Importance Of Duality Concept In Or And Economic Importance Of The Duality Concept

This is MBA assignment question for MB0032 of SMU. The question is – Why Duality concept is important in OR? Describe the economic importance of the Duality concept.

The importance of duality concept is due to two main reasons:

a)If the primal contains a large number of constraints and a smaller number of variables, the labour of computation can be considerably reduced by converting it into the dual problem and then solving it.
b)The interpretation of the dual variable from the loss or economic point of view proves extremely useful in making future decisions in the activities being programmed.

Economic interpretation of duality:

The linear programming problem can be thought of as a resource allocation model in which the objective is to maximize revenue or profit subject to limited resources. Looking at the problem from this point of view, the associated dual problem offers interesting economic interpretations of the L.P resource allocation model.

We consider here a representation of the general primal and dual problems in which the primal takes the role of a resource allocation model.

From the above resource allocation model, the primal problem has n economic activities and m resources. The coefficient cj in the primal represents the profit per unit of activity j. Resource i, whose maximum availability is bj, is consumed at the rate aij units per unit of activity j.

Economic interpretation of dual variables:

For any pair of feasible primal and dual solutions, (Objective value in the maximization problem) d (Objective value in the minimization problem)

At the optimum, the relationship holds as a strict important.

This relationship implies that as long as the total return from all the activities is less than the worth of the resources, the corresponding primal and dual solutions are not optimal. Optimally is reached only when the resources have been exploited completely, which can happen only when the input equals the output (profit).

Economically the system is said to remain unstable (non optimal) when the input (worth of the resources) exceeds the output (return). Stability occurs only when the two quantities are equal. This is the most important aspect of economic importance of dual variables for MBA assignments.

Commercial Truck Insurance Many Coverage Options Available

Insurance coverage is often considered complicated and confusing. Commercial truck insurance is no exception. This is because the truck industry is highly diversified and many regulations exist to govern it.

The many forms of commercial truck insurance provide motor carriers and independent owner/operators with all the coverage they need to protect themselves and their assets.

The following are several examples of coverage options for both large companies and independent haulers.

General Liability

This coverage protects company employees and vehicles with liability coverage. Damage and injury costs are covered for employees and employers are given protection against lawsuits from accident victims.

Primary Liability

This type of coverage is required by federal regulations and covers damage and injury costs incurred by third party motorists involved in accidents caused by commercial truck drivers.

Physical Damage

Independent drivers are encouraged to purchase these policies in order to protect their own assets, such as their trucks. Damages caused by fires, theft, vandalism, and accidents will be covered up to a pre-determined amount. Considered the minimum policy coverage a driver should purchase to feel protected from the various situations that occur.

Non-Trucking Insurance

This form of liability insurance is a more cost-effective form of coverage for independent drivers. It covers drivers when not on active dispatch and therefore not covered by their contracted employers policy.

Trailer Interchange Insurance

This coverage is for instances in which trailers are being exchanged between two different companies. Trailer interchange coverage will cover the cost of any damages to the trailer or its cargo while being hauled by an outside party.

Cargo Insurance

Many commercial truck insurance policies do not cover the actual cargo, just the truck itself. Cargo insurance protects the goods that are being transported, as well as protects if those goods fall out or cause harm to another driver.

Freight Insurance

General freight insurance protects companies that haul dried goods ranging in value from $10,000- $100,000. Freight valued higher than $100,000 typically needs additional coverage.

Dump Truck Insurance

The defining quality of Dump Truck Insurance is the mechanical moving parts of the truck. Because the back of the dump truck is a machine itself, it requires special a policy for those that could be injured by operating it.

Government Grants For Everyday Needs Single Parents Welcome!

Many people are starting to drown in debt. Credit card debt levels progress each year and have reached $8,000 per individual, according to some statistics. You definitely want to get out of debt; otherwise you would not have been reading this article. Or, probably, you are seeking ways to earn more and spend less with better education or job?

If you are a single parent and are raising kids on your own, barely making the ends meet, you may find it interesting that there are free money giveaways by U.S. Government for qualifying single moms. Many of us came across information online that there are Government Grants available for those in need, with no need for repayment. Many have wondered whether it is true.

Despite What Many Think Government Grants Are Widely Available

In fact, it is. While the money is there to be given out, there is some research and legwork to do in order to get it. You should learn about grant options available for you to use. There are many government-funded programs within an easy reach for single mothers. Well, if you are not a single mother, do not get discouraged there is money for many others in financial need.

There are grants available for funding many life activities, such as going back to school, getting professional training, or helping to take care of family in difficult times. Such assistance programs, however, are not always easy to find.

U.S. Government Hides Information About Free Money

The matter of fact is that U.S. Government, boasting endorsement of social programs to improve their electorate approval ratings, makes such programs hard to find. While millions and millions have been set aside for grants, details of them are hard to obtain. Therefore, some research is required.

Investing time and effort in digging out grants and financial assistance programs is well worth it. Few people know of existence of such programs, and even more do not believe that there is in fact free money out there for people to claim.

What kinds of assistance are available, you may ask. There are grants out there at all levels waiting for you to claim: federal, state, county, and city programs are available. Besides those, there are private associations and community groups willing to issue grants to people in need. While many people may qualify for those, they are of especially great help to those, falling into minority groups.

