Address each of the following points/questions.
Write a 1600 – word essay Be sure to completely answer all the questions for each bullet point. Separate each section in your paper with a clear heading that allows you to know which bullet you are addressing in that section of your paper. Support your ideas with at least three (3) sources in your essay. Make sure to reference the citations using the APA writing style for the essay. The cover page, section headers or reference page do not Count towards the minimum word amount.
Answer the following questions in your essay:
· Solving real world complex problems using either traditional optimization techniques or modern heuristic techniques would make interesting work. What do the terms heuristic and optimization (or optimal) mean? What is a quantitative application for each?
· Can probability and statistics be used to manage projects? If yes how? Use an example from a project you or your company worked on
· Can probability and statistics be used to forecast (sales, profits, etc.)? If yes how? Use a real-life scenario as an example.