The Simplex Method: Learning Team A Mike Smith, Todd Jones Math212/Introduction to Finite Mathematics February 1, 2011 The Simplex... Method: Learning Team A Sam’s Hairbows and Accessories is a small company preparing for the next scheduled craft fair. The owners, Sam and Todd, both have full-time jobs in addition to owning the company so they are only able to spend a combined total of 80 hours labor to prepare for the fair in four weeks. Sam’s offers five main product lines: basic bows, elaborate...
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Phase Simplex Method Consider the following LP problem. max z = 2x1 + 3x2 + x3... s.t. x1 + x2 + x3 · 40 2x1 + x2 ¡ x3 ¸ 10 ¡x2 + x3 ¸ 10 x1; x2; x3 ¸ 0 It can be transformed into the standard form by introducing 3 slack variables x4, x5 and x6. max z = 2x1 + 3x2 + x3 s.t. x1 + x2 + x3 + x4 = 40 2x1 + x2 ¡ x3 ¡ x5 = 10 ¡x2 + x3 ¡ x6 = 10 x1; x2; x3; x4; x5; x6 ¸ 0 There is no obvious initial basic feasible solution, and it is not even known whether there exists one. We can use Phase I method...
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questions 1. a. Explain how and why Operation Research methods have been valuable in aiding executive decisions. [5 Marks] b. Discuss the... usefulness of Operation Research in decision making process and the role of computers in this field. [5 Marks] 2. Explain how the linear programming technique can be helpful in decision-making in the areas of Marketing and Finance. [10 Marks] 3. a. How do you recognise optimality in the simplex method? b. Write the role of pivot element in simplex table? ...
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research which is very easy to use. Further, TORA is menu-driven and Windows-based which makes it very user friendly. The software can be... executed in automated or tutorial mode. The automated mode reports the final solution of the problem, usually in the standard format followed in commercial packages, while the tutorial mode keeps on giving step-wise information about the methodology and solution. TORA tutorial software deals with the following algorithms: •Solution...
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Recognize special cases such as infeasibility, unboundedness and degeneracy. 5. Use the simplex tables to conduct sensitivity analysis. 6.... Construct the dual problem from the primal problem. Linear Programming: The Simplex Method LEARNING OBJECTIVES After completing this chapter, students will be able to: 1. Convert LP constraints to equalities with slack, surplus, and artificial variables. 2. Set up and solve LP problems with simplex tableaus. 3. Interpret the meaning of every number in a simplex...
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Simplex Method Paper Simplex Method Paper Many people may be wondering exactly what the simplex method is.... The simplex method definition is a method for solving linear programming problems. According to Barnett, Byleen, and Karl (2011) the simplex method is used routinely on applied problems involving thousands of variables and problem constraints. George B. Dantzig developed the simplex method in 1947. In this paper the topic of discussion includes how to solve a simplex method problem that...
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Solutions to LP Practice Problems[1] 1. Furnco manufactures desks and chairs. Each desk uses 4 units of wood, and each chair... uses 3 units of wood. A desk contributes $40 to profit, and a chair contributes $25. Marketing restrictions require that the number of chairs produced be at least twice the number of desks produced. There are 20 units of wood available. Using the graph below, determine a production plan that maximizes Furnco’s profit. a) Draw isoprofit lines where the total profit equals...
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Consider the following linear programming problem: Min z = 3x12x23x3 Subject to x1+2x2 +x3 14... x1+2x2+4x3 12 x1 x2 +x3 = 2 x3 3 x1; x2 unrestricted (a) [6 points] Reformulate the problem so it is in standard format. (b) [6 points] Reformulate the problem so it is in canonical format. (c) [3 points] Convert the problem into a maximization problem. 2. [20 points] A lathe is used to reduce the diameter of a steel shaft whose length is 36 inches (in.) from 14 in. to 12 in. The speed x1 (in revolutions...
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as 3 separate constraints in an integer program. Answer Selected Answer: False Correct Answer: False . Question 2 2 out of... 2 points Rounding non-integer solution values up to the nearest integer value will result in an infeasible solution to an integer linear programming problem. Answer Selected Answer: False Correct Answer: False . Question 3 2 out of 2 points If we are solving a 0-1 integer programming problem, the constraint x1 ≤ x2 is a conditional...
