Models and Management, business and finance homework help

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According to Render, Stair, & Hanna (2015), the use of networks helps in visualizing and understanding the managerial problem. These models include the transportation problem, the transshipment problem, the assignment problem, the maximum-flow problem, the shortest-route problem, and the minimum-spanning tree problem. The transportation problem deals with distributing goods from their source to their final destination, or demand point. All points in between the source and final destination point are included as well, but then are labeled as a transshipment problem, instead of a transportation problem. The assignment problem deals with putting equipment or people with a specific job. This is done usually to save on cost and is assigned with a one-to-one basis.

The shortest-route problem is a self-titled issue, meaning the goal is to find the shortest-route from one place to another. Linear programming can be used to model with 0 -1 variables. It can also be modeled and solved with a specialized algorithm. However, the easiest way to solve this problem is by using Excel QM. Select Network Analysis as LP and then select Shortest Path. AN example of this is our textbook on page 338.

The maximum-flow problem involves determining the maximum amount of material that can flow from one point (the source) to another (the sink) in a network. Examples of this type of problem include determining the maximum number of cars that can flow through a highway system, the maximum amount of liquid that can flow through a series of pipes, the maximum number of cell-phone calls that can pass through a series of cell towers, and the maximum amount of data that can flow through a computer network, (Render, Stair, & Hanna, 2015).

Reference:

Render, B., Stair, R.M., Jr., & Hanna, M.E. (2015).Quantitative Analysis for Management(12th edition).

 Upper Saddle River, NJ: Pearson Prentice Hall. ISBN: 9780133507331

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