Objective Function Notes: Definitions & Explanations PDF | Download eBooks
Study Objective Function lecture notes PDF with supply chain management definitions and explanation to study “What is Objective function?”. Study objective function explanation with SCM terms to review supply chain management course for online MBA programs.
Objective Function Definition:
A mathematical expression in linear programming that maximizes or minimizes some quantity (often profit or cost, but any goal may be used).
Operations Management: Sustainability and Supply Chain Management by Jay Heizer, Barry Render, Chuck Munson
Objective Function Notes:
The target of a direct programming issue will be to augment or to limit some numerical worth. This worth might be the normal net present estimation of a venture or a timberland property; or it might be the expense of an undertaking; it could likewise be the measure of wood delivered, the normal number of guest days at a recreation center, the quantity of imperiled species that will be spared, or the measure of a specific sort of natural surroundings to be kept up. Straight writing computer programs is an incredibly broad strategy, and its applications are restricted fundamentally by our minds and our inventiveness. The coefficients of the target capacity show the commitment to the estimation of the target capacity of one unit of the comparing variable.
Keep Learning with Supply Chain Management Notes
What is Keiretsu?
Keiretsu is a Japanese expression alluding to a business system made up of various organizations, including producers, production network accomplices, ...
What is ABC Inventory Control?
The ABC Inventory Control System is connected by those organizations that need to keep up a few sorts of inventories. ...
What is Long Thin Process?
In trade, long thin process, the administration of the progression of merchandise and ventures, includes the development and capacity of ...
What is Logistics?
Logistics is utilized all the more extensively to allude to the way toward planning and moving assets - individuals, materials, ...
What is Revenue (or yield) Management?
The articulations yield and income the executives show the salary the board, a limit the board framework that expects to ...
What is Repetitive process?
Tedious assembling (REM) is the generation of merchandise in quick succession. Goods that are made through dreary assembling pursue a ...