Linear Programming in Research
What is Linear Programming?
Linear programming is a methodology used in the operational management to solve problems on market allocation. Writers who offer mathematics assignment help at Edudorm essay writing service notes that in market research and management as well, LP has played a vital role in solving problems which arise from scheduling, financial planning, transportation, capital budgeting among others. Marker researchers have greatly benefited from using LP by gaining flexibility, creating applications and optimization algorithms and gaining reliability (Arsham, 2011).
Using Linear Programming in Market Research
Researchers have produced measurable improvements in market performance. One can count immeasurable benefits from using linear programming, as the mathematics contains powerful capabilities which helps in cost reduction, effective use of resources, risk reductions and improves profitability (Arsham, 2011). Experts who offer mathematics homework help at Edudorm essay writing service indicates that in addition, managers counts benefits from optimization by gaining skills on how to focus on critical uncertainties and ways to speed up responses.
Giving Solutions to Optimization Problems
In market research, linear programming gives solution to optimization problems where it is used in workload assignments, inventory routing and scheduling task (Arsham, 2011). In problem solving, LP has a simple linear combination which is used in optimization problems. Authors who do my math homework at Edudorm essay writing service points that linear programming has benefits which arise from real time application such as production planning, plant layout, logistic management and equipment acquisition. It also provides computational advantages from its special structure.
How Linear Programming Assist Market Researchers
For example, a market researcher can use linear programming in market optimization. Customers use various channels to attain the maximum value from competitors and enterprises. Tutors who offer college math homework help at Edudorm essay writing service acknowledges that they buy products on cheaper channel and for this reason; the big question with marketers is how to connect customers regularly. The important thing here is to optimize budget allocation in order to achieve the objective. This is where the linear programming will be applied in problem formulation. For example in this case, there is a scarcity of resources and the client is focusing on allocation of optimal resources.
Example of Linear Programming
In this example, the client is a carpenter who makes furniture (tables and chairs) but does not get higher profits as he expects. The carpenter is interested to know what he is supposed to do or else the number of chairs and tables he should make in a weekly basis to maximize net income (Arsham, 2011).
In LP, X2 and X2 stands for tables and chairs and F1 and F2 stand for fixed costs. Therefore;
Maximize 9X1 + 6X2 – [(1.5X1 + X2) + (2.5X1 + 2X2) + F1 + F2],
Maximize 5X1 + 3X2
Maximize 5 X1 + 3 X2
=2 X1 + X2 £ 40 labor constraint
=X1 + 2 X2 £ 50 material constraint
References
Arsham, H. (2011). Deterministic Modeling: Linear Optimization with Application, 9th Edition. 2011.
