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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.
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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
Dual formulation is done for a number of reasons. The solution to a Dual problem provides all essential information about the solution to the Primal problem. A so
I''m getting a negative value in the one of the Supply/Stock columns while solving a problem in Vogel''s approximation method. Is it possible or am I doing anything wrong?
Deriving the Solution from the Model: This phase is devoted to the computation of those value of decision variables that maximize or minimize the objective function. Such
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Disadvantages of Mode a.It is ill defined. b.It is indefinite and it is some cases impossible to find a definite value. c.It is not based on all observation. So i
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
This methods studies development from simpler forms through a long series of a small change. Each change by itself results in minor modification in the phenomenon but the
Scientific research is building of knowledge through collection of empirically verifiable facts. The term verifiable here means which can be checked by others for accuracy
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