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Linear Programming
A mathematical optimization technique used to find the best outcome in a mathematical model w/ linear relationships
Where is Linear programming employed
Economics, business, and engineering
Why is Linear programming employed? (3)
Resource allocation
Production Planning
Decision-Making Problems
Assumptions are considered
constraints
Linear programming/model guarantees the
optimal/best solution to the mathematical (linear) model formulated.
3 types of mathematical models
Prescriptive, Predictive, Descriptive
profit 3×1+ 6×2 < 120 Dollars
2 dollars given for each unit in product x1 and 6 dollars given in x2 needs to equal to 120 dollars (constraint)
LP problems seek to maximize or minimize
some quantity (usually profit or cost) expressed as an objective function
The presence of restrictions or constraints, limits…
the degree to which we can pursue our ojective
The objective function and constrains in LP problems must be
expressed in terms of linear equations or inequalities
How many hours assembly time would it take to produce 2 units of product 1? (2×1 =)
2
9×1 + 6×2 <15600
It takes 9 hours to produce product 1 and 6 hours to produce product 2 but we only have 15,600 hours available
Note 
Flashcard (46)