Sammanfattningar boken Andersson del 1 Flashcards
What is the purpose of Linear Programming (LP)?
To determine an optimal solution to a problem subject to constraints.
What are the two possible objectives in an LP problem?
Maximization or minimization.
What are the three types of constraints in an LP problem?
≤, ≥, =
What is the mathematical requirement for both the objective function and constraints in an LP problem?
They must be linear.
What is the simplest form of an LP problem and how can it be solved?
A problem with two decision variables which can be solved graphically.
What is the difference between binding and non-binding constraints?
A binding constraint is exactly satisfied at the optimal solution whereas a non-binding constraint has slack or surplus.
What is the purpose of sensitivity analysis (post-optimality analysis)?
To determine how changes in formulation parameters affect the optimal solution.
What two aspects of an LP problem can sensitivity analysis be applied to?
Objective function coefficients and the right-hand side values of constraints.
Why is sensitivity analysis valuable to management?
It allows for “what-if” analysis without needing to re-formulate and re-solve the problem.
What is one of the most difficult aspects of real-world LP applications?
The formulation stage of the LP problem.
Why can experience with other LP applications be helpful?
LP problems in the same area often have similar characteristics making formulation easier.
What is the purpose of the Simplex method?
To find a basic feasible solution and search for an improved solution in LP problems.
When does the Simplex method stop?
When no improved solution is found.
What is the first step in solving an LP problem using the Simplex method?
Formulate a linear programming model of the problem.
What is a project network diagram used for?
Planning and managing complex projects by showing sequencing and interconnections between activities.
What is the critical path in project management?
The sequence of activities that determines the minimum project completion time.
What does slack time in a project network indicate?
Activities that have flexibility in their start or finish times without delaying the project.
What is project crashing?
A technique to assess the cost and feasibility of reducing project completion time.
