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Literature review of optimization technique business: based on case

This paper is an attempt to get an insight about the various application of optimization techniques in business. It is a conceptual research based on various literatures available. | Literature review of optimization technique business based on case International Journal of Management IJM Volume 8 Issue 2 March April 2017 pp.231 236 Article ID IJM_08_02_025 Available online at http www.iaeme.com ijm issues.asp JType IJM amp VType 8 amp IType 2 Journal Impact Factor 2016 8.1920 Calculated by GISI www.jifactor.com ISSN Print 0976-6502 and ISSN Online 0976-6510 IAEME Publication LITERATURE REVIEW OF OPTIMIZATION TECHNIQUE BUSINESS BASED ON CASE Amit Kumar PGDM International School of Management Excellence ISME Sarjapur Road Bangalore India Dr. Shampa Nandi International School of Management Excellence ISME Sarjapur Road Bangalore India ABSTRACT In today s complex business world decision making plays a vital role in the success of any business. The simplex method an operation research technique is widely used to finding solutions in many real world problems. This paper is an attempt to get an insight about the various application of optimization techniques in business. It is a conceptual research based on various literatures available. This study is based on different cases applied on selected sectors viz. industrial financial resource allocation agriculture marketing and personnel management area. Key words Optimization Technique Objective Function Minimization Maximization Simplex Method Business Application. Cite this Article Amit Kumar and Dr. Shampa Nandi Literature Review of Optimization Technique Business Based On Case. International Journal of Management 8 2 2017 pp. 231 236. http www.iaeme.com IJM issues.asp JType IJM amp VType 8 amp IType 2 1. INTRODUCTION Optimization technique is a mathematical approach to solve for the best solution to problem. It is a science designed to provide quantitative tools to help in decision making procedures. Optimization technique plays a vital role in operational as well as in strategic decision making in business. An application of optimization technique in business is used by the managers to determine