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Development of linear programming model for optimization of product mix and maximization of profit: case of leather industry

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Development of linear programming model for optimization of product mix and maximization of profit: case of leather industry

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dc.contributor.author Kalwar, Muhammad Ahmed es_ES
dc.contributor.author Khan, Muhammad Ali es_ES
dc.contributor.author Shahzad, Muhammad Faisal es_ES
dc.contributor.author Wadho, Muzamil Hussain es_ES
dc.contributor.author Marri, Hussain Bux es_ES
dc.date.accessioned 2022-02-03T10:56:48Z
dc.date.available 2022-02-03T10:56:48Z
dc.date.issued 2022-01-31
dc.identifier.uri http://hdl.handle.net/10251/180467
dc.description.abstract [EN] When the decisions are analytically supported they cannot be challenged and at the same time, the quality of decision increases. This paper is about proposing such a model which provides the analytical support to the decision for the selection of footwear articles to be produced. This paper aimed to suggest the analytically supported decision-making for deciding the number of pairs of different articles to be produced in a way that the cost and profit could be minimized and maximized respectively. This research was conducted at the ABC leather footwear company of Lahore Pakistan. The data was collected from the costing executive of the planning and costing department. Costing and profit analysis of the collected data was conducted in Microsoft Excel as per the company`s traditional method of calculations. The linear programming (LP) model was then formulated and implemented in Microsoft Excel by using solver add-in. Outputs of both the traditional method and LP model were compared. The comparison revealed that with 22% less production, 39% more profit could be earned if the selection of articles and their production quantity would be calculated accordingly. This model can be modified and used in fast-moving consumer goods (FMCGs) industries for making product mix strategies. A major limitation of the present developed model is that it is based on the scenario of the footwear industry so it cannot be used as general for other applications. es_ES
dc.language Inglés es_ES
dc.publisher Universitat Politècnica de València es_ES
dc.relation.ispartof Journal of Applied Research in Technology & Engineering es_ES
dc.rights Reconocimiento - No comercial - Compartir igual (by-nc-sa) es_ES
dc.subject Linear programing es_ES
dc.subject Profit es_ES
dc.subject Maximization es_ES
dc.subject Modelling es_ES
dc.subject Mathematics es_ES
dc.title Development of linear programming model for optimization of product mix and maximization of profit: case of leather industry es_ES
dc.type Artículo es_ES
dc.identifier.doi 10.4995/jarte.2022.16391
dc.rights.accessRights Abierto es_ES
dc.description.bibliographicCitation Kalwar, MA.; Khan, MA.; Shahzad, MF.; Wadho, MH.; Marri, HB. (2022). Development of linear programming model for optimization of product mix and maximization of profit: case of leather industry. Journal of Applied Research in Technology & Engineering. 3(1):67-78. https://doi.org/10.4995/jarte.2022.16391 es_ES
dc.description.accrualMethod OJS es_ES
dc.relation.publisherversion https://doi.org/10.4995/jarte.2022.16391 es_ES
dc.description.upvformatpinicio 67 es_ES
dc.description.upvformatpfin 78 es_ES
dc.type.version info:eu-repo/semantics/publishedVersion es_ES
dc.description.volume 3 es_ES
dc.description.issue 1 es_ES
dc.identifier.eissn 2695-8821
dc.relation.pasarela OJS\16391 es_ES
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