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Course Outline (Page 1)

Course Outline (Page 1) - IMEI 301 LP Introduction 0 One of...

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Unformatted text preview: IMEI 301 LP _ Introduction 0 One of the most widely used quantitative management techniques - Applicable to many real—world problems, such as: - Production planning (determining optimal production quantities to satisfy demand and minimize costs) - Personnel scheduling (determining optimal staffing levels to satisfy customer service requirements and minimize costs) - Investment problems (determining optimal investment portfolio to minimize risk or maximize revenue) Basic Properties of LP 0 Optimization of quantity (maximization or minimization) - Restrictions (constraints) on the capability to increase or decrease the objective (budget, material availability, personnel availability) Example of LP for Production Planning - Ice-Dream Inc. manufactures two types of product - Wavy-Heaven, consisting of chocolate and graham crackers - Choco-Marsh, consisting of chocolate, marshmallows, and graham crackers - Ice—Dream must decide how many pounds of each type of ice-cream to produce, in order to maximize the profit from sales of ice-cream, and under restrictions on material availability; limited amounts of _ chocolate, marshmallows, and graham crackers are available. ...
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