Define yield management what conditions would be necessary

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Reference no: EM13633707

You are trying to create a budget to optimize the use of a portion of your disposable income. You have a maximum of $1500 per month to be allocated to food, shelter and entertainment. The amount that you spent of food and shelter combined must not exceed $1000, the amount spent on shelter alone must not exceed $700. Entertainment cannot exceed $300 per month. Each dollar spend on food has a satisfaction value of 2, each dollar spent on shelter has a satisfaction value of 3, and each dollar spent on entertainment has a satisfaction value of 5. Formulate this as a LP problem to determine the optimal allocation of your funds. Do not work the LP problem- just formulate!

Question 1: Define "yield management". What conditions would be necessary for a university to use yield management techniques?

Question 2: Inventory has been under attack in OM literature for years. Under what conditions is having more inventory better than having less inventory?

Question 3: Which operations management concepts or techniques studied in this course do think will prove most useful in your career? Why?

Reference no: EM13633707

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