Objective function, Managerial Accounting

Assignment Help:

Objective Function

Although the standard LP model can be either the maximization or the minimization type, it is sometimes useful to convert one form to the other.

The maximization of a function is equivalent to the minimization of the negative of the same function, and vice versa.

For example:  Max. Z   = 5X1 + 2X2 + 3X3 is mathematically equivalent to
                    Min.  (-Z) = -5X1 - 2X2 - 3X3

Equivalence means that for the same set of constraints the optimum values of X1, X2 and X3 are the same in both cases. The only difference is that of the values of the objective functions, although equal numerically, will appear with opposite signs. Example: Write the following LP model in the standard form:

Minimum:        Z = 2X1 + 3X2       Minimum:    Z = X1' - 2X1'' + 3X2

Subject to:       X1 + X2 = 10        Subject to:    X'1 - 2X''1 + 3X2 = 10
                     -2X1' + 3X2≤ -5                        2X'1 - 2X''1 - 3X2 - S2 = 5
                      7X1 - 4X2 ≤ 6                          7X'1 - 7X''1 - 4X2 + S3 = 6
                      X1 Unrestricted                         X1', X1'', X2, S2, S3 ≥ 0
                      X2 ≥ 0


Related Discussions:- Objective function

Explain the ratio analysis according to kosher, Explain the Ratio analysis ...

Explain the Ratio analysis according to kosher A ratio is the relation of the amount a to another b expressed as the ratio of a to b; a: b (a is to b) or a as simple fraction i

List the advantages of program based budgeting, Question: (a) "Budgeta...

Question: (a) "Budgetary control comprises two distinct elements - Planning and Control''. ‘'A budget is a statement of what it is reasonable to believe can be made to ha

ACCT II, 1. Common-size analysis of company''s income statement, Balance sh...

1. Common-size analysis of company''s income statement, Balance sheet 2. Horizontal analysis of company''s income and balance sheet : for the last two years for both 3.perform rati

Strategic plan, How to write introduction on strategy plan

How to write introduction on strategy plan

Cost behavior, Echeverria SA is an Argentinian manufacturing company whose ...

Echeverria SA is an Argentinian manufacturing company whose total factory overhead costs fluctuate somewhat from year to year according to the number of machine-hours worked in its

Homework, costs/per unit labor ... $ 4 materials ...5 fixed cost... $ 12 ...

costs/per unit labor ... $ 4 materials ...5 fixed cost... $ 12 determine the break even point in units if the seeling price is $ 19 determine the break even point in sales at

What is the flexible budgets, What is the Flexible budgets  A flexible ...

What is the Flexible budgets  A flexible budget consists of a series of budgets for different level of activity. It therefore varies with the level of activity attained. A flex

Explain about office and administrative expenses, Explain about Office and ...

Explain about Office and administrative expenses These expenses are not related to factory but they pertain to the management and administration of the business. Such expenses

Compute the value of share of a company, Compute the value of share of a co...

Compute the value of share of a company? A company paid dividend amounting to Rs. 0.75 each share during the last year. The company is supposed to pay Rs. 2.00 per share throug

Conditions necessary in a control cycle, Conditions necessary in a control ...

Conditions necessary in a control cycle There are four necessary conditions that must be satisfied before any system can be said to be controlled. Such are as follows: (1) O

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd