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Business Jargons / Business / Transportation Method of Linear programming

Transportation Method of Linear programming

Simplex Method Linear Programming Formulation of Linear Programming-Maximization Case

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Definition: The Transportation Method of linear programming is applied to the

Oligopoly Market

problems related to the study of the efficient transportation routes i.e. how efficiently

Entrepreneurial Process

the product from different sources of production is transported to the different destinations, such as the total transportation cost is minimum.

Marketing Environment 7 C’s of Communication

Assumptions of Linear

Monopoly Market

Programming

Methods of Demand Forecasting

Least Cost Method

Span of Management

Modified Distribution Method

Strategic Intent

Vogel’s Approximation

Carrot and Stick Approach of Motivation

Method

New Business Terms

Linear Homogeneous Production Function North-West Corner Rule Duality in Linear Programming Group Decision Making

Here origin means the place where the product is originated or manufactured for the

Cost Accounting

ultimate sales while the places where the product is required to be sold is called

Financial Management

destination. For solving the transportation problem, the following steps are to be systematically followed:

Standard Costing Process Costing

1. Obtaining the initial feasible solution, which means identifying the solution that satisfies the requirements of demand and supply. There are several methods through which the initial feasible solution can be obtained; these are:

Budget Departmentalization

North-West Corner

Amalgamation

Least Cost Method

Bill of Exchange Golden Rules of Accounting

Vogel’s Approximation Method

Marketing Mix Note: It is to be ensured that the number of cells occupied should be equal to m+n-1, where “m” is the number of rows while “n” is the number of columns.

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2. Testing the optimality of the initial feasible solution. Once the feasible solution is

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obtained, the next step is to check whether it is optimum or not. There are two

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methods used for testing the optimality:

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Stepping-stone Method

Business Statistics

Modified Distribution Method (MODI)

Economics

3. The final step is to revise the solution until the optimum solution is obtained.

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The two most common objectives of transportation problem could be: i) maximize the profit of transporting “n” units of product to the destination “y”, ii) Minimize the cost of shipping “n” units of product to the destination “y”.

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4. Assumptions of Linear Programming 5. Modified Distribution Method

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Related Terms Stepping Stone Method
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Business Jargons / Business / Transportation Me...