The objective function for limiting factors
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Video Overview
In a manufacturing entity there are often not enough resources available to produce the number of units demanded by the market. We call these resources limiting factors of production. The problem an entity needs to solve is how to be utilise these scarce resources in order to maximize contribution margin earned for each individual product manufactured. Examples of scarce resources are direct materials, labour hours and machine hours. Linear programming is a mathematical method used to find the optimal solution in allocating scarce or limited resources to achieve maximum profit. There a certain steps that can be followed in using linear programming which will be briefly discussed in this tutorial. The focus of this tutorial will be determining the objective function for limiting factors.
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