Discussion reply. 200 words. – assignmentcollections.com
Business Finance Assignment Collections – assignmentcollections.com
Initial discussion question
Explain the importance of correctly stating the objective function and constraints in linear optimization problems. Using examples from your professional experience, describe the problems that could result if the objective function and constraints are not stated properly. Why did these problems arise? Support your anecdotal evidence with support and rationale from the readings.
and my response:
Objective functions and constraints; which include inequalities and system equations constitute an optimizatio n model. Optimization models are essential in solving financial problems, solving various engineering problems and for decision making. The objective function indicates how much each variable contributes to the value to be optimized in the question. The coefficients of the objective function indicate the contribution to the value of the objective function of one unit of the corresponding variable ( Charkhgard , et al., 2018 ).
Linear optimization problems are useful in comprehending, formulating and initializing a linear problem, and especially a question related to finances. In this case, for example, when coming up with payroll for a given transportation company, it would be crucial for the financial analyst to consider correctly defining the variables. The variables defined in this occurrence would include the number of drivers being hired at the beginning of a given year, number of drivers at the end of the year, the initial number of drivers and difference of the number of drivers. In some cases, however, it would be important to correctly state the objective function and constraints in linear optimization problems because under some special conditions the actual role is more critical than the limitations ( Cohen, et al., 2017 ) .
Reply to this: When you utilize a linear optimization model for a transportation drivers payroll we must examine additional constraints with a direct or indirect relationship to minimum or maximum optimization. A constraint that I would look at in this process would be years of experience as a driver and how it affects the pay scale for the drivers. I would also turn my attention to driving certifications; if there is need for one and how will drivers with additional training be compensated.
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