Profit Maximization vs Cost Minimization for Employee SchedulingWhat are the tradeoffs between “exact” and Reinforcement Learning methods for solving optimization problemsOne and two period policy for inventory situationSensible and realistic way to model truck based transport costs depending on amountAlgorithmic gap for Hochbaum's (greedy) algorithm for (metric) uncapacitated facility locationMinimizing a project costs through nonlinear optimizationReduction of Unnecessary Parameters and Variables in an MIPFinding minimum time for vehicle to reach to its destinationModel Update for Data Driven Real Time Process OptimizationIs there a way to proportionalize fixed costs in a MILP?
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Profit Maximization vs Cost Minimization for Employee Scheduling
What are the tradeoffs between “exact” and Reinforcement Learning methods for solving optimization problemsOne and two period policy for inventory situationSensible and realistic way to model truck based transport costs depending on amountAlgorithmic gap for Hochbaum's (greedy) algorithm for (metric) uncapacitated facility locationMinimizing a project costs through nonlinear optimizationReduction of Unnecessary Parameters and Variables in an MIPFinding minimum time for vehicle to reach to its destinationModel Update for Data Driven Real Time Process OptimizationIs there a way to proportionalize fixed costs in a MILP?
$begingroup$
I wanted to write two objective functions for an employee scheduling problem (MIP) until it occurred to me, that one objective function may be redundant.
- Is there a difference between the cost minimization and profit maximization for this assigning problem?
In the following, I have made an example in Excel and the values and assigning, seems to be the same.
All 4 employees are available and capable of taking all 3 projects.
Noted: I made the assigning manually.
The way I chose the employees for the cost minimization objective is the following:
- Get the project with the most days to fill within a week.
- Assign the most cost-effective employee to this project.
- Repeat this process until all projects are fulfilled.
For the profit maximization:
- Get the daily revenue from a project
- Subtract it from the employee's daily cost
- Multiply it with the days in a week the employee should work on this project.
- Assign the employees such the sum from all calculations such the above is maximum.
The optimum assigning seems to be Cost Minimization v1 and Cost Minimization v2 which would also work with the profit maximization.
mixed-integer-programming optimization
asked 9 hours ago
GeorgiosGeorgios
1598 bronze badges
$endgroup$
add a comment |
$begingroup$
I wanted to write two objective functions for an employee scheduling problem (MIP) until it occurred to me, that one objective function may be redundant.
- Is there a difference between the cost minimization and profit maximization for this assigning problem?
In the following, I have made an example in Excel and the values and assigning, seems to be the same.
All 4 employees are available and capable of taking all 3 projects.
Noted: I made the assigning manually.
The way I chose the employees for the cost minimization objective is the following:
- Get the project with the most days to fill within a week.
- Assign the most cost-effective employee to this project.
- Repeat this process until all projects are fulfilled.
For the profit maximization:
- Get the daily revenue from a project
- Subtract it from the employee's daily cost
- Multiply it with the days in a week the employee should work on this project.
- Assign the employees such the sum from all calculations such the above is maximum.
The optimum assigning seems to be Cost Minimization v1 and Cost Minimization v2 which would also work with the profit maximization.
mixed-integer-programming optimization
asked 9 hours ago
GeorgiosGeorgios
1598 bronze badges
$endgroup$
add a comment |
$begingroup$
I wanted to write two objective functions for an employee scheduling problem (MIP) until it occurred to me, that one objective function may be redundant.
- Is there a difference between the cost minimization and profit maximization for this assigning problem?
In the following, I have made an example in Excel and the values and assigning, seems to be the same.
All 4 employees are available and capable of taking all 3 projects.
Noted: I made the assigning manually.
The way I chose the employees for the cost minimization objective is the following:
- Get the project with the most days to fill within a week.
- Assign the most cost-effective employee to this project.
- Repeat this process until all projects are fulfilled.
For the profit maximization:
- Get the daily revenue from a project
- Subtract it from the employee's daily cost
- Multiply it with the days in a week the employee should work on this project.
- Assign the employees such the sum from all calculations such the above is maximum.
The optimum assigning seems to be Cost Minimization v1 and Cost Minimization v2 which would also work with the profit maximization.
mixed-integer-programming optimization
asked 9 hours ago
GeorgiosGeorgios
1598 bronze badges
$endgroup$
I wanted to write two objective functions for an employee scheduling problem (MIP) until it occurred to me, that one objective function may be redundant.
