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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.
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
Assignments should be submitted via FLO by the above deadline. Penalties for late submission are as set out in the topic SAM on FLO. Extensions can be granted in line with standard
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Model building is the essence of operation research approach. Comment
solve the following linear programming problem using simplex method maximize z=3x1+2x2 subject to the constraints: x1+x2 x1+x2 x1,x2>=0
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