Comparative analysis of application efficiency of two iterative multi objective linear programming methods (MP method and STEM method)

Tunjo Perić (), Zoran Babić () and Josip Matejaš ()
Additional contact information
Tunjo Perić: Faculty of Economics and Business Zagreb
Zoran Babić: Faculty of Economics Split
Josip Matejaš: Faculty of Economics and Business Zagreb

Central European Journal of Operations Research, 2018, vol. 26, issue 3, No 4, 565-583

Abstract: Abstract In this paper we consider a production plan optimization problem for a company that produces textile products. The problem is solved using two iterative methods: a new method based on the cooperative game theory (MP method) and the well-known STEM method. Their application efficiency and the solutions obtained are compared. For this purpose we use four groups of criteria: (1) the general characteristics of the method (2) the criteria from the standpoint of the decision makers, (3) the criteria from the perspective of the analysts, and (4) the ‘economic’ criteria. The analysis indicates that both methods are highly efficient for solving this kind of production plan optimization problems. However, the decision-makers preferred the MP method.

Keywords: Multi-objective linear programming; MP method; STEM method; Interactive methods; Production plan optimization (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://link.springer.com/10.1007/s10100-018-0543-x Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:cejnor:v:26:y:2018:i:3:d:10.1007_s10100-018-0543-x

Ordering information: This journal article can be ordered from
http://www.springer. ... search/journal/10100

DOI: 10.1007/s10100-018-0543-x

Access Statistics for this article

Central European Journal of Operations Research is currently edited by Ulrike Leopold-Wildburger

More articles in Central European Journal of Operations Research from Springer, Slovak Society for Operations Research, Hungarian Operational Research Society, Czech Society for Operations Research, Österr. Gesellschaft für Operations Research (ÖGOR), Slovenian Society Informatika - Section for Operational Research, Croatian Operational Research Society
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().