It is very fundamental that man’s main aim of venturing into businesses of all kinds is to make profit. Though profit tends to grow with time, a better planning, analysis and implementation strategy can in a least expected manner bring efficiency, stability and the much needed profit.
The maritime sector of the Nigerian economy is one that has a lot of resources that are been utilized in the course of its day to day operations. The resources engaged in this sector ranges from human, to finance and technological know-how.
This research study is therefore determined to optimize the cost of port operations in Nigeria with a view to critically analyse it from the perspective of linear programming model.
The quantitative estimates used here were concerned with the activities associated with the operations of Nigerian ports, the costs and the benefits derived by users of these ports etc.
A Linear Programming Model as earlier indicated was formulated from the cost components associated with the vessel-port relationships. With the aid of M for Windows Software, an optimal solution was derived.
Then the result showed indicated the minimum cost of port operations as well as the optimal time frames for the decision variables of port operations under review.
This provides a basis for future projections so as to determine the range of values of the constraints and decision variables for which the Nigeria port operations could be at minimal cost.
TABLE OF CONTENTS
TABLE OF CONTENTS
1.2 OBJECTIVES OF THE STUDY
1.3 STATEMENT OF PURPOSE
1.4 RESEARCH QUESTION
1.5 SIGNIFICANCE OF THE STUDY
1.6 SCOPE OF THE STUDY
1.7 LIMITATIONS OF THE STUDY
1.8 DEFINITION OF TERMS
2.1THE CONCEPT OF COST OPTIMIZATION
2.2NEED FOR COST OPTIMIZATION STRATEGY
2.3STEPS IN COST OPTIMIZATION
PHASE A: PREPARATION
PHASE B: PRACTICAL EXECUTION:
PHASE C: VERIFICATION OF PROGRESS
2.4IMPLEMENTATION OF COST OPTIMIZATION STRATEGIES
2.5COST OPTIMIZATION TECHNIQUES AS APPLIED TO THE
2.6ELEMENT OF COST TRAINING AS A STRATEGY FOR LABOUR COST OPTIMIZATION
2.5 REDUCTIONS IN LABOUR TURNOVER RATE AS A STRATEGY
FOR LABOUR COST OPTIMIZATION
2.7OVERHEAD COST OPTIMIZATION TECHNIQUES COST OPTIMIZATION REPORT
2.8PROBLEM OF COST OPTIMIZATION STRATEGIES
3.1 SOURCES OF DATA
3.2 METHOD OF DATA ANALYSIS
3.2.1 THE LINEAR PROGRAMMING MODEL
3.2.2 DEFINITION OF THE VARIABLES FOR OBJECTIVE FUNCTION
RESULTS AND DISCUSSION
4.1 DATA PRESENTATION AND DESCRIPTION
Table 4.1 Port operations and expenses generated based on averages of different kinds of Cargo
Table 4.2 Linear Programming Model for Nigerian Ports operations
Table 4.3 RANGING Table
Variable definition Table - Table 4.4: Solution List
SUMMARY OF FINDINGS, RECOMMENDATIONS AND
5.1 SUMMARY OF FINDINGS