LINEAR PROGRAMMING PART 1 Flashcards
A model consisting of linear relationships
representing a firm’s objective and resource
constraints
Linear Programming (LP)
LP problem involves a linear objective
functions, which is the function that must be
maximized or minimized. This objective
function is subject to some constraints, which
are inequalities or equations that restrict the
values of the variables.
Linear Programming (LP)
LP is used to find the best or optimal solution
to a problem that requires a decision about
how best to use a set of limited resources to
achieve
Linear Programming (LP)
Determines the resource
capacity needed to meet demand over
an immediate horizon, including units produced, workers hired and
. Production Planning
Menu of food items that meets nutritional or
other requirements, for example, hospital or school
cafeteria menus.
. Diet
Assigns work to limited resources, example ; assigning jobs or workers to different
machines.
Assignment
Mix of different products to
produce that will maximize profit or minimize cost
given resource constraints such as material, labor, budget, et
Production Mix
Financial model that
determines amount to invest in different alternatives
given return objectives and constraints for risk, diversity, etc.
Investment Budgeting
Schedules regular and
overtime production, plus inventory to carry over, to
meet demand in future periods.
Multi-period Scheduling
Logistical flow of items (goods or
items) from sources to destinations.
Transportation
Determines “recipe” requirement
Blend
Maximizes the amount of flow from
sources to destinations; for example, the flow of work
in process through an assembly operation.
Maximal Flow
Shortest routes from sources to
destinations.
Shortest Route
Optimization in Medicine
The objective in an optimization model could be
Maximize lifespan of a patient
Maximize average lifespan of a population
Minimize radiation exposure to healthy tissue
Maximize radiation exposure to cancer tissue
Minimize the probability of an adverse event
Minimize costs
Optimization in Medicine
The constraints in an optimization model could arise
due to:
Budget constraints
Maximum allowable exposure to a treatment
Minimum or maximum time between treatments
Maximum allowable risk level