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a.|objectives, resources, goals.| b.|decisions, constraints, an objective.| c.|decision variables, profit levels, costs.| d.|decisions,... resource requirements, a profit function.| ___A_ 2. What is the goal in optimization? a.|Find the best decision variable values that satisfy all constraints.| b.|Find the values of the decision variables that use all available resources.| c.|Find the values of the decision variables that satisfy all constraints.| d.|None of the above.| ____B 3. Limited resources...
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Quantitative Methods: MAT540 Quiz 5 • Question 1 If we are solving a 0-1 integer programming problem, the constraint... x1 ≤ x2 is a conditional constraint. Answer Selected Answer: True Correct Answer: True • Question 2 If we are solving a 0-1 integer programming problem with three decision variables, the constraint x1 + x2 + x3 ≤ 3 is a mutually exclusive constraint. Answer Selected Answer: False Correct Answer: False • Question 3 If we...
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Assignment #3: Julia’s Food Booth Quantitative Methods 540 Buddy L. Bruner, Ph.D. Shirley Foster 11/25/2012... Assignment 3: Case problem “Julia’s Food Booth” Page 1 A. Julia Robertson is making an allowance for renting a food booth at her school. She is seeking ways to finance her last year and believed that a food booth outside her school’s stadium would be ideal. Her goal is to earn the most money possible thus increasing her earnings. In this case...
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margin or least time, when resources have alternative uses. The term ‛linear’ means that all inequations or equations used and the function... to be maximized or minimized are linear. That is why linear programming deals with that class of problems for which all relations among the variables involved are linear. Formally, linear programming deals with the optimization (maximization or minimization) of a linear function of a number of variables subject to a ¹equations in variables involved. The general...
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Graphical Solution Method Linear Programming Model Simplex method Solution Solving Linear Programming Problems with Excel Dr A... Lung Student exercises Kingston University London 1 Linear Programming (LP) • A model consisting of linear relationships representing a firm’s objective and resource constraints • LP is a mathematical modeling technique used to determine a level of operational activity in order to achieve an objective, subject to restrictions called constraints • Pioneered by George...
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Online Tutorial The Simplex Method of Linear Programming Tutorial Outline CONVERTING THE CONSTRAINTS TO EQUATIONS... SOLVING MINIMIZATION PROBLEMS SETTING UP THE FIRST SIMPLEX TABLEAU KEY TERMS SIMPLEX SOLUTION PROCEDURES SOLVED PROBLEM SUMMARY OF SIMPLEX STEPS FOR MAXIMIZATION PROBLEMS DISCUSSION QUESTIONS ARTIFICIAL AND SURPLUS VARIABLES SUMMARY PROBLEMS 3 T 3-2 O N L I N E T U T O R I A L 3 THE SIMPLEX METHOD OF L I N E A R P RO G R A M M I N...
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fund and a money market fund. Each unit of the stock fund costs $50 and provides an annual rate of return of 10%; each unit of the money market fund costs... $100 and provides an annual rate of return of 4%. The client wants to minimise risk subject to the requirement that the annual income from the investment be at least $60,000. According to Innis’s risk measurement system, each unit invested in the stock fund has a risk index of 8, and each unit invested in the money market fund has a risk...
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Julia’s Food Booth Case Problem Assignment 3 Max Z =Profit1x1+ Profit2x2+ Profit3x3 A - Formulation of the LP model... x1 - number of pizza slice x2 - number of hot dogs x3 - number of barbecue sandwiches Constraints Cost Maximum fund available for food = $1500 Cost per pizza $6 ÷08 (slices) = $0.75 Cost for a hot dog = $0.45 Cost for a barbecue sandwich = $0.90 Constraint: 0.75x1+0.45x2+0.90x3 ≤1500 Oven space Space available 16.3.4.2 = 384ft^2 384...
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Problem 4. (25 Points) Solve the following problem graphically (Please be neat). Draw the polytope on the x-y coordinate system... (can be done either by hand or computer). Show all intersection of the polytope and identify the point (x,y coordinate) where the objective function is maximized and provide that value. Maximize Z = 3x1 + 2x2 Subject to: 1x1 + 1x2 ≤ 10 8x1 + 1x2 ≤ 24 and x1, x2 ≥ 0 Solution : Point (a) is the origin (0,0) where Z(a) = 3*0 + 2*0 = 0 Point (b) is the...
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1. Discuss why and how you would use a liner programming model for a project of your choice, either from your own work or as a hypothetical... situation. Be sure that you stae your situation first, before you develpp the LP model Linear programming is a modeling technique that is used to help managers make logical and informed decisions. All date and input factors are known with certainty. Linear program models are developed in three different steps: Formulation Solution Interpretation ...
