here is a problem I thought of:
Suppose there is a car repair shop and 5 mechanics work there. Everyday, new cars arrive at the shop and each mechanic has to choose 3 cars to work on. In short, the mechanics ideally want to choose cars that they think will be both :
Easy to work on (i.e. require fewer hours)
Pay them well (e.g. suppose the mechanics are paid 50% of the total price the customer pays)
The only problem is: the mechanics have no idea how much time any given car will require for repair (let's assume that no one knows this information exactly), nor do they know the amount of money the customers were charged (e.g. let's assume that the owner of the repair shop and the owner of the car negotiate the price in private). When making a decision on which cars to work on, the mechanics only have access to the following information:
Total Mileage each car has driven
Price that the customer originally purchased the car for
However, the mechanics have access to historical data. The mechanics have a dataset that contains all 4 of these variables - for all cars that all mechanics at this shop have serviced since the shop has opened, they have: Total Mileage, Original Price of Car, Number of Hours that were required (can consider this as a "supervised label"), Total Bill that the customer was charged (can consider this as a "supervised label").
On first glance, this problem sort of looks like the "Knapsack Optimization Problem" (https://en.wikipedia.org/wiki/Knapsack_problem) - however, in the "Knapsack Problem", we know in advance the "value and cost" (i.e. the "labels") of each potential item we would like to consider for the knapsack. In this car mechanic problem, we do not know the "labels" - information that will eventually be used for defining/calculating the costs and utility function.
Question: Can the mechanics train two separate supervised models (e.g. regression, random forest) on the data that they have, e.g.
Model 1: hours_car_requires = f(mileage, original_price)
Model 2 : total_bill = g(mileage, original_price)
Then, if these models are able to perform well on the training data - they can then use them to predict the "total bill" and the "hours required" for each new car that comes to the repair shop. From here, they could then turn this problem into a "multi objective optimization task" and use optimization algorithms to select cars to work on?
Can someone please tell me if this approach that I have described makes sense? Or are there already well established algorithms designed for these kinds of problems? My analogy was that on some abstract level, the mechanics selecting desirable cars to work is the same as choosing portfolios with low risk and high return.