Showing posts with label DECISION MAKING MODELS. Show all posts
Showing posts with label DECISION MAKING MODELS. Show all posts

STEPS TO SOLVE GOAL PROGRAMMING

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GOAL PROGRAMMING: Management by multiple objectives & also referred as multi objective decision making technique.
3 basic things to remember:  
a) Multiple objectives
b) Goal constraints
c) System constraints

STEPS TO SOLVE LINEAR PROGRAMMING PROBLEMS

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LINEAR PROGRAMMING: 
Linear programming (LP, or linear optimization) can be defined as a method to achieve the best outcome (such as maximum profit or lowest cost) in a mathematical model whose requirements are represented by linear relationships.
Generally, there are two type of problems:

  1. MINIMIZATION PROBLEMS : ex cost minimization, operation time minimization etc.
  2. MAXIMIZATION PROBLEMS: ex profit maximization, sales maximization etc.

STEPS TO SOLVE TRANSPORTATION PROBLEMS.

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AIM : To choose a suitable transportation route in order to incur minimum transportation cost while fulfilling demand.
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