StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Optimization methods in Linear programming - Lab Report Example

Cite this document
Summary
From the company’s archives, data for 13 months from which a strategy for planning 12 years of manufacturing was accessed. Using linear programming, as a mathematical approach of balancing priorities…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER91.3% of users find it useful
Optimization methods in Linear programming
Read Text Preview

Extract of sample "Optimization methods in Linear programming"

Download file to see previous pages

SABIC, Saudi Basic Industries Corporation, is one among the mainstream manufactures of metals, plastics, chemicals, and fertilizers (SABIC, 2014). The manufacturing of metal and plastics indicates that the company is one among the busiest in the world as the consumption of metal and plastics is in the increase due to demand for building/construction materials, packaging, and insulation material (SABIC, para. 1-5). However, while the company also manufactures chemicals and fertilizers, it is expected that the management of all activities can be hectic.

Nevertheless, the company has a variety of technical solutions that provide automated management of resources. However, where automated machinery is required, it is expected that supervision regarding functionality of the system is minimal and at times seasonally fluctuating. Thus, one among the major problems that the company is currently facing include the management of resources to yield the best results. Regarding this problem, the company is not doing anything wrong to limit its capacity capabilities; on the contrary, the company appreciates the need to optimize the current system such that it can lead to minimized costs of production and holding inventory.

The overall performance of the company is determined by how well configured an automated systems in making optimal use of the allocated resources. In the production of the products identified above, SABIC is faced with two levels of problems that require linear programming to solve; such that the output of the company meets the fluctuating demand. Firstly, the company produces different types of products whose demand varies seasonally – the company in this case is unable to accurately predict how much demand it would be facing in the coming financial period.

Secondly, provided that demand fluctuates with reference to the type of products such as fertilizers which are

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Optimization methods in Linear programming Lab Report”, n.d.)
Retrieved from https://studentshare.org/statistics/1670160-optimization-methods-in-linear-programming
(Optimization Methods in Linear Programming Lab Report)
https://studentshare.org/statistics/1670160-optimization-methods-in-linear-programming.
“Optimization Methods in Linear Programming Lab Report”, n.d. https://studentshare.org/statistics/1670160-optimization-methods-in-linear-programming.
  • Cited: 0 times

CHECK THESE SAMPLES OF Optimization methods in Linear programming

Linear and Non-Linear Programming

This report "Linear and Non-linear programming" focuses on the problem that linear and non-linear programming does have any economic values.... n linear programming, the statement of the optimization (maximization or minimization, as the case may be) problem runs in a linear form where these variables are restricted to values satisfying a system of linear constraints, i.... However, when more than one inequality constraint is involved, linear programming will be a better method....
5 Pages (1250 words) Report

Linear Programming as an Important Technique and a Useful Tool for Case-Mix Management

The paper "linear programming as an Important Technique and a Useful Tool for Case-Mix Management" explores the tool to be used by healthcare department to acquire an optimal case-mix planned for the overall management of hospital operations and effective handling of diagnosis tied features.... hellip; The fundamental advantages attained through the application of the linear programming techniques and tools at the anesthesiology nurses department are the establishment of solution for the issue and better management and assigning the most of public resources among different departments....
2 Pages (500 words) Case Study

Different Methods of Software Optimization

This study seeks to carry out a comparison of both these software optimization methods in one particular study.... While there are studies applying each of these software optimization methods separately, the number of studies where both methods are compared in the same assessment are not as plentiful.... Software optimization offers an… There are various methods which have been used for software optimization.... Both these methods will be compared and an estimation of the efficacy of each method in terms of software optimization capacity will be made on the basis of the comparison....
4 Pages (1000 words) Essay

Operational Research

One of the most applied operations research techniques is linear programming.... The use of linear programming was first proposed in 1951 to institute least-cost mixtures of livestock rations and food stuffs.... Additionally, in 1954, linear programming was proposed as a way of solving crop rotation problems (Hayashi, 2007: 21).... The idea of the use of linear programming has been used extensively in planning and managing agricultural resources on a farm....
6 Pages (1500 words) Essay

Strengths and Limitations of Regression Analysis, Using Linear Programming

From the paper "Strengths and Limitations of Regression Analysis, Using linear programming" it is clear that using Microsoft excel for performing Monte Carlo simulation is the most common methodology used by for estimating the unknown parameters of the distribution data this is according to Berg, … A large number of companies or organisations make use of Monte Carlo simulation as a vital tool in their decision-making process with the organisation.... rdquo; (Fox, 1997) Regression analysis will be used when it is determined that two or more variables have a connection in a linear relationship, Hinkle, (1996)....
9 Pages (2250 words) Coursework

Portfolio Optimization using Linear, Non-linear and Integer Programming and Black-schole Theory

The author of the paper considers the methods which provide the investors with the decision abilities that have informed the direction of the stocks.... All the methods provide the investors with better approaches to decision-making and stock price fluctuations.... nbsp;  Portfolio optimization dwells on the improvement of the portfolio and improving the value and level of the stock portfolio to that which proves attractive to the market....
10 Pages (2500 words) Term Paper

Linear Programming

hellip; The researcher states that linear programming is a response to situations that require the maximization or minimization of certain functions which are subject to limitations.... Essentially, linear programming is to optimize (maximize or minimize) an objective function.... This research will begin with the statement that variables in a linear program are a set of quantities that need to be determined in order to solve the problem; i.... Constrained optimization problems can be furthered classified according to the nature of the constraints, for example, it can either be a linear, or nonlinear problem....
6 Pages (1500 words) Coursework

Inventory Lot Sizing Issues

… Inventory Lot SizingIntroductionBackground informationResearches on inventory lot sizing remain multifaceted and scope of findings on the topic has captured different aspects including single item economic lot-sizing problem with regard to bounded Inventory Lot SizingIntroductionBackground informationResearches on inventory lot sizing remain multifaceted and scope of findings on the topic has captured different aspects including single item economic lot-sizing problem with regard to bounded inventory as well as lost-sales....
11 Pages (2750 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us