Business Project Management Using Genetic Algorithm for the Marketplace Administration

Abstract

In the sales business, the ultimate goal is to derive more sales and increase the profits for interested stakeholders. Maximizing profit margins from highly demanding products is one of their major objectives. Nowadays, there are varieties of intelligent systems available, which can guide the business owners, entrepreneurs, or managers to make smart decision and lead their business towards success. Out of different options, this research study explores the possibility and elaborates on how their objectives can be achieved through a genetic algorithm? The proposed approach can be adopted by businesses to increase their profits by enhancing low profit yielding products sales using optimized Genetic Algorithm. Initially groups are defined by adding products with high and low sales. After applying the proposed genetic algorithm, a “bundle of three” offers are traced out, to promote the product with poor sales history This study helps the businesses with a decision support model to maximize sales resulting in high profits. In this research, optimization algorithm is used along with variety of operations and methods, by the businesses, in order to reach their respective target goals. This can be achieved by applying an optimization method that has stable and reliable functions, selection methods, population size and mutation rate. The final result is to improve the overall profit of different businesses in the marketplace.