Chapter 15 Part 1 - Chapter 15 Goal Programming What is...

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Chapter 15 Goal Programming
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What is Goal Programming? Mathematical model similar to Linear Programming, however it allows for multiple goals to be satisfied at the same time. Allows for the multiple goals to be prioritized and weighted to account for the DM’s utility for meeting the various goals.
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Assumptions Similar to LP: Non-negative variables Conditions of certainty Variables are independent Limited resources Deterministic
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Components Economic Constraints Physical Concerned with resources Cannot be violated Example: # of production hours each week
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Components Goal Constraints Variable Concerned with target values Can be changed/modified Example: Desire to achieve a certain level of profit
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Components Objective Function Minimizes the sum of the weighted deviations from the target values – this is ALWAYS the objective for Goal Programming Not the same as LP (which was maximize revenue/minimize costs)
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Goal Programming Steps Define decision variables Define Deviational Variable for each goal Formulate Constraint Equations Economic constraints Goal constraints Formulate Objective Function
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Goal Programming Terms Decision Variables are the same as those in LP formulations (represent products, hours
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This note was uploaded on 12/13/2011 for the course BUAD 346 taught by Professor Staff during the Fall '08 term at University of Delaware.

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Chapter 15 Part 1 - Chapter 15 Goal Programming What is...

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