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Goal Programming
This provides a more realistic model. In a modern setting, profit maximization may not be the only objective of a business concern. Other objectives or goals could be sound ecological management, networking in the neighborhood and maximizing market share. These goals may dominate the earlier objective.
The idea is that a decision maker may not always be searching for an optimal solution but a "satisfying" solution that attempts to satisfy the many concerns of the management. Prof. Herbert A. Simon felt that a manager may not be able to optimize but may have to "satisfy".
Simplex method requires one goal. The goals are weighted and a single objective function is constructed which is then optimized to solve a goal programming problem.
Edwards Life Sciences is trying to decide if it should sell a new type of medical product. Fixed costs associated to the production of the product are estimated to be $30,000. Th
A paper mill produces two grades of paper viz. , X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y paper
Explain Decision Making Process. Decision Making Process: A good decision can only be prepared as a result of a rational decision making process. The different stages of the
3 In a rectangular game, pay-off matrix of player A is as follows:
discuss the significance of oparation research
Given an inventory system where Yearly demand = 120 units Ordering cost = Sh. 45 Price per unit = Sh. 200 Annual carrying cost = 24% of the unit cost Determine The economic or
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a paper mill produce two grades of paper viz., X and Y. because of raw material restrictions, it cannot produce more than 400 tona of grade X and 300 tons of grade Yin a week. ther
The plant is using the chase production option and the ATO process design. The BOM is illustrated below. Requirement The factory works on a process layout but
variuos types with example
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