Auto Insurance Options

Choosing the Right Auto Insurance

The business of having the car repaired, having the injured medically treated, paying the hospital or, in some cases, death compensation payments after a car accident can be very taxing to car owners. We dont want to be running around and checking details after going through a car accident. That is why we have auto insurance. Insurance companies are there so we dont have to go through all the examples just mentioned. After a car accident, let your insurance company do all the legwork. Some countries have recognized this and compelled their motorist to insure their cars before they are allowed to drive.

Auto insurance, as the name suggests, insures your car against any damages to it caused by accidents. People buy this kind of insurance to protect their car from any kind of damages it sustains. Different people insure different types of motor vehicles. There are different insurance schemes and coverage that cater to the different requirements and specifications of the insured.

Auto Insurance Options

In a car accident, there are many ways a car can sustain damage or damages, and insurance companies also have different ways of addressing those issues. As always, before going ahead with an insurance policy, you need to go over the whole policy. Make sure that you clearly understand the key points of the insurance policy offered to you. The insurance industry being a free market, auto insurance companies offer different quotes and insurance schemes for your vehicle. Motorists must be able to sift through the various offers and purchase the one that best suits his or her needs. Economic reasons are usually a big factor in this consideration. The best insurance policies are reasonably priced but with the best coverage.

Know the Details

When you get an offer, take the time to read the details. Make sure you understand the key elements in the policy as this will be the one thats going to look after you and your ca when the time comes. Read the fine prints. Dont let the fine prints surprise you later. Find out all about comprehensive first party insurance and third party insurance. Reading the fine prints may actually save you from future heartaches. Some people find out about crucial details a little too late.

Different Quotes from Different Insurance Companies

Having several quotations from several insurance companies gives you a lot of options. Cheap quotation should not be the only basis, though. The reputation of the insurance company should be considered, too. Check their background. You may even go online and find a reputable website that rates these different auto insurance companies online. Make sure that the auto insurance company youre buying youre insurance from is reputable and dependable.

Remember that companies base their quotes on different factor: Your age, your location or where the car will be parked, the make and model of your car and many other factors. These details let the insurance company know the risk of insuring you.

Life Insurance for people over 80

Can older people still be accepted for a policy? People from 80 – 89, in reasonable good health, should be able to find Life Insurance.

So why would an older person choose to shop for coverage? Some want to provide cash to pay for a good funeral. Grown children or other heirs may even buy a policy on the life of their parents. Many older parents are happy that their kids take that responsibility.

In general, premium increase as we age though.

The good news is that we are living longer, and top life insurance companies are more willing to offer affordable life insurance premiums to older people than ever before.

If you had a term life insurance policy that has expired, it would be a good idea to either renew the term policy or opt for a whole life policy. For seniors, the choices may be limited, but you can still get adequate coverage.

Before you make any decisions regarding exchanging your existing life insurance policy for a new one, or taking out any new policy, it would be a good idea to talk to a financial advisor about your options. There are many factors to consider and he/she will be able to guide you. Life insurance is a good thing to have, but you want to make sure that you’re not going to be either over or under insured.

Now you do not need to shop around if you contact MIntco Financial, a leading company in Life Insurance for Seniors in the U.S.

Mintco Financial has been helping thousands of seniors getting life insurance with exams or non medical exams – depending on your specific situation.

Also Seniors up to 89 years old can get Life Insurance but it depends on the State they live.

The best time to get a Life Insurance for Seniors is NOW.

” I got a call from a nice lady one week, and then the following week when we were going to do the application, she passed away. I felt bad, because the family had to cover all the final expenses. It is a burden for families these days. So my advice is do not delay, we never know what will happen the following day.” – says Michael Minter from Minco Financial.

The process is very easy and do not require too much of the time.

Call 813-964-7100 and Mintco Financial Advisors will shop for you the best quote among the top carriers.

Life Insurance for Seniors

Controlling The Financial Performance Of Your Business

There are numerous factors which impact on the performance and viability of your business. It is therefore imperative that you monitor and control your financial performance. Debt control and budgeting are two elements of this, and of particular importance is your business cash flow.

Many profitable businesses have gone under due to a lack of attention to their cash flow; they have insufficient cash available to pay their bills. Thus, you must plan and control your cash flow in order to effectively manage your business.

Some strategies that may assist in this include:

* Increasing the speed of cash receipts by good debt control strategies

* Avoiding excessive stock holdings by managing stock levels and obtaining reliable, prompt suppliers

* Planning the purchase of equipment and other capital expenditure for periods when surplus funds exist

* Planning to have sufficient reserves to carry your business through the inevitable periods when unexpected expenses are incurred

* Avoiding excessive investment in plant, equipment and other fixed assets which may leave too little working capital available (particularly in periods of falling prices, declining sales or increasing interest rates)

* Avoiding over borrowing as this may place a strain on working capital, loans still have to be repaid even if revenue is decreasing

* Maintain adequate working capital to fund the growth as increasing sales also means increasing costs, your working capital requirements therefore, need to be continually reviewed

* Delaying outgoings by taking advantage of the credit terms offered by your suppliers and paying when it suits your cash flow

* Reducing outgoings by taking advantage of discounts when appropriate and working capital permits

* And most importantly, regularly comparing your actual cash flows to your budgeted cash flows, analysing the differences, and taking action based on this analysis

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