Economic Bulletin of the National Mining University




Issue:2020 №1 (69)
Section:Econometrics in management decision making
Article language:English
Title:Economic models of optimal enterprise production output strategy
Authors:Demydenko M. A., Dnipro University of Technology,
Kabachenko D. V., Dnipro University of Technology
Annotation:Methods. The article explores and substantiates methods for determining consumer demand and, on this basis, develop optimal production plans considering technological, operational and market restrictions. Results. Model of optimal strategy production output are proposed Implementation of these methods allows the company to be more competitive. The research was carried out at «Pridneprovsky» company, Dnipro, Ukraine. The company is a modern, mechanized and automated business. Nowadays the company produces more than one hundred kinds of dairy products. The company controls the terms of production, storage and transportation of their products from a farm to the sale of finished products. Economic efficiency of «Prydniprovsky» company depends on the timely and proper response to consumer demand. Therefore, the enterprise must adapt plans and range of foods. These changes may range from once a month to once in ten days. Adjustment plans, in most cases, are carried out by income criteria or sales volume. This calculation is usually performed manually, and decisions are made by experienced specialists. These decisions can be attributed to rational or close to optimal. Practice management now shows that such plans and management decisions are not perfect. Deficiencies are caused by different experience planning professionals, lack of time to consider all the factors, subjective approaches to solving the problems. The proposed methodology eliminates these shortcomings and allow to increase profitability of this enterprise. Novelty. Proposed models and methods given differ from the existing ones by the formalized approach, the use of economic mathematical models of demand assessment and optimal finished product determination considering technological and market constraints. Practical importance. The models of demand forecast and calculation of the optimal plan of production of the «Pridneprovsky» company are offered. Models allow to increase profitability and competitiveness of this enterprise. The results of the study presented in the article are of practical interest for businesses operating in the consumer market. 
Keywords:Optimization, Demand, Forecast model, Production output, Criterion, Technological constraints, Correlation
File of the article:EV20201_210-216.pdf
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