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A simulation model is a computer model that imitates a real-life situation. They are useful for determining how sensitive a system is to changes in operating conditions. A benefit of computer simulations is that it enables us to answer what-if questions without actually changing a physical system. Simulation models are useful for determining how . . . → Read More: Spreadsheet Simulation Techniques 
This model is used for evaluating and choosing among alternatives, of all the possible alternatives and possible outcomes. There is 5 steps in decision making, (1). Clearly define the problem (2).List all possible alternatives (3). Identify all possible outcomes for each alternative. (4). Identify the payoff for each alternative & outcome . . . → Read More: Decision Analysis Model An Non Linear Programming (NLP) problem has a nonlinear objective function and/or one or more nonlinear constraints. NLP problems are formulated and implemented in virtually the same way as linear problems. The mathematics involved in solving NLPs is quite different than for LPs. Spreadsheet based computer modeling software ‘Solver’ tends to mask this different . . . → Read More: Non Linear Programming Integer Programming (IP) problem is Optimization models in which some or all of the variables must be integers. Main difference between Linear Programming (LP) and IP models, LP models allow fractional values and IP model allow only integer values for integer-constrained changing cells. IP models are much more difficult to solve than LP models. . . . → Read More: Integer Linear Programming Some business problems can be represented as network model, such as Trans-shipment Problems, Shortest Path Problems, Maximal Flow Problems, Transportation/Assignment Problems, Generalized Network Flow Problems, The Minimum Spanning Tree Problem. Network structure of these models allows us to represent them graphically, and some specialized solution techniques have been developed specifically for network models. Network . . . → Read More: Network Models A transportation problem basically deals with the problem, which aims to find the best way to fulfill the demand of n demand points using the capacities of m supply points. While trying to find the best way, generally a variable cost of shipping the product from one supply point to a demand point or . . . → Read More: Transportation and Assignment Models One of the models developed by FedEx Corporation is its Global Supply Chain Model, built to redesign its supply chain for revenue packaging. The model has helped management answer the following questions: ● Should FedEx pursue offshore production of packaging? If so, which items and where? ● Should FedEx consolidate . . . → Read More: Modern Application of Linear Programming Linear programming is the simplest optimization model, which is use linear objective function. The model can be formulated such as: MAX (or MIN): c1X1 + c2X2 + … + cnXn Subject to: a11X1 + a12X2 + … + a1nXn <= b1 : ak1X1 + ak2X2 + … + aknXn >=bk : am1X1 + . . . → Read More: Linear Programming Models We all face decision about how to use limited resources such as Oil in the earth, Land for dumps, Time, Money and Workers. Mathematical programming or optimization finds the optimal, or most efficient, way of using limited resources to achieve the objectives of an individual of a business. It is designed to finding the . . . → Read More: Optimization Modeling Matrices enable us to express very complex relations in a very compact way. The algebra and notation of matrices are powerful tools in mathematical proofs for correctness of methods and properties. Matrices also enable us to solve large systems of linear equations. Having brought the system of linear equations to the elegant form, solution . . . → Read More: Math and Statistics Concepts |
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