Characteristics of bad decisions
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- does not consider alternatives
- does not use all available information
- sometimes yield favorable results
What cells would be set as changing variable cells in Solver
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Solution: ALL Decision Variables
,discrete general distribution
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=if(rand(),range1,range2)
Positive Shadow Price
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A unit increase in the RHS value of the associated constraint results in an
increase in the objective function value
Negative Shadow Price
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A unit increase in the RHS value of the associated constraint results in a
decrease in the objective function value
Payoff table
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, - decisions in rows
- states of nature in columns
- values can be positive (profit) or negative (loss)
discrete random variables
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may assume one of a fixed set of values (integers)
The region of a graph that contains the allowable values for the decision variables, as
determined by the set of constraints is called the
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Feasible Region
Iso-Objective Points
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Points that produce the same objective function value
continuous random variables
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- does not consider alternatives
- does not use all available information
- sometimes yield favorable results
What cells would be set as changing variable cells in Solver
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Solution: ALL Decision Variables
,discrete general distribution
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=if(rand(),range1,range2)
Positive Shadow Price
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A unit increase in the RHS value of the associated constraint results in an
increase in the objective function value
Negative Shadow Price
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A unit increase in the RHS value of the associated constraint results in a
decrease in the objective function value
Payoff table
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, - decisions in rows
- states of nature in columns
- values can be positive (profit) or negative (loss)
discrete random variables
Give this one a try later!
may assume one of a fixed set of values (integers)
The region of a graph that contains the allowable values for the decision variables, as
determined by the set of constraints is called the
Give this one a try later!
Feasible Region
Iso-Objective Points
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Points that produce the same objective function value
continuous random variables
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