HRM 3400 Chapter Notes - Chapter 12: Cplex, Satisficing, Symantec
23 May 2018
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HRM 3400 Chapter 12 Notes – Summary
Introduction
• The optimization program, which used the C++ programming language and CPLEX
optimization software, helped the company reduce total costs by more than 20 percent.
• Some spreadsheet programs, such as Excel, have optimizing features
• Optimization software also allows decision makers to explore various alternatives.
• A satisficing model is one that finds a good—but not necessarily the best—solution to a
problem.
• Satisficing is used when modeling the problem properly to get an optimal decision
would be too difficult, complex, or costly.
• Satisficing normally does not look at all possible solutions but only at those likely to give
good results.
• Consider a decision to select a location for a new manufacturing plant.
• To find the optimal (best) location, you must consider all cities in the United States or
the world.
• A satisficing approach is to consider only five or ten cities that might satisfy the
opa’s euieets.
• Limiting the options might not result in the best decision, but it will likely result in a
good decision, without spending the time and effort to investigate all cities.
• Satisficing is a good alternative modeling method because it is sometimes too expensive
to analyze every alternative to find the best solution.
• Heuistis, also ko as ules of thu, ae ool aepted guidelies o
procedures that usually find a good solution.
• A heuristic that baseball team managers use is to place batters most likely to get on
base at the top of the lineup, followed by the power hitters who can drive them in to
score.
• A eaple of a heuisti used i usiess is to ode fou oths’ suppl of ieto
for a particular item when the inventory level drops to 20 units or less; although this
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