Operations Management: Processes and Supply Chains (12th Edition) (What's New in Operations Management)
12th Edition
ISBN: 9780134741062
Author: Lee J. Krajewski, Manoj K. Malhotra, Larry P. Ritzman
Publisher: PEARSON
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Chapter D, Problem 2DQ
Summary Introduction
Interpretation: The reasoning behind modifying the optimal solution from mathematical models in view of the other non-quantifiable and/or judgmental business information in the situation should be determined.
Concept Introduction: The mathematical models and solutions are based on the precise equations which can be formed. However, business does not operate in the oasis of exactness of mathematics. Such optimal decisions, therefore, are required to be moderated with other factors (especially judgmental) present in the situation.
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You won $750,000 from a lottery and, you have decided to come up with a list of possible investments that you will invest, all of the $750,000 that you have won.
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Make sure to identify and define the decision variables, and formulate the objective function and constraints for each problem. You may use Excel to solve the mathematical problems.
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Chapter D Solutions
Operations Management: Processes and Supply Chains (12th Edition) (What's New in Operations Management)
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