Please review this list of linear programming applications: Examples of uses in business include: – Diet design – Capital budge
Discussion post Subject: I attach discussion post by students which need to respond
Please review this list of linear programming applications:
Examples of uses in business include:
– Diet design
- Capital budgeting
– Gaming strategy
– Resource conservation
– Resource/materials allocation
– Transportation problems
– Economic predictions and growth problems
– Corporate restructuring
– Product mix planning
- Financial portfolios
Restaurants use linear programming in all of these areas:
– Menu planning
– Meal production
– To increase overall profits
Airlines use linear programming in all of these areas:
– Optimize profits and minimize expenses
– Different fares on seats on a plane (seat, time of purchase, etc.)
– Use to find how many tickets would sell at what price
– Routes, pilot scheduling, layovers, etc.
– Which pilots in the air at what time and when
– Maximize amount of time in the air
– Pilot specializations (fly certain types of planes, routes)
– Pilot salary
Some other examples of linear programming practices include the following:
– Farmers use linear programming to increase revenue of optimize their operations
– Amusement Parks- help make decisions about queue lines
– Overall increase in economic efficiency in business operations
Choose a topic from this list and find a resource on the internet that explains this application further. Share the link and key points from the article in your discussion submission.
Source for list:
https://rakeslinearprogramming.weebly.com/index.html
Please respond to the discussion question with one original post and at least two substantial replies to other students. A substantial reply is considered a post which moves our discussion forward and deepens our understanding of the material. You may wish to post a probing question (i.e. How would your model apply in ____ context? What would happen if we changed ______?) or by adding new information (i.e. This is similar to _____ because ______). Posts which simply state "Way to go Bob!" or "I thought the same thing." do not deepen our understanding and will not earn full credit.
Math Journal
In this module, you have explored a number of linear programming examples. The discussion item included an impressive list of how linear algebra is used by managers.
- What most surprised you in this chapter?
- How confident are you with applying linear programming to a situation at your workplace?
- What aspect of applying linear programming techniques would you find the most challenging?
- How would you assess your mastery of Excel as a tool for linear programming?
Linear programming is used in many real-world business applications. One specific use is menu planning in restaurants. A restaurant needs to make decisions on meal production to meet and exceed profit expectations. Data like supplies on hand, cost of items and cost to prepare these items are used to determine what menu items will be offered. By using linear program in this instance, a restaurant can calculate optimal offerings to increase profit. The example in the article cited uses dinner options as variables, and sets the objective to determine how many of each dinner option it will need to prepare to stay within budget. It uses items on hand, and potential shortages as constraints. By using linear programming and entering the data for all of these items, the restaurant can determine the number of meal options it should prepare each day.
Perez, Diane. “How Do Restaurants Use Linear Programming for Menu Planning?” Small Business – Chron.Com, 21 Nov. 2017, smallbusiness.chron.com/restaurants-use-linear-programming-menu-planning-37132.html.
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The article I chose talks about the application of linear programming models in the Airline industry. American Airlines uses linear programming to schedule flight crews and aircraft movements. According to Jon Van who states, "At American Airlines there are 25,000 flight-crew members based in several cities who fly in eight different kinds of airplanes" (1990). The scheduling of flight crews can be complex and must meet several constraints. For example, there are mandatory limits on the length of a crew member's duty day and a 3-day time limit that employees can be away from their home city. The scheduling of aircraft can be just as complex. For example, airlines must consider constraints like the popularity of routes at certain times in the day and selecting the aircraft's size to accommodate the forecasted number of passengers. Jon Van (1990) talks about how linear programming has helped the airline reduce flight crew delays resulting in penalty payments from 15 percent to 4 percent resulting in a payroll saving of an estimated $20 million a year.
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