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Sir, could you please explain me how the steps of linear programming change if we use a COST MINIMIZING objective rather than a profit maximizing objective.
Hi,
There isnt a lot of difference except for the basic concept of the objective function is to minimise costs rather than maximise contributionThe aim of cost minimisation problems is to find the optimal mix of resources which result in the lowest cost (rather than the most contribution).
It is much rarer to see a cost-minimisation problem and Im sure most of the linear programming you come across with CIMA will be profit maximisation.
Kind Regards
CathThank you sir, bit worried about the late reply. Anyway appreciate your response. I have completed P1 last week sir. Passed by first attempt and I have to say that opentuition study materials helped me a lot to complete my OTQ exams since certificate level.
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