Homework Help is Here – Start Your Trial Now!
Business
Operations Management
Which optimization technique would help businesses to maximize their profits the most? Explain your answer.

Which optimization technique would help businesses to maximize their profits the most? Explain your answer.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
See similar textbooks
icon
Related questions
Question
  1. Which optimization technique would help businesses to maximize their profits the most? Explain your answer.
Optimization Techniques Linear Programming – is a scientific method of solving problems which seek to achieve the best possible solution under certain restraining conditions. It is used in solving practical problems (such as the allocation of resources) by means of linear functions where the variables involved are subject to constraints. Decision Theory – is a logical and systematic approach to decisio- making that is concerned with the selection of the best course of action from a number of available options or alternatives. It enables the decision maker to analyze a set of complex situations with many alternatives and many different consequences. • Network Analysis – is a classic method of planning and controlling the progress of a project. Critical Path Method (CPM), Program and Evaluation and Review Technique (PERT) are the methods of network analysis. Queuing Theory – is a technique based on probability to study the waiting behavior of some real life 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.).
Transcribed Image Text:Optimization Techniques Linear Programming – is a scientific method of solving problems which seek to achieve the best possible solution under certain restraining conditions. It is used in solving practical problems (such as the allocation of resources) by means of linear functions where the variables involved are subject to constraints. Decision Theory – is a logical and systematic approach to decisio- making that is concerned with the selection of the best course of action from a number of available options or alternatives. It enables the decision maker to analyze a set of complex situations with many alternatives and many different consequences. • Network Analysis – is a classic method of planning and controlling the progress of a project. Critical Path Method (CPM), Program and Evaluation and Review Technique (PERT) are the methods of network analysis. Queuing Theory – is a technique based on probability to study the waiting behavior of some real life 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.).
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
Practical Management Science
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Business in Action
Business in Action
Operations Management
ISBN:
9780135198100
Author:
BOVEE
Publisher:
PEARSON CO
Purchasing and Supply Chain Management
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.
SEE MORE TEXTBOOKS