Management Applications of Linear Programming Assignment Help

Applications of Linear Programming - Management Applications of Linear Programming

Management Applications

(a) Portfolio Selection. A problem frequently encountered by managers of banks insurance companies' investment services credit unions is the selection of specific investments from among a wide variety of alternatives. The objective function for these problems is usually maximization of expected return or minimization of risk. The constraints usually take the form of restrictions on the type of permissible investments state laws company policy maximum permissible risk and so on.

(b) Financial Mix Strategy. Financial mix strategies involve the selection of means for financial company projects, production operations and various other activities. Using linear programming decision can be make with regard to how much production is to supported by internally generated funds and how much to be supported by external funds.

(c) Profit Planning. Linear programming has also been applied for planning profits on fiscal year basis to maximize profit margin from net investment in plant facilities and equipment cash on hand and inventory.

(d) Media Selection. Linear programming models have also been successfully used in advertising field as a decision aid in selecting an effective media mix. They aimed at helping marketing managers in allocating a fixed or limited budget across various potential advertising media like newspapers magazines radio and television commercials direct mailings magazine aids etc. in most of these cases the objective is taken to be the maximization of audience exposure. Restrictions on the allowable media mix might arise through contract requirements limited media availability or company policy.

(e) Travelling Salesmen Problem. The problem of finding the shortest route for a salesman starting from a given city, visiting each of the specified cities and then returning to the original point departure can be easily handled by the assignment technique of linear programming.

(f) Determination of equitable salaries. The problem of determining the equitable salaries and sales incentive compensation has been solved with the help of linear programming technique.

(g) Staffing problem. Development of a work schedule that allows a large restaurant hospital or police station to meet staff needs at all hours of the day while minimizing the total number or employs is done by using linear programming.

 

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