Application of Goal Programing for Financial Management of a Listed Industrial Goods Firm in Nigeria
N. Nyor *
Department of Mathematics, Federal University of Technology Minna, Nigeria.
B. D. Bamidele
Department of Mathematics, Federal University of Technology Minna, Nigeria.
A. I. Nyor
Department of Business Education, Niger State College of Education Minna, Nigeria.
P. O. Evans
Department of Mathematics, Federal Polytechnic Bida, Niger State, Nigeria.
U. Y. Abubakar
Department of Mathematics, Federal University of Technology Minna, Nigeria.
*Author to whom correspondence should be addressed.
Abstract
In today’s competitive business environment, companies are faced with a lot of problems such as setting goals, planning how these goals can be achieved, organization and control of how the available scarce resources can be used to satisfy the aim and objectives of the company. Every decision made determine if the company will maintain, increase or lose its market share in today’s competitive market. Thus, there is need for mathematical modeling tools to help in making the right decision. Although we have different mathematical techniques that can be used, Goal Programing technique is chosen in this study since it enables the decision to strive toward multiple objectives, thereby enable optimum use of resources. This paper is aimed at demonstrating the use of goal programing for financial management of a listed Industrial Goods Firm in Nigeria. The result shows that two out of the five formulated goals were met. The least expected total of revenue, expenses, asset and employer benefit should be 10.61 billion naira annually if the company wants to meet the asset and expenses goal.
Keywords: Goal programming, linear programming, deviational variables, TORA package, industrial goods firm