce Radio-frequency identification (RFID) technology into their manufacturing operations. So, Wellman has requested for a simulation of their manufacturing operations to study the impact of RFID solution on their productivity. You required to: a) Explain to Dr Wellman Hun the advantages of simulation, b) Develop a plan for the XYZ-Brains Ltd.’s proposed simulation study, and c) Critically discuss the proposed plan. Presentation. Your technical report must be written in an appropriate format and must contain no more than 3000±10% words including any diagrams, calculations, figures and/or tables where appropriate.
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