In this phase, you have read about the use of linear programming in different areas of business, such as manufacturing, marketing, and finance, for managerial decisions. A solution is only as good as the model itself. Prior to creating a model, it is important to understand the problem, variables, and constraints. In this discussion, you, as the project manager, will present the vital information to the analyst who will be creating the model for your problem.
- Create a scenario in which LP could be used to assist in the decision making. Define the area of business you have chosen and explain the problem.
- Explain if the objective function would maximize or minimize function some value. It is not required to create the actual objective function.
- Identify decision variables and constraints for each model. Mathematical equations are not required, but explain any variables and constraints that would have to be considered. Do not forget about the non-negativity constraints.
300 words with 2 references