Quantitative Analysis

Some answers may require you to do additional research on the Internet or in other reference sources. Choose your sources carefully. Use APA style as required, and check your spelling. Must be at least 1000 words total. 

Quantitative Analysis

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1. Solving real world complex problems using either traditional optimization techniques or modern heuristic techniques would make interesting work. What do the terms heuristic and optimization (or optimal) mean? What is a quantitative application for each? Some independent research is needed. What was your source(s) for addressing this question? Provide a URL address(s) if applicable. Don’t hesitate to use outside sources in addressing questions in this course, and apply your understanding as it relates to your prior knowledge and experience where appropriate.

2. What is implementation, and why is it important?

3. Katherine D’Ann is planning to finance her college education by selling programs at the football games for State University. There is a fixed cost of $400 for printing these programs, and the variable cost is $3. There is also a $1,000 fee that is paid to the university for the right to sell these programs. If Katherine was able to sell programs for $5 each, how many would she have to sell in order to break even?

4. An urn contains 8 red chips, 10 green chips, and 2 white chips. A chip is drawn and replaced, and then a second chip drawn. What is the probability of

(a)    a white chip on the first draw?

(b)   a white chip on the first draw and a red on the second?

(c)    two green chips being drawn?

(d)   a red chip on the second, given that a white chip was drawn on the first?

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