26 Aug a) Many business and economic situations are concerned with

a) Many business and economic situations are concerned with problem of planning, modeling and optimization. There are many techniques of operation research available for determining an optimum solution of interdependent activities in view of available resources and one of the important methods is the linear programming. In context of linear programming method , explain approaches that are followed under following techniques, giving their limitations and features. i) Graphical method ii) Simplex method iii) Revised simplex method iv) Integer programming (b) Network analysis is a most popular technique used for planning, scheduling, monitoring and coordinating large and complex projects. Explain various methods of network analysis applicable under both situation of certainties and uncertainties for minimizing the resources with suitable examples. (c) Probabilistic analysis is used for evaluating profitability and risk of large projects. Explain at least one methods of probabilistic technique for evaluation of risk in evaluating profitability , giving their advantages and disadvantages Nots: Answer should be with abstract, interdiction and conclusion & recommendations Include relevant pictures design calculations and discussions, justifications/validation & conclusions, diagrams, charts, graphs, tables including each part of the question. -Give proper in-text-citations and reference (APA/Harvard style) – Minimum 5 pages for each question or 6000 words for total report – Headings 1-14point font, Headings 2 – 12 point font, Body text -11 point font, line spacing 1.5,font face – Times New Roman and paragraph spacing – single line spacing with no borders. – Answer should be less than 5% plagiarism