Module B – Linear Programming – Flashcards
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Linear Programming (LP)
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A mathematical technique designed to help operations managers plan and make decisions necessary to allocate.
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Objective Function
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A mathematical expression in linear programming that maximizes or minimizes some quantity (often profit, or cost, but any goal may be used).
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Constraints
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Restrictions that limit the degree to which a manager can pursue an objective.
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Graphical Solution Approach
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A means of plotting a solution to a two-variable problem on a graph.
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Decision Variables
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Choices available to a decision maker.
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Feasible Region
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The set of all feasible combinations of decision variables.
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Iso-Profit Line Method
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An approach to solving a linear programming maximization problem graphically.
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Corner-point Method
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A method for solving graphical linear programming problems.
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Parameter
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Numerical value that is given in a model.
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Sensitivity Analysis
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An analysis that projects how much a solution may change if there are changes in the variables or input data.
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Shadow Price (or Dual Value)
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The value of one additional unit of a scarce resource in LP.
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Iso-Cost Line Method
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An approach to solving a linear programming minimization problem graphically.
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Simplex Method
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An algorithm for solving linear programming problems of all sizes.
