Goal programming, Operation Research

Assignment Help:

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.


Related Discussions:- Goal programming

Identify the various ways of selecting a random sample, Question 1 Discuss...

Question 1 Discuss the types of measurement scales used in research Question 2 Identify the various ways of selecting a random sample Question 3 Discuss five advan

Operations Research, a. What do you mean by linear programming problem? Exp...

a. What do you mean by linear programming problem? Explain the steps involved in linear programming problem formulation? b. A paper mill produces two grades of paper viz., X and Y.

Z-test - hypothesis testing, Z-Test Prof. Fisher has  given a method  of...

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

Quartiles, QUARTILES The three points on the scale  of observation ( o...

QUARTILES The three points on the scale  of observation ( or  values  of the variable) which  divide  the total  frequency  into four  equal  parts are called  quartiles for t

Linear regression, regression line drawn as y=c + 1075x, when x was 2, and ...

regression line drawn as y=c + 1075x, when x was 2, and y was 239, given that y intercept was 11. calculate the residual

PERT, how does it work

how does it work

Data and information, Data and Information: The term "data" (plural fo...

Data and Information: The term "data" (plural form of datum) refers to "an individual fact, statistic, or a piece of information or a group or a body of facts, statistics or t

Describe the objectives of tax planning, Question 1 Describe the obje...

Question 1 Describe the objectives of tax planning. Explain the factors to be considered in tax planning. Question 2 Describe the categories in Capital assets. Mr.

LINEAR PROGRAMMING, A paper mill produces two grades of paper viz., X and Y...

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

Linear programming simplex method, How to solve linear programming problems...

How to solve linear programming problems using simplex method introducing slack variable,surplus variable and artificial variable

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