MERITS OF LPP :
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1. Helps management to make efficient use of resources.
2. Provides quality in decision making.
3. Excellent tools for adjusting to meet changing demands.
4. Fast determination of the solution if a computer is used.
5. Provides a natural sensitivity analysis.
6. Finds solution to problems with a very large or infinite number of possible solution.
DEMERITS OF LPP :
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1. Existence of non-linear equation: The primary requirements of Linear Programming is the objective function and constraint function should be linear. Practically linear relationship do not exist in all cases.
2. Interaction between variables: LP fails in a situation where non-linearity in the equation emerge due to joint interaction between some of the activities like total effectiveness.
3. Fractional Value: In LPP fractional values are permitted for the decision variable.
4. Knowledge of Coefficients of the equation: It may not be possible to state all coefficients in the objective function and constraints with certainty.
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3 Comments
This post really helped me understand the value of queuing theory in retail. Thanks for the practical examples!
ReplyDelete"Balanced and practical. You didn’t just hype it up like other blogs."
ReplyDeleteAppreciate that! I aim for honest insights, not just buzzwords.
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