Allocating decisions in Operations Strategy
Constrained optimization models are useful techniques that enable operations managers to compute the amount of resources to be allocated to each of the strategic alternatives.
A model is a representation of the key features of an object, system, or a problem, uncluttered with finer details. Constrained optimization models are useful in finding optimum solutions by using a set of mathematical constraints, either equalities or inequalities. These constrained optimization models enable the operations manager to arrive at an optimum solution easily.
For instance, if a manager wants to determine the optimum blend of concrete (a mixture of cement, sand and water) required for construction of a building, his primary objective is to compute the right blend of concrete with an acceptable quality level, and also to minimize costs. Here, the manager can approach the problem in two ways. One approach is the physical trial-and-error method i.e. experimenting with a few combinations, checking whether the quality is acceptable, and then calculating the cost for each acceptable combination. However this approach requires a lot of time as the manager has to work out several combinations to obtain the optimal solution.
Another approach is the mathematical one - using a constrained optimization model that evaluates all the possible combinations of mixtures and finds the optimal solution that satisfies all the requirements at the least possible cost. Operations managers often prefer to use this approach, as it is quicker, inexpensive, and more reliable.
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