1 you are learning to use lp to determine the best set of, Ask an Expert

Management Studies

1. You are learning to use LP to determine the best set of Order Quantities so that you obtain the Optimum (max) amount of profit for one product line at EBBD.

As you write your report to Wilco to present your results, consider other applications for Optimization and LP.

In this TD, explore the various ways that LP can be used in Logistics to obtain optimal results, not only at EBBD, but at any company.

2. Consider how you would make the quarterly ordering decision without using optimization techniques. This is called heuristic decision making - meaning it is an approximation.

Discuss where heuristic decision making might be better than using Optimization. What are the benefits v costs?

In other words, when is it not cost effective to spend the additional time and money to obtain the Optimum solution?

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Business Management, Management Studies

Category:- Business Management
Reference No.:- M92671143

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