Profit Maximization in a Product Mix Bakery Using Linear Programming Technique

Kayode Olakunle Oluwaseyi; Atsegameh Elizabeth; Omole Ezekiel Olaoluwa

doi:doi:10.11648/j.jim.20200901.14

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Profit Maximization in a Product Mix Bakery Using Linear Programming Technique

Kayode Olakunle Oluwaseyi, Atsegameh Elizabeth, Omole Ezekiel Olaoluwa

Published in Journal of Investment and Management (Volume 9, Issue 1)

Received: 10 May 2019 Accepted: 13 January 2020 Published: 6 March 2020

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Abstract

Linear Programming is one of the optimization techniques in finding solutions to managerial decisions making. Linear Programming is a widely used mathematical modelling technique designed to help managers in planning and decisions making relative to resource allocation. This study applied linear programming technique to decision making problem in university of Benin Bakery, Benin city, Edo state, Nigeria, and intended to determine the quantity of Bread that the firm should produce in a day to maximize profit, subject to constraints in the production process. Data on quantity of major raw material used in production of large, medium and small size bread per day were collected from the extract of the financial record of the bakery. The problem was formulated in mathematical term and solved using computer software known as Linear Programming Solver (LIPS). The solution obtained from a single iteration showed that 667 units of extra- large bread should be produced daily for the firm to achieve a maximum daily profit of #100,000. It is therefore recommended that the firm should concentrate more on production of extra- large bread to obtain maximum profit of #100,000 per day.

Published in	Journal of Investment and Management (Volume 9, Issue 1)
DOI	10.11648/j.jim.20200901.14
Page(s)	27-30
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2020. Published by Science Publishing Group

Keywords

Linear Programming, Optimization Problem, Simplex Method, Linear Programming Solver

References

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[17]	Oladejo, N. K, Abolarinwa, A, Salary, S. O & Lukman, A, F. (2019). Optimization principle and its application in optimizing landmark university bakery production using linear programming. International Journal of Civil Engineering and Technology, 10 (2), 183 – 190.
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APA Style

Kayode Olakunle Oluwaseyi, Atsegameh Elizabeth, Omole Ezekiel Olaoluwa. (2020). Profit Maximization in a Product Mix Bakery Using Linear Programming Technique. Journal of Investment and Management, 9(1), 27-30. https://doi.org/10.11648/j.jim.20200901.14

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ACS Style

Kayode Olakunle Oluwaseyi; Atsegameh Elizabeth; Omole Ezekiel Olaoluwa. Profit Maximization in a Product Mix Bakery Using Linear Programming Technique. J. Invest. Manag. 2020, 9(1), 27-30. doi: 10.11648/j.jim.20200901.14

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AMA Style

Kayode Olakunle Oluwaseyi, Atsegameh Elizabeth, Omole Ezekiel Olaoluwa. Profit Maximization in a Product Mix Bakery Using Linear Programming Technique. J Invest Manag. 2020;9(1):27-30. doi: 10.11648/j.jim.20200901.14

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@article{10.11648/j.jim.20200901.14,
  author = {Kayode Olakunle Oluwaseyi and Atsegameh Elizabeth and Omole Ezekiel Olaoluwa},
  title = {Profit Maximization in a Product Mix Bakery Using Linear Programming Technique},
  journal = {Journal of Investment and Management},
  volume = {9},
  number = {1},
  pages = {27-30},
  doi = {10.11648/j.jim.20200901.14},
  url = {https://doi.org/10.11648/j.jim.20200901.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jim.20200901.14},
  abstract = {Linear Programming is one of the optimization techniques in finding solutions to managerial decisions making. Linear Programming is a widely used mathematical modelling technique designed to help managers in planning and decisions making relative to resource allocation. This study applied linear programming technique to decision making problem in university of Benin Bakery, Benin city, Edo state, Nigeria, and intended to determine the quantity of Bread that the firm should produce in a day to maximize profit, subject to constraints in the production process. Data on quantity of major raw material used in production of large, medium and small size bread per day were collected from the extract of the financial record of the bakery. The problem was formulated in mathematical term and solved using computer software known as Linear Programming Solver (LIPS). The solution obtained from a single iteration showed that 667 units of extra- large bread should be produced daily for the firm to achieve a maximum daily profit of #100,000. It is therefore recommended that the firm should concentrate more on production of extra- large bread to obtain maximum profit of #100,000 per day.},
 year = {2020}
}

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TY  - JOUR
T1  - Profit Maximization in a Product Mix Bakery Using Linear Programming Technique
AU  - Kayode Olakunle Oluwaseyi
AU  - Atsegameh Elizabeth
AU  - Omole Ezekiel Olaoluwa
Y1  - 2020/03/06
PY  - 2020
N1  - https://doi.org/10.11648/j.jim.20200901.14
DO  - 10.11648/j.jim.20200901.14
T2  - Journal of Investment and Management
JF  - Journal of Investment and Management
JO  - Journal of Investment and Management
SP  - 27
EP  - 30
PB  - Science Publishing Group
SN  - 2328-7721
UR  - https://doi.org/10.11648/j.jim.20200901.14
AB  - Linear Programming is one of the optimization techniques in finding solutions to managerial decisions making. Linear Programming is a widely used mathematical modelling technique designed to help managers in planning and decisions making relative to resource allocation. This study applied linear programming technique to decision making problem in university of Benin Bakery, Benin city, Edo state, Nigeria, and intended to determine the quantity of Bread that the firm should produce in a day to maximize profit, subject to constraints in the production process. Data on quantity of major raw material used in production of large, medium and small size bread per day were collected from the extract of the financial record of the bakery. The problem was formulated in mathematical term and solved using computer software known as Linear Programming Solver (LIPS). The solution obtained from a single iteration showed that 667 units of extra- large bread should be produced daily for the firm to achieve a maximum daily profit of #100,000. It is therefore recommended that the firm should concentrate more on production of extra- large bread to obtain maximum profit of #100,000 per day.
VL  - 9
IS  - 1
ER  -

