### QT/U4 Topic 5 Unbalanced Assignment Problems

Whenever the cost matrix of an assignment problem is not a square matrix, that is, whenever the number of sources is not equal to the number of destinations, the assignment […]

### QT/U4 Topic 4 Assignment Problem: Hungarian Assignment Methods

Assignment problem is a special type of linear programming problem which deals with the allocation of the various resources to the various activities on one to one basis. It does […]

### QT/U4 Topic 3 Testing For Optimality

Once the feasible solution is obtained, the next step is to check whether it is optimum or not. There are two methods used for testing the optimality: Stepping-stone Method Modified […]

### QT/U4 Topic 2 Different Types Methods for Finding Initial Solution by North – West Corner Rule, Least Cost Method and Vogal Approximation Method

NORTH-WEST CORNER RULE The North-West Corner Rule is a method adopted to compute the initial feasible solution of the transportation problem. The name North-west corner is given to this method because the […]

### QT/U4 Topic 1 General Structure of Transportation Problem

The Transportation Method of linear programming is applied to the problems related to the study of the efficient transportation routes i.e. how efficiently the product from different sources of production […]

### QT/U3 Topic 5 Duality: Concepts, Significance

The Duality in Linear Programming states that every linear programming problem has another linear programming problem related to it and thus can be derived from it. The original linear programming […]

### QT/U3 Topic 4 Methods of Solving: Graphical and Simplex

The Graphical Method (graphic solving) is an excellent alternative for the representation and solving of Linear Programming models that have two decision variables. Exercise #1: A workshop has three (3) […]

### QT/U3 Topic 3 Formulation of Linear Programming

MAXIMIZATION CASE Let’s understand the maximization case with the help of a problem. Suppose a firm produces two products A and B. For producing the each unit of product A, […]

### QT/U3 Topic 2 Linear Programming Problem

The Linear Programming problem is formulated to determine the optimum solution by selecting the best alternative from the set of feasible alternatives available to the decision maker. Assumptions of Linear […]

### QT/U3 Topic 1 Concept and Assumptions Usage in Business Decision Making

In business, executives need to make a plethora of decisions. From which company will provide and stock the break room’s vending machines to which costs get cut during a lean […]

### QT/U2 Topic 6 Pitfalls and Limitations Associated With Regression and Correlation Analysis

Pitfalls Associated With Regression and Correlation Analysis The regression analysis as a statistical tool has a number of uses, or utilities for which it is widely used in various fields […]

### QT/U1 Topic 5 Ordinary Least Square Method of Regression

Ordinary least squares (OLS) regression is a statistical method of analysis that estimates the relationship between one or more independent variables and a dependent variable; the method estimates the relationship […]

### QT/U2 Topic 4 Regression: Meaning, Assumption, Regression Line

REGRESSION Regression is a statistical measurement used in finance, investing and other disciplines that attempts to determine the strength of the relationship between one dependent variable (usually denoted by Y) […]

### QT/U2 Topic 3 Measurement of Correlation – Karl Pearson’s Method, Spearman Rank Correlation

Karl Pearson’s Coefficient of Correlation is widely used mathematical method wherein the numerical expression is used to calculate the degree and direction of the relationship between linear related variables. Pearson’s method, […]

### QT/U2 Topic 2 Coefficient of Determination and Correlation

COEFFICIENT OF DETERMINATION The coefficient of determination (denoted by R2) is a key output of regression analysis. It is interpreted as the proportion of the variance in the dependent variable […]

### QT/U2 Topic 1 Correlation Coefficient, Assumptions of Correlation Coefficient

The correlation coefficient is a statistical measure that calculates the strength of the relationship between the relative movements of the two variables. The range of values for the correlation coefficient […]