Question

Please answer each question in complete sentences.

1. Using Internet resources, find an example of a linear optimization model used in industry. Describe which industry it is or was used in and briefly discuss the problem or challenge it addressed.
2 Which business functions are more likely to use optimization models than others and why?
3.  Provide one example each of a workforce scheduling, a blending, and a logistics linear optimization problem not discussed in the textbook. What is being optimized in each of your examples and why?
4.Explain the importance of correctly stating the objective function and constraints in linear optimization problems. Provide a few examples of the problems that could result if the objective function and constraints are not stated properly. Why would these problems arise?
13.    What key factors of a business situation indicate the need for simulation (versus the other modeling techniques covered in the course)?
14.    Describe the key differences between simulation models and the models covered in previous modules, not only from the perspective of their applications, but also from the perspective of computing/solving the models.