Quantitative Methods in Business – Linear Programming 1- Statement of the Problem: Middle East for investment offers a bundle of investment options in many types of securities. Mr. Brown‚ an investor‚ would like to invest $ 5 million in various securities. He wishes to maximize his yearly profit over the next year. The investment company offered him a portfolio including Bonds‚ Stocks‚ Gold and Land. The expected return is 6% for Bonds‚ 14% for Stocks‚ 10% for Gold and 5% for Land. For diversification
Premium Investment Rate of return Optimization
17th International Mining Congress and Exhibition of Turkey- IMCET 2001‚ © 2001‚ ISBN 975-395-417-4 Optimum Blending of Coal by Linear Programming for the Power Plant at Seyitömer Coal Mine K.Erarslan‚ H.Aykul‚ H.Akçakoca & N.Çetin Dumlupınar University‚ Department of Mining Engineering‚ 43100‚ Kütahya‚ Turkey ABSTRACT: In this study‚ a linear programming model is developed to determine the optimum coal blend in terms of quality and quantity. Coal with various features is mined from different
Premium Coal
Linear Programming Model in Operation Research study is usually mathematical type of model which contains set of equations that represent objective function and constraints. The keywords in this article are Objective Function and Constraints‚ according to Heizer & Render (2008) Objective Function are mathematical expression expressed in linear programming designed to maximizes or minimizes some quantity‚ for example profit can maximized while the cost might be reduced. The objective function is also
Free Linear programming Operations research Optimization
Reviewer for MANSCIE 1. Introduction to Quantitative Analysis Approach Quantitative Analysis involves the use of mathematical equations or relationships in analyzing a particular problem. Steps in Quantitative Analysis Approach 1. Define the problem 2. Develop a model 3. Acquire input data 4. Develop a solution 5. Test the solution 6. Analyze the results 7. Implement the results 2. Decision Theory Six steps in decision making 1. Define the problem 2. List possible alternatives 3. Identify possible
Premium Decision theory Linear programming Optimization
Linear Programming is a mathematical technique useful for allocation of scarce or limited resources to several competing activities on the basis of given criterion of optimality.The usefulness of linear programming as a tool for optimal decision-making on resource allocation‚ is based on its applicability to many diversified decision problems. The effective use and application requires‚ as on its applicability to many diversified decision problems. The effective use and application requires‚ as a
Premium Linear programming Optimization Operations research
Final Examination Math 540 Quantitative Methods Good luck on the exam. I hope you have enjoyed the course. Dr. West Multiple Choice (2 points each) (Select 8 – drop 1) ______1) For your project‚ what one way will not possibly generate increased profit? a) Increase your building space or lot size. b) Decrease the money paid to employees. c) Refinance the loan at a lower rate. d) Charge more for
Premium Operations research Linear programming Optimization
(Balakrishnan/Render/Stair) Chapter 2 Linear Programming Models: Graphical and Computer Methods 2.1 Chapter Questions 1) Consider the following linear programming model: Max X12 + X2 + 3X3 Subject to: X1 + X2 ≤ 3 X1 + X2 ≤ 1 X1‚ X2 ≥ 0 This problem violates which of the following assumptions? A) certainty B) proportionality C) divisibility D) linearity E) integrality Answer: D Page Ref: 22 Topic: Developing a Linear Programming Model Difficulty: Easy 2) Consider the following linear programming model: Min 2X1
Premium Linear programming Optimization
Chapter 2 Linear Programming: Basic Concepts Solution to Solved Problems 2.S1 Back Savers Production Problem Back Savers is a company that produces backpacks primarily for students. They are considering offering some combination of two different models—the Collegiate and the Mini. Both are made out of the same rip-resistant nylon fabric. Back Savers has a long-term contract with a supplier of the nylon and receives a 5000 square-foot shipment of the material each week. Each Collegiate requires
Premium Spreadsheet Linear programming Formula
A LINEAR PROGRAMMING MODEL OF INTEGRATED IRON AND STEEL PRODUCTION *t TmOR FABIAN University of California‚ Los Angeles Integrated steel mills usually have a choice over the use of various materials and production procMses. Different ores may be used in the proiduction of iron; steel scrap and iron can be used in different proportions in the production of steel. The economical usage rate of all materials is a fimction of numerous variables‚ among which the market price of some materials‚ notably
Premium Iron Steel Pig iron
Operational Research (OR) DR. SUPRIYA KUMAR DE ASSIGNMENT XLRI-PGCBM-18 NAME: GH. RASOOL WANI SMS ID: 2217429 Table of Contents 1. Problem: 1 2. Solution: 2 2.1 Manual Approach 2 2.2 Linear programming approach 2 2.2.1 Decision Variables: 3 2.2.2 Objective Function: 3 2.2.3 Constraints: 3 2.3 Excel Solution. 6 2.3.1 Excel Solution Embedded: 6 3. Analysis: 6 3.1 Sensitivity Analysis: Objective Function 6 3.2 Sensitivity Analysis:
Premium UCI race classifications Management Scientific method