Which optimization technique would help businesses to maximize their profits the most? Explain your answer. Optimization TechniquesLinear Programming – is a scientific method of solving problems which seek to achieve the bestpossible solution under certain restraining conditions. It is used in solving practical problems (suchas the allocation of resources) by means of linear functions where the variables involved aresubject to constraints.Decision Theory – is a logical and systematic approach to decisio- making that is concerned withthe selection of the best course of action from a number of available options or alternatives. Itenables the decision maker to analyze a set of complex situations with many alternatives andmany different consequences.• Network Analysis – is a classic method of planning and controlling the progress of a project. CriticalPath Method (CPM), Program and Evaluation and Review Technique (PERT) are the methods ofnetwork analysis.Queuing Theory – is a technique based on probability to study the waiting behavior of some reallife queuing (or waiting) systems. It examines every component of waiting in line to be served,including the arrival process, service process, number of servers, and the number of "customers"(which might be people, data packets, cars, etc.).

Productivity is the ability to manufacture products and services effectively and efficiently.

Answered: Which optimization technique would help…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter9: Decision Making Under Uncertainty

Section: Chapter Questions

Problem 34P

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