#1
18th December 2015, 04:18 PM
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Define LPP in MBA
Hello sir I want to know the applications of LPP programming in MBA so please provide me information about the same.
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#2
19th December 2015, 08:50 AM
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Re: Define LPP in MBA
Linear programming is a mathematical tool used to obtain a certain maximum or minimum level of a desired output which has certain constraints over it. About the LPP LPP programming contains a series of pre-defined conditions with a constraint. To remove complexity the input or output are named as variables X or Y. eg. X< 100, Y<50 REQUIRE MAX (X+Y) SO max of X is 99 and max of Y is 49, hence the answer is 148. As the problems get bigger and complex we make use of graphs and look for the feasible region. Applications of Linear Programming Linear programming is used to solve problems in many aspects of business administration including: Product mix planning Distribution networks Truck routing Staff scheduling Financial portfolios Corporate restructuring Problem Formulation The problem is formulated from the problem statement as follows: Identify the objective of the problem; that is, which quantity is to be optimized. For example, one may seek to maximize profit. Identify the decision variables and the constraints on them. For example, production quantities and production limits may serve as decision variables and constraints. Write the objective function and constraints in terms of the decision variables, Add any implicit constraints, such as non-negative restrictions. Arrange the system of equations in a consistent form suitable for solving by computer. For example, place all variables on the left side of their equations and list them in the order of their subscripts. |