Abstract

OPTIMAL ALLOCATION OF ECONOMIC RESOURCES USING GOAL PROGRAMMING APPROACH

Dr. Haseeb A. Al-shammari

Volume: 9 Issue: 3 2019

Abstract:

The economic development process in most of the countries has an important role for the industrial sector. As it is an important sector in the development of economic sectors as well as financing many types of development programs. The vital productive unit in the economic and industrial sector is the productive industrial establishment. Therefore, we see it plays an important role in the use of economic resources available by the state or the private sector to achieve the optimal use of the provision of basic needs of the individual. The optimal planning of economic resources requires decision makers in the industrial establishment to use quantitative methods and mathematical methods in the preparation and design of strategies and optimal plans. In this research, the method of goal programming is used. It is a more flexible quantitative method than the linear programming method, whereby the decision maker can build a mathematical model for allocating economic resources by reducing the deviation in each goal that decision maker seeks to achieve it according to the available resources. We have seen from the practical application that the industrial facility can build a goal programming model with two goals, one for maximizing the profits and the other for reducing the time required for the production units according to available resources.

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