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?
· How has statistical analysis, scientific data analysis helped human race make progress in various fields? Use examples from your work or outside work
· 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.