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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.
Six Operators are to be assigned to five jobs with the cost of assignment in Rs. given in the matrix below. Determine the optimal assignment. Which operator will have no assignment
#Principles of OR
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Graphical Solution Procedure sample assignment and solved questions, free examples and solved homework samples for Graphical Solution Procedure in operation research. Question
ABC Bank faces a decision to hire two clerks or lease two automatic teller machines. Service rates of clerk 1 and clerk 2 are 41 customers per hour and 36 customers per hour respec
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Characteristics a. Discrete Distribution: Like binomial distribution it is also a discrete probability i e, occurrences can be described by a random variable. b.
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