Tutor profile: Denis G.

What is the Simplex method?

The Simplex method is a general procedure for solving linear programming problems. It is an algebraic procedure, however, its fundamental concepts are geometric, so understanding these geometric concepts provides us with a strong intuition about how the Simplex method operates and why it is so efficient. This method is used with an interactive process, that is, the same basic calculation routine is used successively, resulting in a series of successive solutions until the best one is found. A basic characteristic of the Simplex method is that the last solution produces a contribution as great or greater than the previous solution in a maximization problem, which gives the security of finally arriving at the optimal answer.

What is the normal distribution?

The normal distribution is a theoretical model capable of satisfactorily approximating the value of a continuous random variable to an ideal situation. In other words, the normal distribution fits a continuous random variable to a function that depends on the mean and the standard deviation. That is, the function and the continuous random variable will have the same representation but with slight differences.

What are the financial statements of a company?

The basic financial statements are the different documents that the company must prepare at the end of the accounting year, in order to know the financial situation and the economic results obtained in the activities of the company over a period.