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
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