Various techniques used in Operations Research to solve optimisation problems are as follows: 1. Linear Programming 2. Waiting Line or Queuing Theory 3. Goal Programming 4. Sensitivity Analysis 5. Dynamic Programming 6. Nonlinear Programming. Technique # 1. Linear Programming: Linear programming is one of the classical Operations Research techniques. It had its early use for military applications but presently it [...]
After reading this article you will learn about:- 1. Meaning of Project 2. Types of Projects 3. Organisation 4. Cost Estimating and Budgeting 5. Planning and Scheduling 6. Controlling Progress and Costs. Meaning of Project: If there is one single quality which sets a project apart from routine commercial or industrial operations, it is its novelty. No two projects are [...]
Different methods employed for comparing alternative investments and to ascertain the profitability of each project are:- 1. Pay-back method. 2. Return on investment method. 3. Present-value return on investment method. 4. Return on total capital employed. 5. Linear programming model. 6. Simulation technique. 1. Pay-Back Method: The method attempts to determine the number of years in which the investment is [...]