Question

Discuss how Linear Programming can be used to solve either a marketing, operations management, or finance problem. Be specific.

Answer 1

Linear Programming can be used to solve a marketing, operations or finance problem by finding the optimal mix, when there are multiple options available for the end goal to achieve. So, it helps in identifying which combination is able to optimiza the result and to what range should the mix of options be used.

Example: For a product advertisement , there are several channels available like TV, Radio, print, online etc and each has a coverage and a cost attached.

As the budget is fixed what combination of the advertisement media be used so that the coverage is maximum, the budget is not crossed and so LP is able to get an optimized mix of the media options available.