Linear programing 1 Flashcards
Involves effective use of resources in order to:
Produce Products
(Computers, automobiles, or clothing)
Provide Services
(package delivery, health services, or investment decisions)
Management Decisions
two main goals of management decisions
Produce Products
Provide Services
most common type of mathematical programming, involving linear variables, finds the optimal solution
Linear Programming
represents levels of activity of a firm
Decision variables
math exp of the objective of the decision maker in a LP decision situation
Objective functions
two common objectives
maximization of profit
minimization of cost
linear math expression of the relationships between limitations and requirements associated with the objective variables
constraints
Types of constraints
Capacity
market
availability
Quality/Blending
Material Balance
due to limits in space, equipment, or manpower
Capacity constraint
limits on the amount of products that can be sold or used
market constraints
limits due to scarcity of raw materials
Availability Constraints
limits on the mixes of ingredients that usually defines the quality of the output products
Quality or Blending constraints
limits that define the output of some process as function of the inputs, often with a loss for scrap
Material Balance Constraints
numerical coefficients and constants used in the objective function and constraint equations.
Parameters
A limit on the availability of resources.
constraints
A corner of the feasible region
extremepoint
The area containing all the possible solutions to the
problem, which are feasible, that is, those solutions which satisfy all the
constraint in the problem.
feasible region
A mathematical expression indicating that minimum or maximum
requirements must be met.
inequality
The condition when there is no solution which satisfies all the
constraints in a problem
infeasibility
A line representing all possible combinations of problem
variables which produce the same total cost
iso-cost line
A line representing all possible combinations of products
which will produce a given profit
iso-profit lines
constraints that restrict all variables to be zero or positive
non-negative constraint
constraint which does not affect the feasible region
redundancy
all constraints in a linear program besides the non-negativity constraints
structural constraints