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Potential Applications of Linear Programming Problems
Given are some real life situations where linear programming has their uses.
- Linear programming used by Airlines
The problems associated with airlines are usually complicated. With innumerable destinations but a limited number of aircraft, airlines usually chooses the most convenient and economic routes for specific flight timings. In such cases, the techniques used in linear programming is extremely helpful in resolving such issues.
- Diet problem
Problems regarding this arise when the decision to mix variations in food types to gain a certain nutritional value comes to a stop. This problem is due to minimal costing requirement to buy the diet. This linear programming technique can be used by hospitals to resolve problems associated with it.
- Transportation problems
When the issue is related to transportation,linear programming has the perfect solution to it. The problem related to it is the transportation of the products from the selected number of sources that had to be sent to various destinations, that too at a minimal cost. This is not just the case of any model but a real life situation where the commodities are required to be moved from their respective factories and send to various part of a country.
With the use of linear programming technique, an organisation can determine the amount of commodities that is required to be transported. They can also understand and meet the demands of various destinations at a minimal cost.
- Problems related to product mix
Under a specific set of conditions, the idea here is to increase the profit margin and reduce the production cost during the manufacture of commodities. This is because many times companies face decision-making issues regarding different product quantities, machinery, theconstraint of manpower, availability of raw materials, and much more.
- Blending problems
There are organisations who use raw materials of different quantity and types to create products in large number. The main idea of this technique is to make raw materials available in different quantities and specifications so that the manufactured product is created with a minimal cost. These problems are known as blending problems.
- Problems associated investment decisions
The problems related to investment decisions or also known as portfolio selection is a very common issue for organisations who wish to utilise every investment opportunities. Linear programming provides these organisation with the solution when they have a fixed amount that they want to invest in various opportunities. These opportunities include investment in bonds, post office schemes, shares, mutual funds, banks and much more.
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- Capitalization meaning
- Concepts of working capital
- Concept of capital expenditure
- Learning objectives and chapter outline
- Limitations of operations research
- Linear programming learning objectives and outline of chapter
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