Authors: Amin Al-Agha
Addresses: College of Business Administration, University of Bahrain, Kingdom of Bahrain
Abstract: The purpose of this article is to investigate the applicability of multi-objective decision making methods in development planning. A multi-objective, project selection, linear programming model is developed as a planning tool for hypothetical economy. The model is solved in different versions using the method of Geoffrion et al. Assumed logarithmic, additively separable utility functions, differing in their degree of nonlinearity, have been developed and utilised to provide simulated decision maker responses needed by the method. The article emphasises that for development plans to be optimal, realistic, logical, and meaningful, multi-objective, mathematical programming models, based on projects rather than sectors, are needed in formulating these plans.
Keywords: linear programming; development planning; mathematical programming; multi-objective decision making; Geoffrion; project selection; simulation; modelling.
International Journal of Applied Nonlinear Science, 2015 Vol.2 No.1/2, pp.3 - 22
Received: 05 Jan 2015
Accepted: 21 Apr 2015
Published online: 11 May 2016 *