Test for Optimality
by Testing the optimality of the initial feasible solution. Once the feasible solution is obtained, the next step is to check whether it is optimum or …
Tag: MBA
Transportation Problems Initial Basic feasible Solution
The Transportation Method of linear programming is applied to the problems related to the study of the efficient transportation routes i.e. how efficiently the product from different …
Role of LP in Economic Decision Making
Agricultural Applications These applications fall into categories of farm economics and farm management. The former deals with agricultural economy of a nation or region, while …
Shadow Prices
Shadow prices reflect true values for factors and products for the calculation or estimations of prices in social cost-benefit analysis. J. Tinbergen defines them, “Shadow prices …
Concept of Duality
The Duality in Linear Programming states that every linear programming problem has another linear programming problem related to it and thus can be derived from it. The …
Probability Meaning and Approaches of Probability Theory
In our day to day life the “probability” or “chance” is very commonly used term. Sometimes, we use to say “Probably it may rain tomorrow”, …
Cross Cultural Organization Behaviour
Cross culture often refers to a company’s initiatives to increase understanding of different groups. Understanding leads to stronger more productive communication and marketing aims to …
Organizational Design and Structure
Every organization has a hierarchy of people and job functions whether it is organic or intentional. For a business to operate efficiently and systematically, it needs a …
Managing Emotions and Stress at work
In your personal life, your reaction to stressful situations like these might be to start shouting, or to go hide in a corner and feel …
Workforce Diversity, Organizational Justice
Workforce Diversity Workplace diversity refers to the variety of differences between people in an organization. That sounds simple, but diversity encompasses race, gender, ethnic group, …
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