ADAPTABILITY OF MATHEMATICAL/STATISTICAL METHOD OF ALLOCATION OF SCARCE RESOURCES TO ACHIEVE A STATED OBJECTIVE
Journal Title: International Journal of Physical and Social Sciences (IJPSS) - Year 2012, Vol 2, Issue 6
Abstract
Linear Programming is a mathematical method of allocation of scarce resources to achieve a stated objective. The method is useful wherever both the objective and environmental constraints, which limit the degree of achievement of the objective, can be expressed in the form of linear equations and/or in-equations. Linear programming can help the management to determine how it can best use the resources of a business to achieve a stated objective such as maximum profit or minimum cost, when the resources have alternative uses. Linear Programming is extremely useful technique for dealing with situation of scare resources in a variety of situations, but it suffers From the following drawbacks. It is necessary for its use to specify exact contributions and constraints, which presents practical problems. All relationships be must true linear relationships. This is difficult as demand and price are unlikely to conform to a linear relationship. Fractional solution must be accepted. In production plan, fractional units represent work in-progress.
Authors and Affiliations
Dr. Omah, I. , OJO-AGBODU, AYODELE ABRAHAM, IGBOKWE JALLATH I.
Keywords
Related Articles
- EP ID EP41678
- DOI -
- Views 329
- Downloads 0
A Study on Challenges and Opportunities for Agricultural Development in India
Agriculture is one of the strongholds of the Indian economy and accounts for 14.6 per cent of the country's gross domestic product (GDP) in 2009-10, and 10.23 per cent (provisional) of the total exports. Furthermore, t...
Experience of India in Decongesting Courts through Lok Adalats
The Constitution of India pledges to secure to all its citizens justice- social, economic and political. Article 39-A of the Indian Constitution imposes an obligation on the State to ensure that the operation of the le...
Improving Listening Skills through Teaching Assimilation and Elision
This research, which is an experimental study, hypothesizes that teaching of fluency devices enhances speaking skills of the English language learners. To test this hypothesis an experimental group which consisted of 2...
Productivity of the Agroforestry Systems and its Contribution to Household Income among Farmers in Lushoto District, Tanzania
This paper investigates the productivity of the agroforestry systems and its contribution to household income among farmers in Lushoto District, Tanga, Tanzania. Specifically, the study aimed to determine and compare t...
Ways of improving the tax mechanism for small businesses and entrepreneurship in the Republic of Uzbekistan
The article considers such issues as the role and development of small business and private entrepreneurship in the Republic of Uzbekistan, the unification of the taxation system for microfirms and small enterprises, t...