Answer all questions:

1. What is meant by the term optimization? Discuss and give example.

2. How is optimization used in cost and operations management? Discuss

3. What is unconstrained optimization?

4. Discuss the following costs: Ordering costs, Set-up cost, Carrying costs, Stockout costs.

5. What is meant by the term volume discounts? What are the advantages and disadvantages? Give an example.

6. Discuss in detail Monte Carlo Simulation. Give an example.

Writing Requirements

  • APA format
  • 3 pages in length (excluding cover page, abstract, and reference list)
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