Correct Answer - Option 2 : Linear programming
Explanation:
LINEAR PROGRAMMING
It is the mathematical technique used to select the best choice among several alternatives. When applied to an industry linear programming is used to find the best use of the limited resources of the industry is an optimum manner (e.g., maximum or minimum) to achieve the industry objectives which may be maximum overall profit or minimum overall cost.
Applications. Such optimization problems arise many a time in production system engineering, e.g., while (a) deciding about the optimum product-mix during resource allocation in a plant where demand exceeds capacity (Product Mix Problem), (b) deciding about the optimum location of a proposed plant (Transportation Problem), and in (c) deciding about the optimum assignment of jobs to machines (Assignment Problem) etc. The linear programming problems are solved by the following methods :
(i) (Graphical method, (ii) Simplex method, (iii) Index distribution, (iv) Modified distribution (MODI). The first two are commonly used.
Queuing theory
- It is the mathematical study of waiting lines or queues. A queueing model is constructed so that queue lengths and waiting time can be predicted.
Value Analysis:
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The value analysis is a cost preventive techniques which eliminate unnecessary cost build up into the product.
- The object of value analysis is to reduce the cost, and to increase the profit and not to improve the quality, because if you want to improve quality then the cost will increase here in value analysis we have to reduce the cost by maintaining the current quality.
