BUS 660 Grand Canyon University Linear Optimization Models Discussion
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Hello, Sir and class,
An example of a linear optimization model that can be used in my industry is meant to aid in determining the exact quantity of supplies needed in operations for a specified duration. Having the right supplies in the right quantities is critical for day-to-day operations if services of the right quality are to be provided. Delays that diminish the quality of the service provided are, for example, likely to occur if there is a shortage of crucial items needed in operations. Linear optimization can solve this problem by using past data to predict future needs and, as a result, make it possible to purchase essential supplies in the right quantities. Linear optimization can identify all critical constraints related to the purchase of needed items, after which an effective purchase schedule and plan can be created and implemented. Critical constraints, in this case, include the costs incurred and the demand for specific items in the operations. A forecasting model can be created using these constraints, making it easier to know when certain items needed in operations should be ordered. Instead of linear optimization, estimates can also be used to determine which items will be required and their specific quantities. Over time, staff can estimate requirements based on past experiences and changes in the number of customers served. This can, however, be inefficient, as cost management is not included in the forecasting method used. One can’t effectively monitor costs when purchasing supplies in a way that prevents excesses. Linear optimization, on the other hand, considers costs and all other constraints that are important in forecasting specific aspects of operations. This makes it possible to gauge how much profit will be made from a specific decision.
References
Anderson, D. R., Sweeney, D. J., Williams, T. A., Camm, J. D., & Cochran, J. J. (2012). Quantitative Methods for Business (Book Only). Cengage Learning.
- ATAlin Tomoiagareplied toBeena ShajiOct 21, 2023, 2:21 AM
- Beena, a study showed that the number of nurses needed daily in a hospital is somewhere in the range [90,400]. Solving a LP problem, it is found that the optimal solution is 303. It is a big difference between 90 and 303, so do you consider that management would agree with the idea of paying 303 employees, when there were moments during a week when only 90 nurses worked?
- KD
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