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Implementing A Decision-Making Model for a small scale production company.

Oyelade, O. J. and Alaje, Daniel T and Fatumo, S. (2013) Implementing A Decision-Making Model for a small scale production company. Journal of Basic & Applied Sciences IJBAS-IJENS, 13 (2).

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Decisions making play a major role in the success of any organisation and individual. Business professionals are faced with making decisions that are predominately based on uncertain projections. Optimisation techniques have become key tools in making important business decisions that increase competitive advantage. Optimisation, through the use of mathematics and computer science techniques, is used to assist organizations with solving their complex business problems in areas such as productions, manufacturing, distribution, finance, and scheduling. The success of optimisation projects depends on many different factors such as which modeling tools are used, integration with corporate data, and the selection of the most efficient solution algorithms available for the problem. In this paper, we formulated and implemented a linear programming (hence forth LP) model for a small scale production company. Our model is good benchmark for effective managerial decision making for Production Company to foster optimal profitability. Our model was implemented with Java applet for portability.

Item Type: Article
Uncontrolled Keywords: Optimization, Decision, Constraint, objective function, Linear programming.
Subjects: Q Science > Q Science (General)
Q Science > QA Mathematics > QA75 Electronic computers. Computer science
Divisions: Faculty of Engineering, Science and Mathematics > School of Electronics and Computer Science
Depositing User: Mrs Hannah Akinwumi
Date Deposited: 21 Jun 2021 17:13
Last Modified: 21 Jun 2021 17:13

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