ExploringtheRelevanceoftheGraphicalMethodinLinearProgrammingforDecisionMakingDiscussion3Notverymanyrealworldexamplesuseonlytwovariables,andthosethatdocanusuallybesolvedmuchmoreeasilybyguessandcheckmethodsratherthanLPmodels.Whythendowestudythegraphicalmethod?Bespecific.Whilelinearprogrammingmodelsmaynotaccommodateenoughvariablestorunevenasmallbusiness,theycanbeeffectiveforuseasadecisionmakingtoolforindividualsituations.Forexample:sayagivendepartmentwithinanorganizationhasbeenrunningoverbudgetforseveralquartersandtwooptionsforreductionsinoperatingexpensesforthatdepartmenthavebeenproposed.Alinearprogrammingmodelcouldbeconstructedtohelpdeterminetheoptimalmixbetweenthetwomeasureswithinafeasibleregiononagraphicalrepresentation.UsingagraphicalrepresentationofanLPmodelcanhelpdecisionmakersbettervisualizetheoptimalregionwithinagivenfeasibleregion.ReferencesTaylor,B.W.(2011customEd.).Introductiontomanagementscience.Boston,MA:PearsonLearningSolutions.|\—StudyXYExploring the Relevance of the Graphical Method in Linear Programming for Decision Making
This paper explores the relevance of the graphical method in linear programming for business decision-making.
Lucas Allen
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Business Management