Jsing the accompanying generic examples of linear optimzation models, identify which of the following are examples of linear optimization models. A Click the icon to view the generic examples of linear optimzation models Solect all that apply OA. A teacher wants to maximize one of his student's grades on the final exam, with constraints such as the time that student spent studying that student's attendance, and that student's grades on the midterm. O B. A housing developer wants to maXimize profits on its new developments, with constraints such as the number of units built the zoning laws for the land used in any new project, and whether to not the developer should start two projects at the same time IC. A factory wants to maximize the amount of product made per day, with constraints such as de livery capacity, worker hours, and material storage space. ID. A fast food chain wants to minimize payroll, with constraints such as minimum number of cashiers, minimum number of cooks, and hours of operation.
Jsing the accompanying generic examples of linear optimzation models, identify which of the following are examples of linear optimization models. A Click the icon to view the generic examples of linear optimzation models Solect all that apply OA. A teacher wants to maximize one of his student's grades on the final exam, with constraints such as the time that student spent studying that student's attendance, and that student's grades on the midterm. O B. A housing developer wants to maXimize profits on its new developments, with constraints such as the number of units built the zoning laws for the land used in any new project, and whether to not the developer should start two projects at the same time IC. A factory wants to maximize the amount of product made per day, with constraints such as de livery capacity, worker hours, and material storage space. ID. A fast food chain wants to minimize payroll, with constraints such as minimum number of cashiers, minimum number of cooks, and hours of operation.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
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Breakeven Analysis
Break Even Analysis is a term used in business, cost accounting and economics. It refers to a point where the total cost incurred becomes equal to the total revenue earned. Break Even Analysis determines the number of units to be sold to earn the revenue required to cover the total costs. Total cost is a sum total of fixed and variable costs.
Process analysis
The term process analysis can be defined as breakdown of production process into different phases that converts inputs into output. A series of routine activities are incorporated using organizational resources with a view to achieve operational excellence.
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Transcribed Image Text:Using the accompanying generic examples of linear optimzation models, identify which of the following are examples of linear optimization models.
E Click the icon to view the generic examples of linear optimzation models.
Select all that apply.
O A. A teacher wants to maximize one of his student's grades on the final exam, with constraints such as the time that student spent studying. that student's attendance, and that student's grades on the midterm
O B. A housing developer wants to maximize profits on its new developments, with constraints such as the number of units built the zoning laws for the land used in any new project, and whether to not the developer should start two
projects at the same time
O C. A factory wants to maximize the amount of product made per day, with constraints such as de livery capacity, worker hours, and material storage space.
O D. A fast food chain wants to minimize payroll, with constraints such as minimum number of cashiers, minimum number of cooks, and hours of operation.
Transcribed Image Text:Type of Model
Decislon
Objective
Typical Constraints
Maximize contribution Resource limitations
(for example,
production time, labor,
material); minimum
sales requirements,
maximum sales
Produce mix
Quantities of product to
produce and sell
to profit
potential
Quantities of product to
make using alternative
Process selection
Minimize cost
Demand requirements,
resource limitations
processes
Blending
Quantity of materials to
mix to produce one unit
of output
Minimize cost
Specifications on
acceptable mixture
Portfolio selection
Maximize future
Proportions to invest in
different financial
Limit on available
return or minimize risk funds, sector
requirements or
restrictions,
proportional
relationships on
investment mix
isntruments
exposure
Transportation
Amount to ship between Minimize total
scources of supply and
Limited availability ot
sources, required
demands met at
transportation costs
destinations
destinations
Multiperiod production quantities of product to
prodice in each of
several time periods,
amount of inventory to
hold between periods
Minimize total
Limited production
planning
production and
inventory costs
rates; material balance
equations
Multiperiod financial
management
Amounts to invest in
Maximize cash on
Cash balance
short-term investments
hand
equations; required
cash obligations
Production/marketing Allocation of advertising Maximize profit
expenditures; production
quantities
Budget limitation,
production limitations;
demand requirements
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