Managerial Implications of Slack and Surplus

These flashcards cover key terms and concepts related to the managerial implications of slack and surplus in production, as discussed in the lecture notes.

Slack

The amount of time that a task can be delayed without affecting the subsequent tasks or overall project completion.

Surplus

The extra capacity or resources available beyond what is necessary for a project or demand.

Optimal Production Quantities

The most efficient quantities of products that should be produced to maximize profit while meeting all constraints.

Binding Constraint

A constraint that is met exactly, with no slack left over; it limits the solution.

Non-Binding Constraint

A constraint that is not fully utilized in the optimal solution; slack remains.

Objective Cell

The target cell in a linear programming model that the solver aims to maximize or minimize.

Simplex LP

A mathematical optimization method for solving linear programming problems.

Managerial Implications

Key insights or actions that can be derived from analysis results, informing decision-making.

Excel Solver

A tool within Excel that is used to perform optimization and solve linear programming problems.

Capacity Reallocation

The process of redistributing or adjusting available resources or hours between departments to optimize efficiency.