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Author Information

Kayode Olakunle Oluwaseyi

Department of Business Administration, University of Benin, Benin City, Nigeria
Atsegameh Elizabeth

Department of Business Administration, University of Benin, Benin City, Nigeria
Omole Ezekiel Olaoluwa

Department of Mathematics & Statistics, Joseph Ayo Babalola University, Ikeji-Arakeji, Osun State, Nigeria

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Plain Text BibTeX RIS

APA Style

Kayode Olakunle Oluwaseyi, Atsegameh Elizabeth, Omole Ezekiel Olaoluwa. (2020). Profit Maximization in a Product Mix Bakery Using Linear Programming Technique. Journal of Investment and Management, 9(1), 27-30. https://doi.org/10.11648/j.jim.20200901.14

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ACS Style

Kayode Olakunle Oluwaseyi; Atsegameh Elizabeth; Omole Ezekiel Olaoluwa. Profit Maximization in a Product Mix Bakery Using Linear Programming Technique. J. Invest. Manag. 2020, 9(1), 27-30. doi: 10.11648/j.jim.20200901.14

Copy | Download

AMA Style

Kayode Olakunle Oluwaseyi, Atsegameh Elizabeth, Omole Ezekiel Olaoluwa. Profit Maximization in a Product Mix Bakery Using Linear Programming Technique. J Invest Manag. 2020;9(1):27-30. doi: 10.11648/j.jim.20200901.14

Copy | Download

@article{10.11648/j.jim.20200901.14,
  author = {Kayode Olakunle Oluwaseyi and Atsegameh Elizabeth and Omole Ezekiel Olaoluwa},
  title = {Profit Maximization in a Product Mix Bakery Using Linear Programming Technique},
  journal = {Journal of Investment and Management},
  volume = {9},
  number = {1},
  pages = {27-30},
  doi = {10.11648/j.jim.20200901.14},
  url = {https://doi.org/10.11648/j.jim.20200901.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jim.20200901.14},
  abstract = {Linear Programming is one of the optimization techniques in finding solutions to managerial decisions making. Linear Programming is a widely used mathematical modelling technique designed to help managers in planning and decisions making relative to resource allocation. This study applied linear programming technique to decision making problem in university of Benin Bakery, Benin city, Edo state, Nigeria, and intended to determine the quantity of Bread that the firm should produce in a day to maximize profit, subject to constraints in the production process. Data on quantity of major raw material used in production of large, medium and small size bread per day were collected from the extract of the financial record of the bakery. The problem was formulated in mathematical term and solved using computer software known as Linear Programming Solver (LIPS). The solution obtained from a single iteration showed that 667 units of extra- large bread should be produced daily for the firm to achieve a maximum daily profit of #100,000. It is therefore recommended that the firm should concentrate more on production of extra- large bread to obtain maximum profit of #100,000 per day.},
 year = {2020}
}

Copy | Download

TY  - JOUR
T1  - Profit Maximization in a Product Mix Bakery Using Linear Programming Technique
AU  - Kayode Olakunle Oluwaseyi
AU  - Atsegameh Elizabeth
AU  - Omole Ezekiel Olaoluwa
Y1  - 2020/03/06
PY  - 2020
N1  - https://doi.org/10.11648/j.jim.20200901.14
DO  - 10.11648/j.jim.20200901.14
T2  - Journal of Investment and Management
JF  - Journal of Investment and Management
JO  - Journal of Investment and Management
SP  - 27
EP  - 30
PB  - Science Publishing Group
SN  - 2328-7721
UR  - https://doi.org/10.11648/j.jim.20200901.14
AB  - Linear Programming is one of the optimization techniques in finding solutions to managerial decisions making. Linear Programming is a widely used mathematical modelling technique designed to help managers in planning and decisions making relative to resource allocation. This study applied linear programming technique to decision making problem in university of Benin Bakery, Benin city, Edo state, Nigeria, and intended to determine the quantity of Bread that the firm should produce in a day to maximize profit, subject to constraints in the production process. Data on quantity of major raw material used in production of large, medium and small size bread per day were collected from the extract of the financial record of the bakery. The problem was formulated in mathematical term and solved using computer software known as Linear Programming Solver (LIPS). The solution obtained from a single iteration showed that 667 units of extra- large bread should be produced daily for the firm to achieve a maximum daily profit of #100,000. It is therefore recommended that the firm should concentrate more on production of extra- large bread to obtain maximum profit of #100,000 per day.
VL  - 9
IS  - 1
ER  -

Copy | Download