| University | James Cook University (JCU) |
| Subject | Business Analysis |
Part 1:
Action Plan (30%) In the action plan you have to describe the process you will undertake to transform the business problem into a set of mathematical equations using the four steps approach.
1. Identify the decision variables – the unknown values that the model seeks to determine.
2. Identify the objective function – the quantity to be minimized or maximized
.3. Identify all appropriate constraints – limitations, requirements, or other restrictions that are imposed on any solution, either from practical or technological considerations or by management policy.
4. Write the objective function and constraints as mathematical expressions
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