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LP has turned to be a highly useful tool of analysis in development planning. But its efficiency is restricted due to;
It is not easy to define a specific objectives function.
Even the objectives function is defined; it may not be easy to find out various social, institutional, financial
and other constraints which may restrict in pursing the given objectives.
Given a specific objective and set of constraints, it is possible that constraints may not be directly expansible as linear inequalities.It is difficult to estimates various constant coefficient that enter into a LP problem.
LP is based upon relative relations between input and output. This means that input and output are additive, multiplicative and divisible. But the relation between input and output are not always linear. Most of relations are non-linear.Perfect competition is not found practically.LP is based upon CRS but in real life there is either IRS or DRS.
It is highly mathematical a complicated techniques. Particularly simplex method involves a large number of mathematical
calculations.
Most of LP models are based upon trial and error solutions and it is difficult to find out really optimal solutions to various economic problems.
So all these limitation are based upon the economic problems.
Answered by Philip Locot
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∙ 14y ago
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It takes out the personal angle in decision making.
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What are three limitations of bartering?
The three limitations of bartering are desirability, transferability and divisibility.
Advantages and limitations of linear programming as a managerial decision making model?
It takes out the personal angle in decision making.
What do you understand by linear programming?
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What do you understand by linear programming problem?
1. What do you understand by Linear Programming Problem? What are the requirements of Linear Programming Problem? What are the basic assumptions of Linear Programming Problem?
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the significance of duality theory of linear programming
What are the essential characteristics of linear programming problem?
essential attributes of linear programming models and its uses
What are the components of linear programming?
A linear objective function and linear constraints.
What is the difference between linear and integer programming?
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What has the author Toshinori Munakata written?
Toshinori Munakata has written: 'Matrices and linear programming with applications' -- subject(s): Linear programming, Matrices 'Solutions manual for Matrices and linear programming'
What are the scope of linear programming?
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What has the author Howard Karloff written?
Howard Karloff has written: 'Linear programming' -- subject(s): Linear programming
What are the components of programming?
A linear objective function and linear constraints.
