Linear Programming Flashcards, test questions and answers

Discover flashcards, test exam answers, and assignments to help you learn more about Linear Programming and other subjects. Don’t miss the chance to use them for more effective college education. Use our database of questions and answers on Linear Programming and get quick solutions for your test.

What is Linear Programming?

Linear Programming, or LP, is a mathematical technique used to solve optimization problems. It involves minimizing or maximizing an objective function which is subject to a set of constraints. Linear Programming is used in many areas such as economics, operations research, engineering and finance. Linear Programming can be used to solve various types of problems including resource allocation problems, scheduling problems, and portfolio optimization problems. In its most basic form, linear programming consists of taking a set of linear equations that describe the problem and finding values for the variables that maximize or minimize an objective function. The equations are then solved using algorithms such as the Simplex method or Interior Point Method (IPM). The most common application of Linear Programming is in Economics where it is used to optimize resources in order to maximize profits or minimize costs. This can be done by assigning values to different parameters such as production capacity and cost associated with each product type so that the optimal combination of products can be produced at minimal cost. It also can be used for decision making related to investments in capital goods like machines and buildings which help reduce operating costs while increasing profits over time. Additionally, Linear Programming can also be applied in other areas such as logistics management where it helps optimize delivery routes so that goods are delivered on time with minimum fuel cost incurred by transportation vehicles like trucks and ships etc. Overall, Linear Programming plays an important role in optimizing business operations by providing solutions which make use of available resources efficiently while also helping maximize profit potentials or minimize costs associated with operation activities like production process design/management etc. As technology advances more sophisticated models have been developed based on Linear Programming which further enhance its ability to provide better solutions for complex real-world optimization problems faced by organizations around the world today.