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Formulation of industrial problems may be generalized into different group of classical problems the package program for which is available for mechanization and for manual solutions. Various problems of optimization can be brought to the model of linear program for which solution is available. While formulating the problem the class of the problems is to be decided and the parameters are to be defined accordingly. Inventory control production planning product mix transportation problems etc, are very common to the industries. The cost reduction with the help of these tools is very much powerful in comparison to any other conventional methods. We can enumerate the advantages of these techniques as: Optimum Use of Production Factors: Linear programming techniques indicate how a manager can most effectively employee his production factors b more efficiently selecting and distributing these elements. Improved Quality of Decision: The computation table gi...

Fore casting of demand is the art of predicting demand for a product or a service at some future date on the basis of certain present and past behavior patterns of some related events. According to Condit and Still” Sales forecast is an estimate of sales during a specified future period which is tied to a proposed marketing plan and which assumes a particular set to uncontrollable and competitive forces. Accurate demand forecasting is essential for a firm to enable it to produce the required quantities at the right time and to arrange well in advance for various inputs. Forecasting helps a firm to assess the probable demand for its products and plan its production accordingly. Usefulness Forecasting of demand plays a vital role in the process of planning and decision making whether at the national level or at the level of a firm. The importance of demand forecasting has increased all the more on account of mass production and production in response to demand. No u...