Abstract

DETERMINE THE OPTIMAL PRODUCTION PLAN FOR ECONOMIC RESOURCES USING BOUNDED VARIABLES DECISION MAKING

Dr. Haseeb A. Al-shammari

Volume: 9 Issue: 3 2019

Abstract:

Decision making plays an important role in economic, finance, statistics, operations research, engineering, so on. The optimal planning of economic resources requires decision makers in the industrial establishment to use quantitative approaches and mathematical models in the preparation and design of strategies and choose optimal plans. In this paper, a bounded variables quantitative approach is used. It is a more flexible quantitative approach than the unbounded approach, whereby the decision maker can build a mathematical model for determining the optimal production plan for economic resources according to the available resources. This approach helps the decision maker to formulate the mathematical model with decision variables that have upper and lower bounds according to the available resources.

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