Business Jargons

Definition: The Duality in Linear Programming states that every linear programming problem has another linear programming problem related to it and thus can be derived from it. The original linear programming problem is called “Primal,” while the derived linear problem is called “Dual.” Before solving for the duality, the original linear programming problem is to be … [Read more...] about Duality in Linear Programming

Definition: The Simplex Method or Simplex Algorithm is used for calculating the optimal solution to the linear programming problem. In other words, the simplex algorithm is an iterative procedure carried systematically to determine the optimal solution from the set of feasible solutions. Firstly, to apply the simplex method, appropriate variables are introduced in the linear … [Read more...] about Simplex Method

Definition: The Linear Programming problem is formulated to determine the optimum solution by selecting the best alternative from the set of feasible alternatives available to the decision maker. Assumptions of Linear programming There are several assumptions on which the linear programming works, these are: Proportionality: The basic assumption underlying the … [Read more...] about Assumptions of Linear Programming

Definition: Linear programming is a technique for selecting the best alternative from the set of available alternatives, in situations in which the objective function and constraint function can be expressed in quantitative terms. Minimization Case: The minimization case can be well understood through a problem. Let’s say; the agricultural research institute recommended a … [Read more...] about Formulation of Linear Programming-Minimization Case

Definition: Linear programming refers to choosing the best alternative from the available alternatives, whose objective function and constraint function can be expressed as linear mathematical functions. Maximization Case: Let's understand the maximization case with the help of a problem. Suppose a firm produces two products A and B. For producing the each unit of product A, … [Read more...] about Formulation of Linear Programming-Maximization Case

Definition: The Linear Programming method is a technique of selecting the best alternative out of the available set of feasible alternatives, for which the objective function and the constraint function can be expressed as linear mathematical functions. There are certain prerequisites for applying the linear programming technique. These are: There should be an … [Read more...] about Linear Programming

Definition: The Carrot and Stick Approach of Motivation is a traditional motivation theory that asserts, in motivating people to elicit desired behaviors, sometimes the rewards are given in the form of money, promotion, and any other financial or non-financial benefits and sometimes the punishments are exerted to push an individual towards the desired behavior. The Carrot … [Read more...] about Carrot and Stick Approach of Motivation

Definition: The Reinforcement Theory of Motivation was proposed by B.F. Skinner and his associates. This theory posits that behavior is the function of its consequences, which means an individual develops a behavior after performing certain actions. The reinforcement theory of motivation is based on the “Law of Effect” concept, i.e. an individual is likely to repeat those … [Read more...] about Reinforcement Theory of Motivation

Definition: The Adam’s Equity Theory posits that people maintain a fair relationship between the performance and rewards in comparison to others. In other words, an employee gets de-motivated by the job and his employer in case his inputs are more than the outputs. The Adam’s Equity Theory was proposed by John Stacey Adams, and is based on the following assumptions: … [Read more...] about Adam’s Equity Theory

Definition: Vroom's Expectancy Theory was proposed by Victor. H. Vroom, who believed that people are motivated to perform activities to achieve some goal to the extent they expect that certain actions on their part would help them to achieve the goal. Vroom's Expectancy Theory is based on the assumption that an individual’s behavior results from the choices made by him with … [Read more...] about Vroom’s Expectancy Theory