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By means of one example, explain the advantages and disadvantages of linear programming as a management aid.
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ECON 232 Management science Coursework assignment By means of one example, explain the advantages and disadvantages of linear programming as a management aid. Hand-in date: 28th November 2003 Written by Lin Zhang 200157394 Linear programming is a useful analytical technique for managerial decision-making and used to determine the optimal solution to a decision problem. This technique is ideally suited to solving decision problems that involve an objective to maximized or minimized. It is particularly powerful for the decision maker in solving business problems when constrains limit or restrict such as in the area of production related decisions, firms are often faced with a variety of capacity limitations. Limited availability of skilled labor, raw materials and so on, can all constrain production. When such capacity constraints exist, managers must exercise careful judgment to insure that scarce resources are used in the most efficient manner possible to produce only the products that provide the greatest returns or...
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