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Decision Analysis and Modeling
NMIMS Global Access
School for Continuing Education (NGA-SCE)
1.
Linear Programming Problems are used in optimization of resources. Comment on
the statement giving examples from different domains of Management.
Answer: In organisations, managers are required to make
judicious use of scarce resources, such as men, materials, machines and
capital, to minimise costs and maximise profits. A technique that is used to
select the best alternative from a set of feasible ones in situations where the
objective function and constraints are expressed in linear form is linear
programming.
Assumptions of linear programming
· Linearity: It is assumed that there exists a linear relationship between the input
and output of production. It is not
2. You have been appointed as a consultant for the
determination of optimal number of service windows in Hyderabad Metro Railway.
Explain the steps that you would follow in execution of the problem.
Answer: Simulation is also called experimentation in the management laboratory.
While dealing with business problems, simulation is often referred to as „Monte
Carlo Analysis‟. Two American mathematicians, Von Neumann and Ulan, in the late
1940s found a problem in the field of nuclear physics too complex for
analytical solution and too dangerous for actual experimentation. They arrived
at an approximate solution by sampling. The method they used had resemblance to
the gambler’s betting systems on the roulette table, hence the name „Monte
Carlo‟ has stuck. Imagine a betting game where the stakes are based on correct
prediction of the number of heads, which occur when five coins are tossed. If
it were only a question of one coin; most people know that there is an equal
likelihood of a head or a tail occurring, that is the probability of a head is
½. However, without the application of probability theory, it would be
difficult to
3.
a. Consider the following LPP
Maximize
profit = 225x + 200y
Subject
to
y≥
25, x≥ 40, x + y ≤ 150 and both x and y are non-negative.
Find
the values of x and y
Answer: Maximize Z = 225x + 200y
Subject to: y≥
25
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