Quantitative Methods - What Is the Difference Between Simplex Solution Procedure for a Maximization and a Minimization Problem

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QUANTITATIVE METHODS

1. What is a linear programming problem? Discuss the scope and role of linear programming in solving management problems. Discuss and describe the role of linear programming in managerial decision-making bringing out limitations, if any.

2. Explain the concept and computational steps of the simplex method for solving linear programming problems. How would you identify whether an optimal solution to a problem obtained using simplex algorithm is unique or not?

a) What is the difference between a feasible solution, a basic feasible solution, and an optimal solution of a linear programming problem?

b) What is the difference between simplex solution procedure for a `maximization’ and a `minimization’ problem?

c) Using the concept of net contribution, provide an intuitive explanation of why the criterion for optimality for maximization problem is different from that of minimization problems.

Outline the steps involved in the simplex algorithm for solving a linear programming maximization problem. Also define the technical terms used therein.

3. ``Linear programming is one of the most frequently and successfully employed Operations Research techniques to managerial and business decisions.’’ Elucidate this statement with some examples.

4. Describe the transporation problem and give its mathematical model. Explain, by taking an illustration, the North-West Corner Rule, the Least Cost Method and the Vogel’s Approximation Method to obtain the initial feasible solution to a transportation problem. Discuss the various methods of finding initial feasible solution of a transportation problem and state the advantages, disadvantages, and areas of application for them.

5. What is an assignment problem? It is true to say that it is a special case of the transportation problem? Explain. How can you formulate...