Abstract
This paper proposes a goal programming model for working capital management.Goal programming is necessary to model the working capital decision, as a balance has to be achieved between the conflicting objectives of liquidity and profitability. The model determines, for given working capital turnover and fixed assets turnover ratios, how funds should be maintained between working capital/current assets and fixed assets to achieve targeted levels of liquidity andprofitability, whilst minimizing the opportunity cost/loss of excess liquidity.
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