Linear programming is a mathematical technique which permits determination of the best use of available resources.It is a valuable aid to management because it provides a systematic and efficient procedure which can be used as a guide in decision making. The heart of management’s responsibility is the best or optimum use of limited resources that include money, personnel, materials, facilities, and time.
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Linear Programming and Maximization of Contribution Margin – Simplex Method: Learning Objective of the Article: Define and explain linear programming simplex method. How a profit maximization problem is solved using linear programming simplex method. Definition and Explanation of Simplex Method: Simplex method is considered
Linear Programming Questions and Answers: Questions: Q:1 Define and discuss the linear programming technique, including assumptions of linear programming and accounting data used therein. See answer. Q:2 What is meant by the unit cost in linear programming problems? See answer. Q:3 Hale Company manufactures
Linear Programming – Minimization of Cost – Simplex Method: Linear programming simplex method can be used in problems whose objective is to minimize the variable cost. An example can help us explain the procedure of minimizing cost using linear programming simplex method. Example: Assume
Linear Programming Technique : After studying this chapter you should be able to: Definition and Explanation: Linear programming is a mathematical technique which permits determination of the best use of available resources. It is a valuable aid to management because it provides a systematic