Which of the following techniques attempts to optimize a company's objective,such as maximizing profits or minimizing costs,given constraints such as scarce productive resources?
A)optimization model
B)transportation model
C)simulations
D)management coefficient model

Question

Quizplus · Accepted Answer

The technique that attempts to optimize a company's objective while considering constraints is called an optimization model. It involves the use of mathematical algorithms and formulas to find the best possible solution, given the specific constraints of the problem. Examples include linear programming and nonlinear programming. Transportation models focus on minimizing transportation costs, while simulations and management coefficient models are more general tools used to analyze complex systems and decision-making processes.

Which of the Following Techniques Attempts to Optimize a Company's