Operations Management- Linear Programming – Flashcards
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Mathematical statement of profit (or cost, ect.) for a given solution
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Objective Function
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Amounts of either inputs or outputs
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Decision Variables
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Limitations that restrict the available alternatives
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Constraints
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The set of all feasible combinations of decision variables as defined by the constraints
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Feasible Solution Space
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Numerical constants
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Parameters
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Graphical method for finding optimal solutions to two-variable problems
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Graphical Linear Programming
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A constraint that does not form a unique boundary of the feasible solution space
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Redundant Constraint
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Substituting the coordinates of each corner point into the objective function to determine which corner point is optimal
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Enumeration Approach
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A constraint that forms the optimal corner point of the feasible solution space
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Binding Constraint
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When the values of decision variables are substituted into a (greater then/equal to sign) constraint, the amount by which the resulting value exceeds the right-hand-side value
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Surplus
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When the values of decision variables are substituted into a (less than/equal to sign) constraint, the amount by which the resulting value is less that the right-hand-side value
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Slack
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A linear programming algorithm that can solve problems having more than two decision variables
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Simplex
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Assessing the impact of potential changes to the numerical values of an LP model
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Sensitivity Analysis
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Range of values over which the solution quantities of all the decision variables remain the same
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Range of Optimality
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Amount by which the value of the objective function would change with a one-unit change in the RHS value of a constraint
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Shadow Price
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Range of values for the RHS of a constraint over which the shadow price remains the same
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Range of Feasibility
