Business analytics refers to the use of quantitative analysis to support managerial decision making. It is concerned with the process of managerial decision making, as well as the tools used to support it (management science). This chapter seeks to explain the importance of optimization in business, demonstrate how linear programming (LP) models can be constructed, and show how they can be solved using Solver in Excel. The assumptions of LP models are discussed as well as model complications. Special model types are demonstrated, to include zero-one, transportation, and assignment models.
Optimization
LP is a particular type of mathematical programming. Mathematical programming has been used to improve the efficiency ...
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