Linear programming: Applications in business decision-making
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Linear programming: Applications in business decision-making
Linear programming is a mathematical technique that has been used in business decision-making for over 70 years. It involves optimizing a linear objective function subject to linear constraints. In other words, it is a tool that can help businesses find the best way to achieve their goals, given a set of constraints. In this blog, we will explore the basics of linear programming, its techniques, and its applications in business decision-making.
What is Linear Programming?
Linear programming is a mathematical technique used to optimize a linear objective function subject to linear constraints. It involves finding the values of decision variables that maximize or minimize an objective function while satisfying a set of constraints.
In linear programming, decision variables represent the choices a business can make, such as how much to produce or how much to invest in different projects. The objective function is a linear equation that represents the goal of the business, such as maximizing profit or minimizing cost. The constraints are linear equations or inequalities that represent the limitations the business faces, such as limited resources or production capacity.
Techniques of Linear Programming
Linear programming encompasses a wide range of techniques. Some of the key techniques include:
- Simplex Method: The simplex method is a technique used to solve linear programming problems. It involves finding the optimal solution by iteratively improving the values of decision variables.
- Sensitivity Analysis: Sensitivity analysis is a technique used to evaluate how the optimal solution changes when there are changes in the parameters of the problem, such as the objective function coefficients or the constraints.
- Integer Programming: Integer programming is a variant of linear programming that involves finding the optimal solution when decision variables are restricted to integer values. It is particularly useful in problems where the decision variables represent discrete choices, such as whether to invest in a project or not.
- Nonlinear Programming: Nonlinear programming is a variant of linear programming that involves finding the optimal solution when the objective function or constraints are nonlinear. It is particularly useful in problems where the decision variables have nonlinear relationships.
Applications of Linear Programming in Business
Linear programming has a wide range of applications in business. Some of the key applications include:
- Production Planning: Linear programming can be used to optimize production planning, such as how much to produce of each product to maximize profit while satisfying constraints on resources, such as raw materials and labor.
- Logistics Management: Linear programming can be used to optimize logistics management, such as how to route vehicles to minimize transportation costs while satisfying constraints on delivery times and customer demands.
- Investment Planning: Linear programming can be used to optimize investment planning, such as how to allocate resources among different investment opportunities to maximize return on investment while satisfying constraints on risk and resources.
- Resource Allocation: Linear programming can be used to optimize resource allocation, such as how to allocate resources among different projects to maximize the overall benefit while satisfying constraints on resources and project priorities.
- Marketing Mix Optimization: Linear programming can be used to optimize the marketing mix, such as how to allocate resources among different marketing channels to maximize revenue while satisfying constraints on budget and customer behavior.
Conclusion
Linear programming is a powerful mathematical tool that can help businesses make optimal decisions in the face of complex constraints. It involves optimizing a linear objective function subject to linear constraints, and it has a wide range of applications in business decision-making. By using linear programming techniques, businesses can make better decisions, increase their efficiency, and achieve their goals more effectively.
Linear programming: Applications in business decision-making
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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