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Data Analysis using Spreadsheets

Microsoft Excel provides several means and ways to analyze and interpret data. The data can be from various sources. The data can be converted and formatted in several ways. It […]

Programming Language and Their Classifications

Just as humans use language to communicate, and different regions have different languages, computers also have their own languages that are specific to them. Different kinds of languages have been […]

Demand Function, Determinants of Demand

In a competitive market, demand for and supply of a good or service determine the equilibrium price. The law of demand Markets have two agents: buyers and sellers. Demand represents […]

Simulation Modeling

Simulation of Queuing System Example 1: Simulation of Queuing System People arrive at the New Delhi Railway station to buy tickets according to the following distribution. Inter-arrival Time (Min.) Frequency […]

Meaning of Networking

Meaning of Network Technique Network technique is a technique for planning, scheduling (programming) and controlling the progress of projects. This is very useful for projects which are complex in nature […]

Decision under Certainty, Uncertainty, and Risk

Decision-making under Certainty A condition of certainty exists when the decision-maker knows with reasonable certainty what the alternatives are, what conditions are associated with each alternative, and the outcome of […]

Assignment Problems

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 […]

Test for Optimality

Testing the optimality of the initial feasible solution.  Once the feasible solution is obtained, the next step is to check whether it is optimum or not. There are two methods […]

Role of LP in Economic Decision Making

Agricultural Applications These applications fall into categories of farm economics and farm management. The former deals with agricultural economy of a nation or region, while the latter is concerned with […]

Sensitivity Analysis

The Sensitivity Analysis or What-if Analysis means, determining the viability of the project if some variables deviate from its expected value, such as investments or sales. In other words, since the future is uncertain […]

Concept of Duality

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 problem is […]

Formulation of Linear Programming Model

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, […]