please write a response to the below discussion post. This module provided us wi
ID: 374766 • Letter: P
Question
please write a response to the below discussion post.
This module provided us with a variety of modeling examples that could be used by managers. It also reemphasized using a specific method for formulating a model: identifying the decision variables, creating the objective function, and developing the model constraints (Taylor, 2016). This module was more difficult as it was harder to identify all relevant decision variables and model constraints and determine a useful format. By using the provided model formulation steps, we can go through the process of identifying the key components required for creating the model by breaking them down into sections. The variety of models that were provided in the module helped us by showing how the basic model can be adjusted based on the type of business and varying scenarios. We can then take that information and develop models that will address situations that we may encounter as managers on the job. In addition, the section on integer programming helps us to apply the model where there are multiple decision variables, and an optimal integer solution must be found.
Explanation / Answer
Modelling of business scenarios which require specific objective to be fulfilled with multiple constraints can be done using optimization models like Linear Programming, Integer programming, Goal Programming etc. Each of these models fulfill a specific business scenario depending on its complexity.
Linear programming is used to find the optimal maximum or minimum solution by taking into consideration multiple capacity or demand constraints which need to be satisfied to find the solution. Apart from the optimal solution, the decision variables in the objective function are calculated.
Integer programming is similar to linear programming but the decision variables are all integers.
Mixed integer programming contains some or all the variables are integers and all of the constraints are linear.
Goal programming is a linear programming which has multiple objectives to fulfill. These are called goals and are provided priorities based on which the program is formulated. Deviations are added to the goals/constraints which need to be minimized to ensure the objectives are achieved based on their priority.
Apart from the above models, there are more complex models which are used to solve non-linear objective functions depending on the business scenarios.
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