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.
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