A Professor Has Been Contacted by Four Not-For-Profit Agencies That

question 37

Essay

A professor has been contacted by four not-for-profit agencies that are willing to work with student consulting teams.The agencies need help with such things as budgeting,information systems,coordinating volunteers,and forecasting.Although each of the four student teams could work with any of the agencies,the professor feels that there is a difference in the amount of time it would take each group to solve each problem.The professor's estimate of the time,in days,is given in the table below.Use the computer solution to see which team works with which project. $$\begin{array} { r | c c c c } & &\quad\quad\quad\quad\quad\quad\quad\quad{ \text { Projects } } \\\text { Team } & \text { Budgeting } & \text { Information } & \text { Volunteers } & \text { Forecasting } \\\hline \text { A } & 32 & 35 & 15 & 27 \\\text { B } & 38 & 40 & 18 & 35 \\\text { C } & 41 & 42 & 25 & 38 \\\text { D } & 45 & 45 & 30 & 42\end{array}$$ ASSIGNMENT PROBLEM
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OBJECTIVE: MINIMIZATION
SUMMARY OF UNIT COST OR REVENUE DATA
********************************************* $$\begin{array} { c c c c c } & & { \text { TASK } } \\\text { AGENT } & 1 & 2 & 3 & 4 \\\hline1 & 32 & 35 & 15 & 27 \\2 & 38 & 40 & 18 & 35 \\3 & 41 & 42 & 25 & 38 \\4 & 45 & 45 & 30 & 42\end{array}$$ OPTIMAL ASSIGNMENTS COST/REVENUE
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ASSIGN AGENT 3 TO TASK 1
41
ASSIGN AGENT 4 TO TASK 2
45
ASSIGN AGENT 2 TO TASK 3
18
ASSIGN AGENT 1 TO TASK 4
27
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TOTAL COST/REVENUE
131

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Definitions:

T Distribution

A type of probability distribution that is symmetric and bell-shaped, used in statistics for small sample sizes when the population standard deviation is unknown.

Sample Sizes

Refers to the number of individual samples or observations used in a survey or experimental study.

Interval Estimate

A range of values constructed from sample data within which the population parameter is estimated to lie, given a specified level of confidence.

Point Estimate

A point estimate is a single value given as the best estimate of an unknown population parameter based on sample data.