Linear Programming

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Overview

2.0 Credits
ONLINE

Linear programming is the name given to a collection of tools that are among the most widely used in management science. It is essentially a technique that encompasses the problem of allocating scarce resources between competing activities in order to maximize or minimize some numerical quantity, such as contribution or costs. This CPE course includes a step-by-step technique which requires the translation of a decision problem into a system of variables, equations and inequalities. In addition, it explores minimization problems, the slack, shadow price, as well as limitations to linear programming.

Objectives

  • Apply elements of linear programming to short term pricing and product decisions
  • Identify `optimal' solutions based on analysis of product mix, including circumstances where linear programming methods are used

Major Topics

  • Step-by-step technique
  • Minimization problems
  • The slack
  • The shadow price
  • Linear programming and decision making: minimal contractual requirements
  • Limitations to linear programming

Designed For

Management accountants wanting to develop skills in financial performance management CGMA exam candidates
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