Lessons learned from the Crystal Ball:
1). Price can't be raised indefinitely.
2). Units are important.
3). It is unlikely that the optimal profit is in trillions.
4). When stating assumptions, always assume that your answers are correct.
5). Budgets are constraints.
6). Partial people don't exist even if you have a bun in the oven.
7). Attempts to reduce inefficiencies with trial and error resulted in more confusion when Solver Sensitivity yielded the same results as Data Sensitivity.
8). If(# of "if statement" parenthesis >=6, there is a problem, 0 problems).
9). It isn't profitable to pay people to go to your amusement park.
10). 48+ hours is too much time to spend on one problem.
11). Maximizing risk in an investment portfolio is not a good objective.
12). A model riddled with errors occasionally produces the best result.
13). It is possible to get the wrong answer with correct formulas.
During ACC401 we learned that, "You can make good inferences and bad inferences. More credit will be given for good inferences."
We hope that our mistakes will help us make good inferences on Wednesday.
14). Post Final Update 1: Order 1 when your inventory falls below 1 is not a good strategy to minimize lost sales.
15). Post Final Update 2: If the best way to minimize costs is to produce nothing, the objective needs to change.
1). Price can't be raised indefinitely.2). Units are important.
3). It is unlikely that the optimal profit is in trillions.
4). When stating assumptions, always assume that your answers are correct.
5). Budgets are constraints.
6). Partial people don't exist even if you have a bun in the oven.
7). Attempts to reduce inefficiencies with trial and error resulted in more confusion when Solver Sensitivity yielded the same results as Data Sensitivity.
8). If(# of "if statement" parenthesis >=6, there is a problem, 0 problems).
9). It isn't profitable to pay people to go to your amusement park.
10). 48+ hours is too much time to spend on one problem.
11). Maximizing risk in an investment portfolio is not a good objective.
12). A model riddled with errors occasionally produces the best result.
13). It is possible to get the wrong answer with correct formulas.
During ACC401 we learned that, "You can make good inferences and bad inferences. More credit will be given for good inferences."
We hope that our mistakes will help us make good inferences on Wednesday.
14). Post Final Update 1: Order 1 when your inventory falls below 1 is not a good strategy to minimize lost sales.
15). Post Final Update 2: If the best way to minimize costs is to produce nothing, the objective needs to change.
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2 comments:
It sounds like you need to reexamine your Crystal Ball Methurds...nice post :)
Ha! Leave it to the person professionally certified to sell investment advice to create a portfolio that maximizes risk.
Good luck (but not too much) on the test tonight!
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