Journal of Investment and Management
Volume 9, Issue 1, March 2020, Pages: 27-30
Received: May 10, 2019;
Accepted: Jan. 13, 2020;
Published: Mar. 6, 2020
Views 214 Downloads 88
Kayode Olakunle Oluwaseyi, Department of Business Administration, University of Benin, Benin City, Nigeria
Atsegameh Elizabeth, Department of Business Administration, University of Benin, Benin City, Nigeria
Omole Ezekiel Olaoluwa, Department of Mathematics & Statistics, Joseph Ayo Babalola University, Ikeji-Arakeji, Osun State, Nigeria
Linear Programming is one of the optimization techniques in finding solutions to managerial decisions making. Linear Programming is a widely used mathematical modelling technique designed to help managers in planning and decisions making relative to resource allocation. This study applied linear programming technique to decision making problem in university of Benin Bakery, Benin city, Edo state, Nigeria, and intended to determine the quantity of Bread that the firm should produce in a day to maximize profit, subject to constraints in the production process. Data on quantity of major raw material used in production of large, medium and small size bread per day were collected from the extract of the financial record of the bakery. The problem was formulated in mathematical term and solved using computer software known as Linear Programming Solver (LIPS). The solution obtained from a single iteration showed that 667 units of extra- large bread should be produced daily for the firm to achieve a maximum daily profit of #100,000. It is therefore recommended that the firm should concentrate more on production of extra- large bread to obtain maximum profit of #100,000 per day.
Kayode Olakunle Oluwaseyi,
Omole Ezekiel Olaoluwa,
Profit Maximization in a Product Mix Bakery Using Linear Programming Technique, Journal of Investment and Management.
Vol. 9, No. 1,
2020, pp. 27-30.
Agarana, M., Anake, T., & Adeleke, O. (2014). Application of Linear Programming Model To Unsecured Loans and Bad Debt Risk Control In Banks. International Journal of Management, Information Technology and Engineering, 2 (7), 93-102.
Akiniyi, J. (2008). Allocating Available Resources With The Aid of Linear Programming: A Roadmap To Economic Recovery. Multidisciplinary Journal of Research Development, 5, 113-119.
Anieting, A., Ezugwu, V., & Ologun, S. (2013). Application of Linear Programming Technique In The Determination of Optimum Production Capacity: IOSR. Journal of Mathematics (IOSR-JM), 5 (6), 62-65.
Balogun, O., Jolayemi, E., Akingbade, T., & Muazu. (2012). Use Linear Programming for Optimal Production In A Production Line In Coca-cola Bottling Company, Ilorin. International Journal of Engineering Research and Application, 2 (5), 2004-2007.
Balogun, O., Role, M., Akingbade, T., & Akinrefon, A. (2015). An Optimisation Procedure in a Production Line Sokat Soap Industry. Marsland Press (Researcher), 5 (10), 50-54.
Fagoyinbo, I., & Ajibode, I. (2010). Application of Linear Programming Techniques In The Effective Use of Resources For Staff Trainning. Journal of Emerging Trends In Engineering and Applied Sciences, 1 (2), 127-132.
Fagoyinbo, I., Akinbo, R., & Ajibode, I. (2011). Maximisation of Profits In Manufacturing Industries Using Linear Programming Technique. Meditteranean Journal of Social Science, 7 (3), 97-105.
Felix, M., Judith, M., Jonathan, M., & Munashe, S. (2013). Modelling a Small Farm Livelihood System Using Linear Programming In Bindura, Zimbabwe. Research Journal of Management Science, 2 (5), 20-23.
Hazar, J., & Render, J. (2004). Operation Management: Process and Value Chain. New Jersey: Prentice Hall.
Kourosh, R., Farhang, K., & Reza, J. (2013). Using Linear Programming In Solving The Problem of Services Company's Cost. Singaporean Journal of Business Economics and Management, 4 (2), 93-104.
Lee, S. (1972). Goal Programming for Decision Analysis. Philadephia: Auerback Publishers.
Tien, J., & Kamiyama, A. (1982). On Manpower Scheduling Algorithm. SIAM Review, 24 (3), 257-287.
Yahya, W. (2004). Determination of Optimum Product Mix at Minimum Raw Material Cost Using Linear Programming. Nigeria Journal of Pure and Applied Sciences, 19 (2), 1712-1721. ******
Raimi O. A, & Adedayo, O. C. (2017). Application of linear programming techniques on bread production optimization in Rufus Giwa Polytechnic Ondo State. American Journal of Operations Management and Information Systems, 2 (1), 32 – 36.
Ibitoye O, Atoyebi K. O., Genevieve K., & Kadiri K. (2015). Entrepreneur decision making process and application of linear programming techniques. European Journal of Business, Economics and Accounting, 3 (5), 1 – 5.
Adebiyi S. O., Amole B. B., & Soils I. O. (2014). Linear Optimization techniques for production mix of paints production in Nigeria. AUDCE, 10 (1), 181 – 190.
Oladejo, N. K, Abolarinwa, A, Salary, S. O & Lukman, A, F. (2019). Optimization principle and its application in optimizing landmark university bakery production using linear programming. International Journal of Civil Engineering and Technology, 10 (2), 183 – 190.
Molina, M. G. (2018). Product mix optimization at minimum supply cost of online clothing store using linear programming. International Journal of Applied Mathematics, Electronics and Computers, 6 (3), 33 – 38.
Ailobhio, T. D. & Suleiman, A. I. (2018). Optimizing profit in lace baking industry Latia with linear programming model. International Journal of Statistics and Application, 8 (1), 18 – 22. Doi: 10.59231statistics.20180801.03.