Suppose you are employed by a company that constructs spools of fabric. The fabric is wound around the spool and some of it is unwound, cut off, and used on various projects. The company would like to have some way to predict the amount of fabric that remains on a spool. You have been asked to advise using your modeling expertise. A picture of a typical bolt of fabric is provided.
1. State explicitly the problem you are intending to solve with a model.
2. List any assumptions being made, and define the variables that you will need in your model.
3. Formulate a model justifying the steps in the formulation.