Optimization of Decision Variables (DV s ) in Products Mix of Foams Manufacturing Companies in Gombe  State

Optimization of Decision Variables (DV s ) in Products Mix of Foams Manufacturing Companies in Gombe State

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Optimization of Decision Variables (DV s ) in Products Mix of Foams Manufacturing Companies in Gombe State

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Abstract

The economic state of Nigeria warrants judicious use of scarce resources more than ever before. It is not understood if foam producing companies in Gombe state are operating optimally in the attainment of value creation for stakeholders. The research adopted a survey and exploratory research design. The primary source of data collection was used. The collected data was analyzed using both descriptive and parametric inferential statistics of independent t-test for testing the difference between means. All computations were done via Excel Solver and SPSS (version 22). The results from the analysis showed among other findings that: foams manufacturing companies in Gombe State do not use an optimization model in product mix planning; foams manufacturing companies in Gombe State are not operating optimally although the optimum solution quantities and the existing solution quantities showed a correlation of 0.741 and a t-value of -0.751 signifying no significant difference in the mean values of operating at optimum solution level and operating at the existing solution level; We also found an 817% increase in the weekly revenue for company A given an optimum solution while for company B, it is a 922% increase in the weekly revenue.

References

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

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No ethics committee approval was required for this article type.

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How to Cite This Article

. 2020. \u201cOptimization of Decision Variables (DV s ) in Products Mix of Foams Manufacturing Companies in Gombe State\u201d. Global Journal of Science Frontier Research - I: Interdisciplinary GJSFR-I Volume 20 (GJSFR Volume 20 Issue I4).

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GJSFR Volume 20 Issue I4

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Journal Specifications

Crossref Journal DOI 10.17406/GJSFR

Print ISSN 0975-5896

e-ISSN 2249-4626

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GJSFR-I Classification FOR Code: 091099

Submission ReceivedAugust 6, 2020
Peer Review Double Blind
Handling Editor
Accepted September 1, 2020
Published September 16, 2020

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v1.2

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September 24, 2020

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