Modeling the Economic Performance of Industrial Systems Using Mathematical Programming

Abstract:

Mathematical programming models and especially their subclass - linear programming models - plays an extremely important role, both in theory and in economic practice. Linear programming, through its results, brought a considerable contribution to improving management methods in economics and it has boosted theoretical research in modeling complex economic systems, study and interpretation of laws and economic processes. Developing and designing a model for achieving the economic performance of the industrial system allows managers making optimal decision and ensures the improvement of their activity. This paper aim is to determine an optimal manufacturing program for an industrial system, so that, by its implementation, to achieve economic performance. The manufacturing program conducted using a computer software will allow this entity to optimize their management decision process by providing information related to physical production that must be executed on each of their the products, or about the unused or overloaded capacity, in order to maximize their profits.

• Periodical: Applied Mechanics and Materials (Volumes 809-810)
• Pages: 1553-1558
• DOI: https://doi.org/10.4028/www.scientific.net/AMM.809-810.1553
• Online since: November 2015
• Authors: Flavia Fechete*, Anișor Nedelcu
• Keywords: Linear Programming, Maximizing Profits, Optimization, Performance, Process Modeling

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