CORE CONCEPTS OF MANAGEMENT
MARKETING MANAGEMENT
FINANCIAL MANAGEMENT
HUMAN RESOURCES MANAGEMENT
OPERATIONS & PRODUCTION MANAGEMENT

Overview of Operations Research and Linear Programming
What is the meaning of optimisation in managerial terms? The simple example of a cake shop illustrates the point. There are four varieties of cakes in demand. There is a minimum quantity to be baked and a maximum quantity for each variety, beyond which there is no demand. The money made on each variety is different. There are fi ve main ingredients, that go into each cake. Some are common, some are not. Cost and quantity of ingredients for each variety are known. The question is, how many of each variety should the bakery bake to maximise its profi t? The answer lies in using the most elementary form of linear programming. This tool would suggest the optimum mix for profi t maximisation. Replace cakes with soaps or tractors, replace the corresponding ingredients and parts and you could apply this technique to resolve any product mix dilemma. Dr. A K Rao of IIMB takes the lesson from this basic start to its practical limits as relevant to business and industry. Computers have taken over. Tedious calculations are no longer necessary. The focus is on problem formulation, the errors and limits of application.
CC/QM4

24 Mins

25 Mins

60 Pages
Equivalent classroom time: 4hrs