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Components of defining a problem

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Reference no: EM132834005

1.) It is important to understand the assumptions underlying the use of any quantitative analysis model. What are the assumptions and requirements for an LP model to be formulated and used?

2.) What are the components of defining a problem in Excel so that it can be solved using Solver

3.) Explain why knowing how to use Excel to set up and solve LP problems may be beneficial to a manager.

4.) How is slack (or surplus) calculated for a constraint? How is it interpreted?

Reference no: EM132834005

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