Reflective Writing For Optimization Lab
This project is essentially a challenge to us to find the most cost effective way to reach an audience with an advertisement that a company has to put out. The company already has a sort of estimate letting them know how many people will be reached by these advertisements. They have a limited budget of $10,800. There are two types of advertisements that they’ll share, TV and radio. A radio ad cost $50 and a TV ad costs $200. There’s also a restriction that they can’t have more than twice the number of radio ads compared to TV ads. With the information given we know that we’ll have inequalities and to find the information we’re looking for it would be most effective to transfer the information into the correct inequalities. When it’s in the right form we can then plot the information or get into slope intercept form from there to plot the info on a graph to find our vertices and solution area.
Yes this project demonstrates how math can be used in the real world because it gives you factual and visual evidence to show a company what option is best for them. It gives you the exact number of each ad to purchase so they can reach the highest number of people and most efficiently use their allowance for marketing and advertising. Another example where this could benefit you in real life if you aren’t a business owner, is being an investor. If you’re wanting to invest, most likely you will have some sort of allowance or budget. Secondly, you can’t invest negative amounts of money, so these things are already setting the restrictions. With investing the stocks or accounts you where you can place your money will all have varying percentages with which you could gain money. Also the have varying risk/reward factors. So it would makes sense to spread out your money to more than one place to safeguard some money or have less risk but still try to gain a substantial sum. If a manager brought this info to the owner they would have to be very specific and thorough to show the proof and facts. Checking for mistakes also is crucial because one little mistake could cost a company a lot of money their marketing money and trouble as well as customers and revenue from the advertising.
This project didn’t change my mind a lot because I always knew that math is very applicable in the work force. To obtain a degree in business you have to take quite a few math classes. Math gives facts and information rather than guesses and estimates. It shows visual information and proof to demonstrate and aide businesses as well as everyday people in everyday situations. This project effectively shows how a company can save money and also maximize the reach and effect of the money that they will spend to ultimately bring in more profits to the company.