An example of how quantitative methods is used in real life example in a business for example how you would use your knowledge in linear programming and other aspects of quantitative methods to help your business.© BrainMass Inc. brainmass.com March 4, 2021, 10:20 pm ad1c9bdddf
Linear programming is a technique for the optimization of a linear objective function, subject to linear equality and linear inequality constraints. This is heavily used in microeconomics and business.
Let me give you an example of how optimization is used in business.
Consider you have a factory which produces some good. To produce this product you need two input factors, say labour and material. Your output level is determined by a production function P(l,m) where l is labour and m is material (an ...
The expert provides an example of how quantitative methods is used in real life in businesses. How linear programming and other aspects of quantitative methods help businesses are provided.