- Is there a difference between the cost minimization and profit maximization for this assigning problem?
In the following, I have made an example in Excel and the values and assigning, seems to be the same.
All 4 employees are available and capable of taking all 3 projects.
Noted: I made the assigning manually.
The way I chose the employees for the cost minimization objective is the following:
- Get the project with the most days to fill within a week.
- Assign the most cost-effective employee to this project.
- Repeat this process until all projects are fulfilled.
For the profit maximization:
- Get the daily revenue from a project
- Subtract it from the employee's daily cost
- Multiply it with the days in a week the employee should work on this project.
- Assign the employees such the sum from all calculations such the above is maximum.
The optimum assigning seems to be Cost Minimization v1 and Cost Minimization v2 which would also work with the profit maximization.
mixed-integer-programming optimization
mixed-integer-programming optimization
asked 9 hours ago
GeorgiosGeorgios
1598 bronze badges
asked 9 hours ago
GeorgiosGeorgios
1598 bronze badges
asked 9 hours ago
GeorgiosGeorgios
1598 bronze badges
asked 9 hours ago
GeorgiosGeorgios
1598 bronze badges
asked 9 hours ago
GeorgiosGeorgios
1598 bronze badges
1598 bronze badges
add a comment |
add a comment |
1 Answer
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$begingroup$
If you assume that (a) all projects must be fully staffed and (b) the revenue for a project is constant regardless of who does it, then total revenue is fixed. In that case, cost minimization and profit maximization are the same. Where they would differ would be if either not all projects need be done (but some minimum number must be -- otherwise cost minimization is achieved by doing nothing) or project revenue is a function of who does it (in which case using the cheaper labor might "leave money on the table" in excess of the cost savings).
answered 3 hours ago
prubinprubin
3,8716 silver badges28 bronze badges
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1 Answer
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$begingroup$
If you assume that (a) all projects must be fully staffed and (b) the revenue for a project is constant regardless of who does it, then total revenue is fixed. In that case, cost minimization and profit maximization are the same. Where they would differ would be if either not all projects need be done (but some minimum number must be -- otherwise cost minimization is achieved by doing nothing) or project revenue is a function of who does it (in which case using the cheaper labor might "leave money on the table" in excess of the cost savings).
answered 3 hours ago
prubinprubin
3,8716 silver badges28 bronze badges
$endgroup$
add a comment |
$begingroup$
If you assume that (a) all projects must be fully staffed and (b) the revenue for a project is constant regardless of who does it, then total revenue is fixed. In that case, cost minimization and profit maximization are the same. Where they would differ would be if either not all projects need be done (but some minimum number must be -- otherwise cost minimization is achieved by doing nothing) or project revenue is a function of who does it (in which case using the cheaper labor might "leave money on the table" in excess of the cost savings).
answered 3 hours ago
prubinprubin
3,8716 silver badges28 bronze badges
$endgroup$
add a comment |
$begingroup$
If you assume that (a) all projects must be fully staffed and (b) the revenue for a project is constant regardless of who does it, then total revenue is fixed. In that case, cost minimization and profit maximization are the same. Where they would differ would be if either not all projects need be done (but some minimum number must be -- otherwise cost minimization is achieved by doing nothing) or project revenue is a function of who does it (in which case using the cheaper labor might "leave money on the table" in excess of the cost savings).
answered 3 hours ago
prubinprubin
3,8716 silver badges28 bronze badges
$endgroup$
If you assume that (a) all projects must be fully staffed and (b) the revenue for a project is constant regardless of who does it, then total revenue is fixed. In that case, cost minimization and profit maximization are the same. Where they would differ would be if either not all projects need be done (but some minimum number must be -- otherwise cost minimization is achieved by doing nothing) or project revenue is a function of who does it (in which case using the cheaper labor might "leave money on the table" in excess of the cost savings).
answered 3 hours ago
prubinprubin
3,8716 silver badges28 bronze badges
answered 3 hours ago
prubinprubin
3,8716 silver badges28 bronze badges
answered 3 hours ago
prubinprubin
3,8716 silver badges28 bronze badges
answered 3 hours ago
prubinprubin
3,8716 silver badges28 bronze badges
3,8716 silver badges28 bronze badges
add a comment |
add a comment |
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