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Inventory models deal with the problem of determination of how much to order at a point in time and when to place an order. The main objective is to minimize the sum of three conflicting inventory costs. the cost of holding or carrying extra inventory the cost of shortage or delay in the delivery of items when it is needed a cost of ordering or setup. These are also useful in dealing with quantity discounts and selective inventory control.
significance and scope of operation research
what are the characteristics of operation research
Z-Test Prof. Fisher has given a method of testing the significance of the correlation coefficient in small samples. According to this method the coefficient of correlation
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
#question. 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 grad
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The Association of Malawi Mechanics has commissioned a study to investigate the link between engine wear and mileage. The main focus of the study is to determine whether the mileag
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 c
give real data & find out the inventory & give suggestions
Operation reac Involves the use of mathematical models, equations and similar other mathematical expressions. Assumptions are always incorporated in the derivation of an equa
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