Which of the following rule is used in order to minimize the decision variables in anyinventory model?Derivative testSimplex methodPERTGraphical method
Question
Which of the following rule is used in order to minimize the decision variables in any inventory model?
- Derivative test
- Simplex method
- PERT
- Graphical method
Solution
To minimize decision variables in an inventory model, the Simplex method is the appropriate choice.
The Simplex method is an algorithm used for linear programming that optimally solves problems defined by linear inequalities. It effectively finds the maximum or minimum value of an objective function while adhering to specified constraints.
In contrast, the Derivative test is generally used in calculus to find local maxima or minima of functions, PERT (Program Evaluation and Review Technique) is a project management tool, and the Graphical method is typically suitable for solving linear programming problems with two variables but not for larger-scale problems typically encountered in inventory models.
Thus, among the given options, the Simplex method is the most suitable for minimizing decision variables in inventory management.
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