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its third chapter. Key words: linear programming; simplex method. I. Fundamentals and scope Based on a prototype example, Linear... Programming is presented, as well as the simplex method of resolution. This method was first presented by G. B. Dantzig in 1947 [MacTutor, 2007]. The text is based on the book by Hillier and Lieberman [2005], and begins with segments of the third chapter of the book. II. Explanation of the simplex method 3 Introduction to Linear Programming (H&L 25) The development...
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and solve a linear programming model for Julia that will help you advise her if she should lease the booth. Let, X1 =No... of pizza slices, X2 =No of hot dogs, X3 = barbeque sandwiches Formulation: 1. Calculating Objective function co-efficients: The objective is to Maximize total profit. Profit is calculated for each variable by subtracting cost from the selling price. • For Pizza slice, Cost/slice=$6/8=$0.75 | |X1 ...
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Statistics and Quantitative Methods ASSIGNMENT: 2 PREPARED FOR: CHOWDHURY PREPARED BY: VALLEY STATE UNIVERSITY DATE: 13.... The Electrotech Corporation manufactures two industrial-sized electrical devices: generators and alternators. Both of these products require wiring and testing during the assembly process. Each generator requires 2 hours of wiring and 1 hour of testing and can be sold for a $250 profit. Each alternator requires 3 hours of wiring and 2 hours of testing and can...
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SENSITIVITY ANALYSIS The solution obtained by simplex or graphical method of LP is based on deterministic assumptions i.e. we... assume complete certainty in the data and the relationships of a problem namely prices are fixed, resources known, time needed to produce a unit exactly etc. However in the real world, conditions are seldom static i.e. they are dynamic. How can such discrepancy be handled? For example if a firm realizes that profit per unit is not Rs 5 as estimated but instead closer...
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Mat 540 Quiz 3 Question 1 .2 out of 2 points Correct The following inequality represents a resource constraint for a... maximization problem: X + Y ≥ 20 Answer Selected Answer: False Correct Answer: False Question 2 .2 out of 2 points Correct Graphical solutions to linear programming problems have an infinite number of possible objective function lines. Answer Selected Answer: True Correct Answer: True Question 3 .2 out of 2 points Correct Surplus variables are only associated...
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programming: 1. Linear Programming- involves no more than 2 variables, linear programming problems can be structured to minimize costs as well as... maximize profits. Due to the increasing complexity of business organizations, the role of the management executive as a decision maker is becoming more and more difficult. Linear programming is a useful technique to solve such problems. The necessary condition is that the data must be expressed in quantitative terms in the form of linear equations and inequalities...
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Page 1 7 MODULE Linear Programming: The Simplex Method LEARNING OBJECTIVES After completing this chapter, students will be able... to: 1. Convert LP constraints to equalities with slack, surplus, and artificial variables. 2. Set up and solve LP problems with simplex tableaus. 3. Interpret the meaning of every number in a simplex tableau. 4. Recognize special cases such as infeasibility, unboundedness and degeneracy. 5. Use the simplex tables to conduct sensitivity analysis. 6...
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the Theory of Constraints? The Theory of Constraints is an organizational change method that is focused on profit... improvement. The essential concept of TOC is that every organization must have at least one constraint. A constraint is any factor that limits the organization from getting more of whatever it strives for, which is usually profit. The Goal focuses on constraints as bottleneck processes in a job-shop manufacturing organization. However, many non-manufacturing constraints exist, such as...
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the stepping-stone method is that if, at a particular iteration, we accidentally choose a route that is not the best, the only penalty is to... perform additional iterations. 4) The transportation algorithm can be used to solve both minimization problems and maximization problems. 5) In the assignment problem, the costs for a dummy row will be equal to the lowest cost of the column for each respective cell in that row. Multiple Choice Questions: 6) Which of the following techniques can be...
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Formulate and solve this LP production mix situation to find the best combination of air conditioners and fans that yields the... highest profit. Use the corner point graphical approach. Let X1 = the number of air conditioners scheduled to be produced X2 = the number of fans scheduled to be produced Maximize | 25X1 | + | 15X2 | | | (maximize profit) | Subject to: | 3X1 | + | 2X2 | ≤ | 240 | (wiring capacity constraint) | | 2X1 | + | X2 | ≤ | 140 | (drilling capacity constraint) | |...
