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Individual Homework 1. Craft Skills for Modeling Due Date: 31-August-2011 (at the start of class) Situation 1. Icebergs to Kuwait. Icebergs for...
Individual Homework 1.
Craft Skills for Modeling
Due Date: 31-August-2011 (at the start of class)
Situation 1. Icebergs to Kuwait.
Icebergs for Kuwait. Drinking water is in short supply in Kuwait and is therefore very expensive. One suggested remedy is to tow icebergs from Antarctica to Kuwait (a distance of about 9,600 kilometers) and melt them for freshwater. The volume of an iceberg ranges from about 500,000 cubic meters to more than 10,000 million cubic meters. Theoretical analysis suggests that an idealized spherical iceberg would lose about 0.2 meter of radius per day during transport, although this amount increases with the speed of towing and the distance from the pole. Fuel costs for towboats depend on the size of the boat, the speed, and the volume of the iceberg being towed.
QS1- Would it be cost-effective to tow icebergs to Kuwait for freshwater, and, if so, how should this be done?
Situation 2. Retirement Planning
The client currently is 46 years old, with an income of about $126,000 per year. His goal is to retire between ages 62 and 67 and to have enough savings to live comfortably in about the same fashion he does now (with some money available for expanded travel). The client’s accumulated savings for retirement total $137,000. His employer contributes around $10,000 per year into the retirement fund, while he has been contributing $7,500.
QS2- How much should he be saving?
Guidelines: Submit a one page answer for each situation (not including the requested graphs or diagrams. The whole deliverable for each Situation can take at the most 2 pages, including these graphs of diagrams). Aim for conciseness. Although you can discuss with others, each individual has to submit his/her own answers using his/her own words. You have to address the following points.
Q1. Answer concisely the following questions:
A- What do we know?
B- What can we assume?
C- What could the results look like?
D- What can we ask the client?
E- Are there any similar situations or problems?
Q2. Formulate one or more problem statements
Q3. What are the decisions, outcomes, and relationships in the problem?
Q4. Draw an influence chart of the problem (use the shapes suggested in the Powell and Blatt book)
Q5. In what ways could we simplify the problem? (Hint: Think about modules or assumptions)
Q6. What modules will we need to build?
Q7. What are the key relationships in the problem? Draw their graph
Q8. What are the parameters of the problem?
