Logged out
Access All our Essays in an Instant
Swap your work for FREE access, or pay £4.99 for instant access
Describe two applications of linear programming to management problems. What are the main disadvantages of the technique?
Member rating: No Rating | Words: | Submitted: Fri Oct 15 2004
Page Preview
On the left is an image preview of every page of this document, and below are the first 150 words with formatting removed:
(a) Describe two applications of linear programming to management problems. What are the main disadvantages of the technique? When managers relate to the decision-making processes they face a problem of allocating several scarce resources. The opportunity cost of these scarce resources can be determined by the use of linear programming techniques. Linear programming was developed by George B. Dantzig in 1947 as a technique for planning the diversified activities of the U.S Air Force. Linear programming is a powerful mathematical technique that can be applied to the problem of rationing limited facilities and resources among many alternative uses in such a way that the optimum benefits can be derived from their utilization. The main objective of the linear programming problem is maximizing profit or minimizing cost. Applications of the linear programming are numerous in a variety of problem situations such as the blending problem and the product-mix problem. One of...
Get instant access
- Instant, unlimited access to our documents in full
- Swap your work for free access, or pay £4.99
- To see the full version of this document and 147,187 others
Receive email updates for this category
- Simply tell us your email address and receive a weekly Study Help Email for FREE
- Receive 3 FREE essay views with each email
- Get all the latest essays from Coursework.Info & discussion from TheStudentRoom.co.uk