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problem: n Maximize j=1 cjxj, subject to: n j=1 ai j x j = bi xj ≥ 0 x j integer (i = 1, 2, . . . , m), ( j =... 1, 2, . . . , n), (for some or all j = 1, 2, . . . , n). This problem is called the (linear) integer-programming problem. It is said to be a mixed integer program when some, but not all, variables are restricted to be integer, and is called a pure integer program when all decision variables must be integers. As we saw in the preceding chapter, if the constraints are of a network...
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7) The branch and bound method can only be used for maximization integer programming problems. Answer: FALSE Diff: 1 Page Ref:... 187 Main Heading: Integer Programming Models Key words: integer programming models, branch and bound 8) The branch and bound solution method cannot be applied only to 0-1 integer programming problems. Answer: FALSE Diff: 2 Page Ref: 187 Main Heading: Integer Programming Models Key words: integer programming models, branch and bound method 9) In a problem...
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Planning and Analysis: From Product Development through Use Kelton, Sadowski, and Sadowski Simulation with ARENA Khalil Management of... Technology Kolarik Creating Quality: Concepts, Systems, Strategies, and Tools Creating Quality: Process Design for Results Law and Kelton Simulation Modeling and Analysis Nash and Sofer Linear and Nonlinear Programming Nelson Stochastic Modeling: Analysis and Simulation Niebel and Freivalds Methods, Standards, and Work Design Pegden Introduction to Simulation...
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increase the capacity during the month. From the above, the group would want to address the following issues: a. What recommendations should... Ron Garcia make in order to address the over-booking problem of Mexicana? b. Is there a need for temporary workers to be re-hired in the drawing department? c. Does the plant lay-out of Mexicana optimize its production capacity? Case facts, limitations and constraints The data provided to Ron Garcia are as follows: April orders: Product Product W0075C Product...
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Booth" Mat540 Quantitative Methods August 22, 2012 Julia’s Food Booth (A) Formulate and solve a L.P. model for this... case. Variables: Pizza - X1 $1.33 $1.50 14 inches Hot Dogs - X2 $0.45 $1.50 16 square inches Barbecue - X3 $0.90 $2.25 25 square inches Maximize Z= $0.75x1, 1.05x2, 1.35x3 Subject to: $0.75x1 + $0.45x2 + $0.90x3 ≤ $1,500 24x1 + 16x2 + 25x3 ≤ 55,296 in2 of oven space x1 ≥ x2 + x3 (changed to –x1 + x2 + x3 ≤ 0 for constraint) x2/x3 ≥ 2 (changed to –x2...
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Management science methods J.E. Beasley MN3032, 2790032 2011 Undergraduate study in Economics, Management, Finance and the Social... Sciences This subject guide is for a Level 3 course (also known as a ‘300 course’) offered as part of the University of London International Programmes in Economics, Management, Finance and the Social Sciences. This is equivalent to Level 6 within the Framework for Higher Education Qualifications in England, Wales and Northern Ireland (FHEQ). For more information...
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required in solving LPPs by graphic method? Discuss in brief. 13) What is feasible region? Is it necessary that it should always be a convex... set? 14) Define iso-profit line. How does it affect the optimal solutions to an LPP? 15) How would you know whether the solution to a LPP is unique or not? In this connection, state the conditions that should be satisfied for more than one optimal solution. 16) Explain the phenomenon of ‘infeasibility’ in an LP problem. What are the indicators of...
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penalty has to be paid to the power plant. In this study, the objective is to match the calorific values required by the power plant. The quality features... and production capacities of coal from different panels are determined and are used in quality constraints. The power plant requires coal in two groups, which are of different qualities and quantities. Therefore, two linear programming models complementing each other are developed in order to determine the blending conditions that satisfy the needs of...
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540- Quantitative Methods February 23, 2013 (A) Formulate and solve an L.P. model for this case. The... following variables were be used: X1 = Slices of Pizza X2 = Hot Dogs X3 = BBQ Sandwiches The objective is to maximize profit. maximize Z= 0 .75X1+1.05X2+1.35X3 Subject to: 0.75X1+1.05X2+1.35X3≤1,500 (Budget) 24X1+16X2+25X3≤55,296in2 (Oven Space) X1≥X2+X3 X2X3≥2.0 X1, X2, X3≥0 (B) Evaluate the prospect of borrowing money before the first game. Following table shows the sensitivity...
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Review a range of different assessment methods available and explain the ones you would use for your subject area.... Evaluate the use of assessment methods in different contexts, Including reference to initial assessment. Justify the types of assessment records you would complete and explain why. Brown states that Assessment is probably the most important thing we can do to help our students learn. We may not like it, but students can and do ignore our teaching (Brown & Smith 1997). All my...
