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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.
Problems based on solution of a given LPP when it has multiple optimal solution: 1. Find the maximum and minimum values of 5x+2y, subject to the constraints -2x-3y ≤ -6
NON PARAMETRIC TESTS All practical data follow normal distribution under such situations can estimate the parameters such as mean variance etc ,,, and use the standard
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 i
Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 = 4 X1 - X2 = 2 X1, X2 = 0
CONCEPT AND NEED FOR INFORMATION: We shall look at the meaning, of information as also the meaning of other related words such as data, facts, intelligence, advice, knowledge
Consider a queueing system with 1 counter, to which groups of customers arrive according to a Poisson proces with intensity l. The size of a group is 1 with probability p and 2 wit
Regression line drawn as Y=C+1075x, when x was 2, and y was 239, given that y intercept was 11. calculate the residual#
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 in
Model building is the essence of the operations research approach? Discuss. question #Minimum 100 words accepted#
Significance & scope of operation research in modern management
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