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Describe the steps involved in the process of decision making. What are pay-off and regret functions? How can entries in a regret table be derived from a pay-off table? Archives - MBA Case Study Solutions

QUANTITATIVE TECHNIQUES IN MANAGEMENT – What is a linear programming problem?

1. What is a linear programming problem? Discuss the scope and role of linear programming in solving management problems. Discuss and describe the role of linear programming in managerial decision-making bringing out limitations, if any.                     

2. Explain the concept and computational steps of the simplex method for solving linear programming problems. How would you identify whether an optimal solution to a problem obtained using simplex algorithm is unique or not?

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