BUS 6600 Grand Canyon University Risk Management Discussion
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Get it written →Find a current example of a linear optimization model used in your industry. Describe the industry’s needs, including any unique factors, how the linear optimization model was used, and the problem or challenge it addressed. Would you suggest a different model be used? Why or why not? Support your response with rationale from the assigned readings.
Submitted on:
Oct 20, 2023, 7:04 PM
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Keaundra Derico
Oct 21, 2023, 1:06 PM
Linear optimization is a method applicable for the solution of problems where the objective function and the constraints appear as linear functions of the decision variables. The constraint equations could be in the form of equalities or inequalities. In other words, linear optimization determines the way to achieve the best outcome in a given mathematical model and given some lists of requirements represented as linear equations (Libretexts,2023).
The linear model in my organization is optimizing labor allocation. Since we deal with health insurance, our management team must determine how many hours are allocated to each worker in order to accommodate for our company’s needs. During annual and open enrollment, the company needs all hands on deck. The constraints consist of the time period that each client may have for their open enrollment period. In this case, there may be holidays where employees aren’t allowed to take vacation, but the company usually allows it once things slow down a bit. There’s also market research done within our management team to determine which hours do customers seem to reach out and need the most support. This also allows us to determine employee work shifts in order to accurately cover all areas.
Libretexts. (2023, March 11). 8.2: Linear Optimization. Engineering LibreTexts. https://eng.libretexts.org/Bookshelves/Industrial_…
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