MASC20004: Quantitative Methods for Business - Statistical Test - Business Assignment Help

Assignment Task:

Module Learning Outcomes
The following LOs are achieved by the student by completing the assignment successfully
1) Construct and solve Linear Programming models.
2) Construct and test statistical hypotheses.

Assignment Objective
1. To test the understanding and application of Mathematical concepts learning.
2. To test the calculation skills and Mathematical modelling ability of the learner.
3. To test the knowledge acquired by the learners on using statistical test and ability to infer on the outcomes.

Assignment Tasks
Use the suitable resources to find the solution of the following problems.
Assignment questions
1. Trace the history of Operations research ( Quantitative method). Define linear programming model, and briefly explain its assumptions, limitations and scope to various industries. 
2. Assume that you are planning to open a perfume shop by taking loan from bank. The shop requires a minimum of carpet area of 25 ????2. The monthly rent for each is 12 rials per month. Choose any four brands of perfumes you can sell in your shop. A box of 50 bottles in every brand requires 0.25 ????2of carpet area. The purchase cost of 500 bottles of the cheapest brand perfume is equal to two months shop rent. Cost of each next cheapest model brand perfumes are 25% higher than its lower brand cost. Fix the selling price of the cheapest perfume at 20% profit, and the next cheapest models at 15%, 13% and 10% profits respectively. In each of the shops it is known that the showcase area of perfume boxes is at most ten times of the shop carpet area. The bank loan policies allows you to apply a loan upto 500 times of the shop carpet area.

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