Which may not accurately represent real-world volatility

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Reference no: EM133547745

Discussion Post: Thelma

Linear programming optimizes resource allocation in numerous sectors, making it vital for management decision-making. Managers may make effective decisions to increase earnings and decrease expenses while recognizing limits (Vanderbei, 2020). For example, a factory manager may utilize linear programming to optimize production mix with limited resources like manpower and materials.

Its shortcomings include assuming constant parameters, which may not accurately represent real-world volatility. Automation using AI and robots has improved efficiency, reduced mistakes, and increased output in industry. Examples of automation include robotic assembly lines in automotive manufacture, enhancing accuracy and speed, boosting productivity and cost-effectiveness.

Reference

Vanderbei, R. J. (2020). Linear programming. Springer International Publishing.

Reference no: EM133547745

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