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Application of Linear Programming Approach for Determining Optimum Production Cost

Author

Listed:
  • Bala, Shujit Kumar

    (University of Barisal)

  • Bala, Nandita Rani

    (University of Barisal)

  • Biswas, Hena Rani

    (University of Barisal)

  • Mondal, Surajit Kumar

    (University of Barisal)

Abstract

Cost optimization problem deals with that problem which aims to find out the most appropriate ways to fulfill the demand of a particular product of any manufacturing company with minimum cost. Linear programming is one of the most appropriate techniques for scheduling the optimum cost of manufacturing. In this study, the production schedule of a bicycle manufacturing company is taken into account. The mathematical formulation of the problem under consideration is performed by using a linear programming approach. An operations research software, TORA (Temporary-Ordered Routing Algorithm), has been used in solving the problem and analyzing the results. Results reveal that a specific schedule has a great impact on optimizing the production cost.

Suggested Citation

  • Bala, Shujit Kumar & Bala, Nandita Rani & Biswas, Hena Rani & Mondal, Surajit Kumar, 2020. "Application of Linear Programming Approach for Determining Optimum Production Cost," Asian Business Review, Asian Business Consortium, vol. 10(2), pages 87-90.
    • Handle: RePEc:ris:asbure:0189
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    More about this item

    Keywords

    Cost Optimization; Linear Programming; TORA; Manufacturing Company;
    All these keywords.

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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