Module 3 Flashcards
A method of dealing with decision problems that can be expressed as constrained linear models.
Linear programming
result of Air Force research project concerned with computing the most efficient and economical way to distribute men, weapons and supply from different fronts during World War I
Linear Programming
Who suggested renaming “programming in a linear structure” as “linear programming”
Tjalling Koopmans
producing a plan or procedure that determines the solution to a problem
Programming
a two-dimensional geometric analysis of LP problems with two decision variables
Graphical Solution Method
American mathematical scientist who created linear programming
George Bernard Dantzig
an expression, which shows the relationship between the variables in the problem and the firm’s goal
Objective Function
(or explicit constraint) is a limit on the availability of resources.
Structural Constraint
(or implicit constraint) it restricts all the variables to zero and positive solution
Non-negativity constraint
the highest (for maximization problem) or lowest value (for minimization problem) of the objective function.
Optimal Value
combination of decision variable amounts that yields the best possible value of the objective function and satisfies all the constraints.
Optimal solution
the set of combinations of values for the decision variables that satisfy the non-negativity conditions and all the constraints simultaneously that is the allowable decisions
Feasible Region
the corner of the feasible region
Extreme Point
Special cases in Linear Programming (Graphical Method)
Multiple Optimal Solution
Infeasibility
Redundancy
Unbounded
An LP model that has a multiple optimal solution or more than one optimal solution.
Multiple optimal solution