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Discuss the steps in the problem solving process

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1. Discuss why Operations Research (Decision Sciences, Quantitative Analysis, etc.) is an important area of study for future managers/leaders.

2. Discuss the steps in the problem solving process.

3. Discuss the basic assumptions of linear programming models.

4. Explain the difference between a feasible solution and an optimal solution.

5. Graphically, what is the difference between maximization and a minimization problem?

6. Discuss the usefulness of linear programming in three (3) business applications.

7. Discuss the importance of sensitivity analysis in solving linear programming problems.

8. What is a shadow price?

9. Briefly describe how to balance transportation problems that are unbalanced.

10. Discuss the computational difficulties associated with solving integer linear programming problems.

11. What is the difference between an objective function and a goal?

12. Is there an optimum solution to a goal programming or multiple objective linear programming problem.

13. Discuss the main differences between linear programming and non-linear programming problems.

14. What would you do to find the global optimal solution to a difficult non-linear programming problem?

Reference no: EM131678082

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