Optimization model, pre-requisites?
Ans. This falls in the area of operational research and optimizing (maximizing and minimizing). An objective function based on the number of constraints, example : Resource Planning, Inventory Control systems; Resource Allocation and planning, Decentralized planning; Optimal facilities location; Transportation and Distribution models etc. It optimizing the objective function based on the defined constraints of the systems. The model could be linear, non-linear or multi-objective optimization system. Back to top Q. Project Management for monitoring & control. Ans. Applicable during the planning and execution of a project using CPM/PERT techniques, Defining activities, knowing the relationship between the activities, duration of each activity are some of the pre-requisites. The allocation in a dynamic environment, on-line monitoring for time cost over-run as well as the optimal resources required to complete an activity. The likely completion with respect to time as well as resources/cos
