Description

Due to the globalization of economy and continuously increasing competition in every sector of our daily life, the relevance of appropriate decision making regarding the smooth and efficient utilization of the available resources (limited) to overcome the market forces and capture the competitive market has become increasingly crucial in management. Hence the success or failure of an organization depends, to a large extent, on the ability of appropriate decision making. So, the accurate decision-making is the backbone of effective and efficient management. The objectives of this book are (i) to highlight some real life decision making problems in the areas of inventory management, transportation and reliability optimization, (ii) to develop appropriate Genetic Algorithm for solving the said problems with interval objectives with the help of interval mathematics and order relations between interval valued numbers.