Explain the different categories of constraints
What will be an ideal response?
(1 ) Simple Bounds: These constrain the value of a single variable.
Example of a simple bound statement: "No more than $10,000 may be invested in stock XYZ."
(2 ) Limitations: These usually involve the allocation of scarce resources.
Example of a limitation statement: "The amount of material used in production cannot exceed the amount available in inventory."
(3 ) Requirements: These involve the specification of minimum levels of performance.
Example of a requirement statement: "Enough cash must be available in February to meet financial obligations."
(4 ) Proportional Relationships: Proportional relationships are often found in problems involving mixtures or blends of materials or strategies.
Example of a proportional relationship: "The amount invested in aggressive growth stocks cannot be more than twice the amount invested in equity-income funds."
(5 ) Balance Constraints: These essentially state that "input = output" and ensure that the flow of material or money is accounted for at locations or between time periods. Example of a balance constraint: "Production in June plus any available inventory must equal June's demand plus inventory held to July."
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A. managers only B. leaders only C. neither leaders nor managers D. both leaders and managers
A ___________ is a recipe that can be used to produce a product.
What will be an ideal response?
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What will be an ideal response?