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What is the most practical and easily applied lesson

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PLEASE ANSWER EACH QUESTION IN AT LEAST 75 WORDS A PIECE!!

1. Discuss the requirements of a linear programming (LP) model. Provide an example of an LP model and define each variable used. What are the key steps that need to be considered when formulating an LP problem?

2. Discuss the benefits provided by network modeling. Describe how the shortest-route and maximal-flow techniques can be utilized. Please provide an example of one of these techniques.

3. Discuss the significance of waiting line costs. Here, ensure to address the importance of satisfied customers, arrival points, and service characteristics.

4. Discuss the many costs that businesses face today. Is it always practical to test new ideas via a 'real life' study - with participants, facilities, etc? If not, how can a simulation be utilized to test ideas while keeping costs manageable? If a simulation is used, what steps are needed in order to have a successful model?

5. What is the most practical and easily applied lesson you learned by answering the previous questions? What was the hardest to grasp? Why? What else do you need to know about Quantitative Analysis?

Reference no: EM132162919

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