Operations Management: An Integrated Approach, 5th Edition

Discussion Questions

1. What are the three main elements of an optimization problem? Give an example of each.
2. Describe a recent decision you made that could be viewed from an optimization perspective. In a few words, what were the “decision variables”? What was the objective? What were the constraints? Did you have more than one objective?
3. Think of a company you are familiar with. Describe at least three problems the company faces that could be addressed, at least in part, through optimization. The problems can be either strategic or operational in nature.
4. When specifying the Target Cell, Changing Cells, and Constraints to Solver, why is it important to use only cell references rather than fixed numbers?
5. Explain the meaning of binding and nonbinding constraints.
6. Why is it important to conduct sensitivity analysis after solving an optimization problem?