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HOW TO SOLVE TRAFFIC PROBLEMS INTRODUCTION: The physical use of roads by vehicles, when traffic demand is great enough that... the interaction between vehicles slows the speed of the traffic stream, this results in some congestion. When vehicles are fully stopped for periods of time, this is colloquially known as a traffic jam or traffic snarl-up. Traffic congestion has a number of negative effects, wasting time of motorists and passenger’s congestion reduces regional economic health. Delays, which...
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12:01 PM Page 115 9 C H A P T E R Linear Programming: The Simplex Method TEACHING SUGGESTIONS Teaching Suggestion 9.1: Meaning... of Slack Variables. Slack variables have an important physical interpretation and represent a valuable commodity, such as unused labor, machine time, money, space, and so forth. Teaching Suggestion 9.2: Initial Solutions to LP Problems. Explain that all initial solutions begin with X1 ϭ 0, X2 ϭ 0 (that is, the real variables set to zero), and the slacks are...
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and make better estimates of what will happen in the future; this is the main purpose of forecasting. Some firms use subjective... methods, seat-of-the pants methods, intuition, and experience. There are also several quantitative techniques, moving averages, exponential smoothing, trend projections, and least squares regression analysis. Eight steps to forecasting: * Determine the use of the forecast—what objective are we trying to obtain? * Select the items or quantities that are to be forecasted...
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allow J. D. Williams, Inc. to maximize the annual yield of an investment of $800,000 in a diversified portfolio of funds. To find the... investment that would result in the greatest annual yield we have formulated a linear program that takes into account the requirements for the client of J. D. Williams, Inc. The requirements for the investment portfolio can be found on the section titled “Problem Description” The greatest annual yield that can be expected while subject to the requirements of the...
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problems. The effective use and application requires, as on its applicability to many diversified decision problems. The effective... use and application requires, as a first step, the mathematical formulation of an LP model, when the problem is presented in words. Steps of linear programming model formulation are summarized as follows : STEP 1 : Identify the Decision Variables a) Express each constraint in words. For this you should first see whether the constraint is of the form >/ (at least...
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Linear Programming: Using the Excel Solver Outline: We will use Microsoft Excel Solver to solve the four LP... examples discussed in last class. 1. The Product Mix Example The Outdoor Furniture Corporation manufactures two products: benches and picnic tables for use in yards and parks. The firm has two main resources: its carpenters (labor) and a supply of redwood for use in the furniture. During the next production period, 1200 hours of manpower are available under a union agreement. The firm...
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graphical method of solving a LPP involving two variables.[ 5 marks] 3. a. Explain the simplex procedure to solve a linear... programming problem. [ 5 marks] b. Explain the use of artificial variables in L.P [ 5 marks] 4. a. Explain the economic interpretation of dual variables. [ 5 marks] b. Define: Primal Problem and Dual Problem.[ 5 marks] 5. Describe the North-West Corner rule for finding the initial basic feasible solution in the transportation problem? [ 10 marks] 6. Use the simplex...
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USING STEPPING STONE AND MODI METHODS TO SOLVE TRANSPORTATION PROBLEMS BY ABDUSSALAM MUHAMMAD MUSTAPHA 09/211306009... A SEMINAR PAPER PRESENTED TO THE DEPARTMENT OF MATHEMATICS, FACULTY OF SCIENCE, USMANU DANFODIYO UNIVERSITY, SOKOTO IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF MASTER OF SCIENCE (MATHEMATICS) SUPERVISORY TEAM: MAJOR SUPERVISOR: DR. U. A. ALI CO – SUPERVISOR I: DR. I. J. UWANTA CO – SUPERVISOR II: DR. MU’AZU MUSA DATE: 07TH NOVEMBER...
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Simplex Methods of Linear Programming The graphical method is the more popular method to use because... they are easy to use and understand. Working with only a few variables at a time they allow operations managers to compare projected demand to existing capacity. The graphical method is a trial and error approach that can be easily done by a manager or even a clerical staff. Since it is trial and error though, it does not necessarily generate the optimal plan. One downside of this method though is...
