discuss linear programming method network analysis and probabilistic analysis
a) Many business and economic situations are concerned with problem of planning, modeling and optimization. There are many techniques of operation research available for determining an optimum solution of interdependent activities in view of available resources and one of the important methods is the linear programming. In context of linear programming method , explain approaches that are followed under following techniques, giving their limitations and features.
i) Graphical method
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iii) Revised simplex method
iv) Integer programming
(b)
Network analysis is a most popular technique used for planning, scheduling, monitoring and coordinating large and complex projects. Explain various methods of network analysis applicable under both situation of certainties and uncertainties for minimizing the resources with suitable examples.
(c) Probabilistic analysis is used for evaluating profitability and risk of large projects. Explain at least one methods of probabilistic technique for evaluation of risk in evaluating profitability , giving their advantages and disadvantages
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