This study aims to optimize the number of nodes and arcs in a constructed network employing a given criteria. For this, we subject the constructed network using the methods like Shortest Path (SP), Critical Path (CP) and Max-Flow (MF) between any pair of nodes. A set of iterative algorithms have been generated using matrix operations to meet the above requirement, which is named as Pandit's algorithm. The equivalent algorithms for SP, CP and MF are hereby represented as Pandit's Mini-additive, Maxi-additive and Max-min algorithms respectively. The generated algorithms take less number of iterations when compared to the established methods. The proposed new algorithms are shown with suitable numerical examples and discuss their merits over the established methods. These new algorithms take less computational time and hence suggested for solving the bulk networks such as transportation GIS, telecommunication networks, information systems, project scheduling etc. © 2012 Operational Research Society of India.