1. Definition of terms as used in
Quantitative techniques class.
(a). Quantitative techniques: Quantitative
techniques may be defined as those techniques which provide the decision maker
with a systematic and powerful means of analysis and help, based on quantitative
data, in exploring policies for achieving pre – determined goals. These
techniques are particularly relevant to problem s of complex business
methods: The Simplex method is an
approach to solving linear programming models by hand using slack variables,
tableaus, and pivot variables as a means to finding the optimal solution of an
optimization problem. A linear program
is a method of achieving the best outcome given a maximum or minimum equation
with linear constraints.
The method produces an
optimal solution to satisfy the given constraints and produce a maximum zeta
The three types of simplex methods.
Downhill simplex method (Spendley 1962,
Nelder and Mead 1965, Press et al. 1992). Convex optimimization Theory
Two-phase Simplex methods.
Interior Point Method-Karmarkar (1984).
Predictor Corrector Method-Mehrotra (1992.