Entrepreneurial Success and Operations Research Techniques

摘要

The passion to carry out this research work was ignited by the alarming rate of unemployment in the Nigerian society which mostly result from quest for white-collar jobs among youths and failure of existing industries. The objective of this study is to encourage youths to go into entrepreneurship by helping existing entrepreneurs to maximize their profit and/or minimize their cost irrespective of the constraints militating against them. Both primary and secondary data were collected from the DUNA HOLDINGS PLC ABA. Observation and interview methods were used to source primary data. TORA Optimization system, window version 2.00 was used in maximization and minimization analyses. Maximization analysis suggested that a maximum profit of N3083.7 will be made per day if zero unit of DUNA soft, 2392 unit of DUNA pack and 5211 units of DUNA strip are produced per day. The result of minimization analysis shows that a minimum cost of N66661.14 will be incurred per day if zero unit of DUNA pack, 4784 unit of DUNA soft and 38368 units of DUNA strip are produced per day. It was concluded that the company is neither maximizing profit nor minimizingcost and as such may liquidate in the long run. Recommendations on production combination that will maximize profit and those that will minimize cost were given to the company. It was also recommended that government should organize programs that will educate entrepreneurs on applications of operations research techniques in their production to prevent failure of industries and attract more youths into entrepreneurship so that unemployment will be eradicated.