1- Identify a problem (opportunity) from the local (Saudi Arabia), regional (Middle-east), or global area.
2- Explain the context of the problem.
3- provide a model that is representing the problem; variables and relationships between them are to be specified.
4- Specify, generate or collect a data sets required for the model.
5- Provide a solution to the model using a different technique.
Notes:
1- Make sure that you provide a justification for each of the non-trivial elements of this model.
2- Be sure to make all your assumptions explicit. Egg: Genetic Solution (Objective function, size of the population, mutations and crossover parameters, convergence …etc.).
3- The report of 1500 words or more is to be submitted.
Answer preview
Companies across the world face the problem of product diversification in order to stay competitive in the market. The market is volatile with the customer demands and preferences changing every day and with the changing technology, more companies are joining the production sector since technology has improved productivity, the efficiency of operations and enabled innovation of new ways of making products. Companies, therefore, are met with the problem of manufacturing more than one product so that they reduce the risk of being eliminated from the market by competitors.(1595words)