Operations Management
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Textbook:
Pages : 329;
Paperback;
210 X 275 mm approx.
Workbook:
Pages :
239; Paperback;
210 X 275 mm approx, Sample Applied Theory Questions
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Textbook Price: Rs. 900;
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Allocating Resources to Strategic Alternatives : Chapter 4
SUMMARY:
The availability of several resources of production systems like materials and supplies, cash and capital funds, machinery and equipment, manpower and expertise, utilities, and others, are limited in nature. So the operations manager should assign these resources to the strategic alternatives carefully. Operations managers use constrained optimization models in order to attain their objectives such as profit maximization or cost minimization. Linear programming is one of the most important constrained optimization models.
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programming problems can be solved by the graphical method or by the simplex method. In practice, managers prefer the simplex method to the graphical method as the latter can be used to solve only those problems that consist only two decision variables.
The transportation model is a special case of linear programming and it is applied to optimize the distribution system. The initial feasible solution can be developed by using any of the three methods: North-West corner method, least cost method and Vogel’s approximation method. The stepping stone method is subsequently used to check whether the solution obtained by the above methods is optimal.
