PulseExploreJournal ClubDebatesTrendingResearchersJournals
Instagram
HomeExploreJournal ClubTrending
Synapse
⌘+K
Synapse
April 22, 2024World Journal of Advanced Research and Reviews0 citationsOpen Access

Optimal product quantity linear programming model for profit maximization in plastic small medium manufacturing firms

View Full Paper
ICIgbokwe Nkemakonam ChidiebubeIJIbekwe Chukwuemeka JohnUDUmunna Daniel

Key Points

Key points are not available for this paper at this time.

Abstract

Planning production and maximizing profits can be difficult tasks for small and medium-sized manufacturing businesses (SMEs). Owing to their difficulties implementing the newest and most advanced Industry 4.0 technologies, small and medium-sized enterprises (SMEs) generally depend more on expert guidance. Thus this study focuses on the development of a Linear programming model for determining the optimum quantities of product in order to maximize profit profits in manufacturing Small medium enterprises. Data spanning over a period of forty five months was obtained from a manufacturing small and medium-sized enterprise. An optimization was developed in the study to determine the optimal product quantity for profit maximization. Based on the developed model and its optimization, it was determined that the optimal production quantity for the plastic factory to be 12000cups resulting in a maximum profit of N456000. This optimization approach provides valuable insights for the plastic factory’s production planning.

Ask AI
Helpful
Bookmark
Share
View Full Paper

Cite This Study

Chidiebube et al. (2024) studied this question.

synapsesocial.com/papers/68e6e2e0b6db64358765e573https://doi.org/10.30574/wjarr.2024.22.1.1164
Ask AI
Helpful
Bookmark
Share
View Full Paper