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Decision-making Tools and Memetic Algorithms in Management and Linear Programming Problems

Author

Listed:
  • Jesus M. Larranaga LESACA

    (Dpto. de Organización de Empresas. Escuela Universitaria de Ingeniería de Vitoria-Gasteiz. University of the Basque Country, Vitoria-Gasteiz, Spain)

  • Ekaitz Zulueta GUERRERO

    (Dpto. de Ingeniería de sistemas. Escuela Universitaria de Ingeniería de Vitoria-Gasteiz. University of the Basque Country, Vitoria-Gasteiz, Spain)

  • Fernando Elizagarate UBIS

    (Dpto. de Organización de Empresas. Escuela Universitaria de Ingeniería de Vitoria-Gasteiz. University of the Basque Country, Vitoria-Gasteiz, Spain)

  • Jon Alzola BERNARDO

    (Tecnalia Research & Innovation, Minano, Spain)

Abstract

Operational Research uses a set of tools based on scientific research principles to achieve rational and meaningful management decisions. This article tries to give solution to a highly complex Linear Programming problem by using Simplex method, Solver and a hybrid prototype which combines the theories of Genetic Algorithms with a new local search heuristic technique. Hybridization of these two techniques is becoming known as Memetic Algorithm. Additionally, this article tries to present different techniques to support management decision-making, with the intention of being used increasingly in the business environment sustaining, thus, decisions by mathematics or artificial intelligence and not only by experience.

Suggested Citation

  • Jesus M. Larranaga LESACA & Ekaitz Zulueta GUERRERO & Fernando Elizagarate UBIS & Jon Alzola BERNARDO, 2011. "Decision-making Tools and Memetic Algorithms in Management and Linear Programming Problems," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 12(2), pages 350-365, May.
    • Handle: RePEc:rom:rmcimn:v:12:y:2011:i:2:p:350-365
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    Keywords

    quantitative management; quantitative methods; decision-making; linear programming; operational research; heuristics; hybrid methods; memetic algorithms.;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications

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