Linear Programming: Equipment Replacement as Shortest Path with Excel Solver (Network Flows Part 5)
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If you haven't watched my explanation of the transshipment problem, it may help to watch that video before this one: • Linear Programming: Transshipment with Exc...
Besides the obvious application of finding a shortest path for someone to travel from point A to point B, the shortest path model can be used for selecting the best equipment replacement strategy for a company. For example, imagine a large company that gives a computer to each employee. How often should the computers be replaced? Other businesses facing a simular problem are: car rental companies, construction equipment rental companies, music schools, etc.