Least Cost Method - operation research

All about this method for solving the optimal answer
Definition
Live application
Steps
Solved example
Advantage
Disadvantage

1. Operation research (2161901) By : - Sajan Gohel (160123119010) Branch: - Mechanical Batch: - 7 D1 Guided by: prof. Jatin Patel Gandhinagar Institute of Technology Topic: - LEAST COST METHOD

2. Topics Definition Live Application Steps Example Advantages & Disadvantages

3. Definition The Least Coast Method is another method used to obtain the initial feasible solution for the transportation problem . Here , The allocation begins with the cell Which has the minimum cost. The lower cost cells are chosen over the higher cost cell which the objective to have the least cost of transportation.

4. Live Examples Factories Warehouses Stakeholders For achieve unique mission and goals of agencies

5. Steps Identify the cell with the lowest cost 2. Allocate as many units as possible to that cell without exceeding supply or demand; then cross out the row or column (or both) that is exhausted by this assignment 3. Find the cell with the lowest cost from the remaining cells 4. Repeat steps 2 and 3 until all units have been allocated

6. Advantages This method provides accurate solution as transportation cost is consider while making allocation. It is very simple & easy to calculate optimum solution under this method.

7. Disadvantages This method does not follow step by Step rule for obtaining optimal solution . This method is based on the selection through personnel observation when three is tie in the minimum cost it does not follow any systematic rule.