Linear Optimization for Business: Theory and practical application

This book provides a unique approach to linear optimization by focusing on the underlying principles and business applications of the topic. It includes examples, applications, and case studies to help students understand the logic without getting caught up in proving theorems. It will prove a useful resource for all students of management science and operations research.

\n Format: Paperback / softback
\n Length: 392 pages
\n Publication date: 05 April 2019
\n Publisher: Taylor & Francis Ltd
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This book offers a distinctive approach to linear optimization by emphasizing the fundamental principles and practical applications of a subject that is typically taught from a mathematical and computational standpoint. By moving the focus away from complex mathematics, students gain an understanding of how optimization can be utilized to inform decision-making in real-world business contexts. While the book delves into the theoretical foundations of linear optimization, it prioritizes ensuring students grasp the logic without becoming entangled in the demonstration of theorems. To facilitate a seamless transition between theory and practice, numerous examples, applications, and case studies are included. These examples serve to bridge the gap between the abstract concepts and their practical implementations. Additionally, the author has included several Excel spreadsheets, showcasing fully worked-out models of linear optimization that have been applied to drive critical decisions across diverse industries, such as configuring a police force, purchasing crude oil, and media planning.

Optimizing the routes and pricing structures of airlines is a common challenge faced by many organizations. By employing linear optimization techniques, airlines can effectively allocate their resources, minimize costs, and improve customer satisfaction. For instance, airlines can use optimization algorithms to determine the most efficient flight paths, taking into account factors such as passenger demand, aircraft capacity, and fuel consumption. This can lead to reduced operating costs, increased profitability, and improved competitive positioning.

Similarly, optimizing the allocation of resources in the prevention and punishment of crimes is another important application of linear optimization. Law enforcement agencies can use optimization models to determine the most effective strategies for allocating police officers, surveillance equipment, and other resources to maximize the efficiency of crime prevention and enforcement. By analyzing data on crime patterns, demographics, and other factors, agencies can identify the areas of highest risk and allocate resources accordingly. This can lead to a reduction in crime rates, improved public safety, and a more effective use of public resources.

Linear optimization is a versatile tool that can be applied to a wide range of problems in various industries. This book provides students with a comprehensive and accessible introduction to the field, equipping them with the skills and knowledge necessary to solve real-world optimization problems. Whether they are pursuing careers in management science, operations research, or any other field where decision-making relies on optimization, this book will prove to be a valuable resource.

\n Weight: 578g\n
Dimension: 155 x 227 x 21 (mm)\n
ISBN-13: 9781138491755\n \n