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Critical Reading and Writing CM101 Revised Midterm Compare and Contrast Paper LaMar Burgess Jay-Z, “Reasonable Doubt” vs. Eminem, “The... Slim Shady LP” Hip-hop is a unique art form because since its early origins, it has operated as an extension and expression of the civil rights movement. Hip-hop is an artistic movement as well as a political one. Hip-hop places African-American voices at the forefront and provides commentary on the urban, black experience, shining light on issues of poverty...
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Calculus: Calculus (Latin, calculus, a small stone used for counting) is a branch of mathematics focused on limits, functions, derivatives, integrals,... and infinite series. This subject constitutes a major part of modern mathematics education. It has two major branches, Differential Calculus and Integral Calculus, which are related by the fundamental theorem of calculus. Calculus is the study of change, in the same way that geometry is the study of shape and algebra is the study of operations...
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METHODS OF PRESENTING ART SUBJECT 1. ------------------------------------------------- REALISM “ANTIPOLO” FERNANDO... AMORSOLO This oil painting on canvas depicts a rural scene where a group of people are shown celebrating a fiesta in Antipolo. ZUCCONE DONATELO It was commissioned for the bell tower of the Florence Cathedral. It is also known as the Statue of Prophet Habakkuk. ------------------------------------------------- ...
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What Are The Basic Problems Arising In International Trade Financing And How Do The Main Financing Instruments Help Solve Those Problems 1.... Trade Financing Instruments The main types of trade financing instruments are as follows: a) Documentary Credit This is the most common form of the commercial letter of credit. The issuing bank will make payment, either immediately or at a prescribed date, upon the presentation of stipulated documents. These documents will include shipping and insurance ...
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Bharathiar University Coimbatore-641046 CONTENTS Page No. Unit -I Lesson 1 Lesson 2 Lesson 3 Lesson 4 Lesson 5 Quantitative Techniques – Introduction... Measures of Central Tendency Mathematical Model Linear Programming: Graphical Method Linear Programming: Simplex Method Unit -II Lesson 6 Lesson 7 Transportation Model Assignment Model 167 209 7 24 110 119 143 Unit -III Lesson 8 Lesson 9 Network Model Waiting Model (Queuing Theory) Unit -IV Lesson 10 Lesson 11 Lesson 12 Probability Theoretical Probability...
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Advantages of the use of the scientific method in psychology There are a number of advantages to using scientific... methods in psychology. Firstly an important aspect of imperial data is that it is objective, i.e. not affected by expectations of the research. So, without objectivity we have no way of being certain that data collected is valid. An example of this is seen with Gardner & Gardner. When they observed Washoe they might have judged that Washoe was using real words because they wanted...
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TEACHING METHODS SUITABLE FOR THE TEACHING OF SKILL SUBJECTS IN BUSINESS EDUCATION. BY PAT N OBASI, EBONYI STATE LIBRARY BOARD,... ABAKALIKI. Introduction: Teaching is a systematic presentation of facts, ideas, skills, and techniques to students. Although human beings have survived and evolved as a species partly because of a capacity to share knowledge, teaching as a profession did not emerge until relatively recently. The societies of the ancient world that made substantial advances in knowledge...
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the future. Parents send their wards to school hoping for holistic social and academic upbringing of their wards. But this cannot be successful without a... serious look at the methods of teaching to be adopted to enhance the understanding of the students. Poor academic performance resulting from lack of understanding of subject matter is one of the major problems in senior High Schools, and the situation is like ‘chalk and cheese’ at where the researcher have chosen for this research work. A casual...
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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...
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Uses of Scientific Methods in Business Uses of Scientific methods in Business An Overview:... Scientific research serves us to comprehend the world around us, how things work and why certain things look or act the way they do. Scientific research consists of intrusiveness, observations, experiments and evaluations. It attempts to use these to answer questions about what causes differing phenomena. It is important to note that scientific research does not provide absolute solutions to questions,...
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[CU747] Solve business problems [747.1] Understand business problems and their causes 1.1 Describe ways of recognising when a business... problem exists In most organizations recognition of a business problem typically relies on measures and management reporting of measures against expectations. Usually each performance area measures quality, cost, and speed of service - plus possibly customer satisfaction. If one of these measures starts to vary from expectations then management should investigate...
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Julia’s Food Booth Strayer University Quantitative Methods MAT 540 December 12, 2012 Dr. L. Joseph Introduction Julia is a... senior at Tech, and she’s investigating different ways to finance her final year at school. She is considering leasing a food booth outside the Tech stadium at home football games. Tech sells out every home game, and Julia knows, from attending the games herself, that everyone eats a lot of food. She has a booth, and the booths are not very large. Vendors...
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