the constraint that vL+rK=C. Note that maximizing a monotonically increasing function of a variable is equivalent to maximizing the variable itself. Therefore ln(Q)=(2/3)ln(L)+(1/3)ln(K)‚ a more convenient expression‚ is the same as maximizing Q. Therefore the objective function for the optimization problem is ln(Q)=(2/3)ln(L)+(1/3)ln(K). Step 1: Form the Langrangian function by subtracting from the objective function a multiple of the difference between the cost of the resources and the budget
Premium Optimization Derivative Function
NBA to constrain our objective function by restricting the field goal attempts per quarter‚ 2- and 3-point shot attempts per quarter‚ and 2- and 3-point shots made per quarter. The objective function will look to maximize the expected number of points scored by maximizing the expected number of 2- and 3-point shots made and adding the average number of free throw points. Our motivation is to optimize the athletes’ skills and talents to produce the highest
Premium Basketball Game National Basketball Association
Panelists: Michael Jensen‚ Harvard Business School; Ron Naples‚ Quaker Chemical Corporation; Trevor Harris‚ Columbia University; and Don Chew‚ Morgan Stanley. Moderated by John Martin‚ Baylor University. Value Maximization‚ Stakeholder theory‚ and the Corporate Objective Function 32 Michael Jensen‚ Harvard Business School the Modern industrial Revolution‚ Exit‚ and the Failure of internal Control Systems 43 Michael Jensen‚ Harvard Business School Just Say No to Wall Street: Putting
Premium Strategic management Corporate governance Management
intuition‚ and experience. There are also several quantitative techniques‚ moving averages‚ exponential smoothing‚ trend projections‚ and least squares regression analysis. Eight steps to forecasting: * Determine the use of the forecast—what objective are we trying to obtain? * Select the items or quantities that are to be forecasted * Determine the time horizon of the forecast * Select the forecasting model or models * Gather the data needed to make the forecast
Premium Optimization Inventory Operations research
Concluding paragraph on how stakeholders influence aims and objectives Kingsfield School In Kingsfield School the stakeholders have a huge influence on the aims and objectives of the school. One of the key stakeholders in Kingsfield are the students and the students are key in influencing Kingsfield’s aims and objectives. The students were rather having the focus on entertainment and fun rather than grades. This influences the school. If the students want more fun things like games and quizzes
Premium Education Asda 2006 albums
QUESTION Identify an existing company and give an overview of the organization and its purchasing function. Highlight the critical areas of purchasing such as the tendering process‚ outsourcing and insourcing decisions and supplier selection among other areas (30 mks) ANSWER: The Kenya Power and Lighting Company limited is a public company with shares trading at Nairobi Stock exchange. The Company was incorporated on 1922 with the principle mandate of electricity generation‚ transmission and
Premium Procurement Electronic Data Interchange
Mutiara‚ being one of the most prestigious hotels in Penang‚ have managed to secure a foothold in this lucrative and highly competitive environment. Wernie has the vision and very clear focused beliefs about the importance of running an effective operation where customers have every right to demand for first class service which they are obliged to provide for. Assuming neighbouring competitors such as Pelangi Beach Resort Langkawi and Shangri-La’s Rasa Sayang Resort who is adopting common strategies
Premium Hotel Management Strategy
Study The case circle around Penang Mutiara Hotel located in Malaysia’s Indian Ocean coast. Also‚ the case focuses on how important to run an effective operation inside the hotel‚ because when problem occurs regards managing operation‚ the customer sees them immediately and that’s the biggest motivation for the hotel management to take operations performance seriously. To view the full case study‚ kindly refer to Reference [1]. Questions 1. Describe how you think the hotel’s management will:
Premium Customer Customer service Management
One of these that does not get a lot of attention but is also significant is Operation Paperclip. Operation Paperclip was a covert CIA operation where the United States transferred over 1‚600 post-Nazi Germany scientists‚ engineers‚ and technicians into the United States. The objective behind Operation Paperclip was to covertly bring bright minds who helped Hitler and others succeed‚ to the United States and exploit their talents. This point
Premium Anthropology Sociology Culture
NAME: - JAJI OLAIDE DESIGNATION: - COMPUTER SCIENTIST II SUMMARY OF THE FUNCTIONS AND OBJECTIVE OF THE ACT National Oil Spill Detection and Response Agency is referred to as the act of response and detection to all oil spillages in Nigeria‚ which be an agency with perpetual succession. It is also a common seal and opened to be sued or may sue in its corporate name. The Headquarter of the Agency is situated at the Federal Capital Territory Abuja. It may also in the nearest future establish
Premium Federal government of the United States Corporation Nigeria