Questions from General Business Management

Q: If the ROP is greater than the order quantity, explain how

If the ROP is greater than the order quantity, explain how the ROP is implemented. Can the ROP be more than twice the order quantity, and, if so, how is such a situation handled?

Q: Discuss the similarities and differences between minimization and maximization problems using the

Discuss the similarities and differences between minimization and maximization problems using the graphical solution approaches of LP.

Q: A linear program has the objective of maximizing profit = 12X +

A linear program has the objective of maximizing profit = 12X + 8Y. The maximum profit is $8,000. Using a computer, we find the upper bound for profit on X is 20 and the lower bound is 9. Discuss the...

Q: A linear program has a maximum profit of $600. One

A linear program has a maximum profit of $600. One constraint in this problem is 4X + 2Y ≤ 80. Using a computer, we find the dual price for this constraint is 3, and there is a lower bound of 75 and a...

Q: Develop your own original LP problem with two constraints and two real

Develop your own original LP problem with two constraints and two real variables. (a) Explain the meaning of the numbers on the right hand side of each of your constraints. (b) Explain the signific...

Q: Explain how a change in a technological coefficient can affect a problem’s

Explain how a change in a technological coefficient can affect a problem’s optimal solution. How can a change in resource availability affect a solution?

Q: The Toledo Leather Company has been producing leather goods for more than

The Toledo Leather Company has been producing leather goods for more than 30 years. It purchases prepared hides from tanners and produces leather clothing accessories such as wallets, belts, and handb...

Q: It is important to understand the assumptions underlying the use of any

It is important to understand the assumptions underlying the use of any quantitative analysis model. What are the assumptions and requirements for an LP model to be formulated and used?

Q: It has been said that each LP problem that has a feasible

It has been said that each LP problem that has a feasible region has an infinite number of solutions. Explain.

Q: You have just formulated a maximization LP problem and are preparing to

You have just formulated a maximization LP problem and are preparing to solve it graphically. What criteria should you consider in deciding whether it would be easier to solve the problem by the corne...