Case Description 2: Consider the Bi-criteria LP (BCLP) probl…

Case Description 2: Consider the Bi-criteria LP (BCLP) problem.   Max z1 = -x1 + x2 Max z2 = x1   subject to:              -x1 + x2  ≤  2                               x1 ≤  7                               x1 + x2 ≤  8                               x1, x2 ³ 0                                       The decision space for the above set of equations is shown Figure below. The labels associated with the corner points of the decision spaces are as follows:   A (7, 0) B (7, 1) C (3, 5) D (0, 2) E (0, 0)   Figure 1: Decision Space The objective space for the above set of equations is shown Figure below. The labels associated with the corner points of the objective spaces are as follows:   A (-7, 7) B (-6, 7) C (2, 3) D (2, 0) E (0, 0)   Figure 2: Objective Space Answer questions 15 through 18 using the information provided in Case Description 2

A medical test is used to detect a rare disease. Two differe…

A medical test is used to detect a rare disease. Two different versions of the test give the following confusion matrices on the same dataset of 1000 patients, where 100 patients actually have the disease. Test A: Predicted Positive Predicted Negative Actual Positive 90 10 Actual Negative 180 720 Test B: Predicted Positive Predicted Negative Actual Positive 60 40 Actual Negative 40 860 Which of the following best describes the trade-off between Test A and Test B?  

Case Description 3: A large manufacturing company is plannin…

Case Description 3: A large manufacturing company is planning to build a new plant in a Midwestern state.  The company’s IE group is considering communities A, B, and C for the new plant.  Actual site selection will be done at a later date after the community selection is complete.  The IE group selected the criteria shown in the following table:   Communities Criteria A B C Labor Supply Transportation Nearness to Raw Materials Cost of land/acre ($1000’s) Housing Community Attitude 2 8 3 3 9 10 8 7 10 4 7 8 9 9 5 5 7 5   Each of the communities has been assigned a rating for each criterion, except for the cost of the land, using a scale of 1 to 10, where a larger number indicates higher preference.  Land cost was measured in thousands of dollars per acre.   Answer questions 19 through 20 using the information provided in Case Description 3.

Case Description 5 Jane invests a lumpsum in an ETF that tra…

Case Description 5 Jane invests a lumpsum in an ETF that tracks Russell 2000 Index for five years. The annual returns, net of fees and other expenses, for this ETF are: Profit of 18.37% in Year 1, Loss of 1.57% in Year 2, Loss of 33.79% in Year 3, Profit of 27.17% in Year 4, and Profit of 26.85% in Year 5.   Answer questions 22 through 23 using the information provided in Case Description 5.