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Lecture 20

Lecture 20.docx


Department
Commerce
Course Code
COMMERCE 3QA3
Professor
John Miltenburg
Lecture
20

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Lecture 20: Linear Programming Vs. Simulation
LP/IP/GRG
Problem must be defined into equations
Usually deterministic (we know that the givens with certainty)
Goal: almost always to fins the single best solution
Simulation
Must be defined into a series of process steps
Usually probabilistic (using random distributions)
Goal: “best solution” usually only found by altering parameters and re-running
simulation
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