study sheet OMS 03

# study sheet OMS 03 - Linear Programming Decision variables...

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Linear Programming Decision variables: How much to make. These get changed. (X 1  X X 3 ... X n)  ) Objective Function: The formula to be max/minimized (cost, profit, et cetera) Constraints: Physical restrictions on resources and thus decisions Feasible solution: ( Usually on corner points) A specification of variables satisfying all constraints Extreme point: corner point solution. If there is one solution, it must be on a corner point Four scenarios: Unique Optimal Solution, Multiple optimal solutions, unbounded, and infeasible. IT HAS TO BE ONE OF  THOSE Steps to solve: 1. Find the range of the DVs for which each constraint is met. 2. Determine the feasible region 3. Define the slope of the objective function.  4. Increase/Decrease the intercept of the objective function until the objective function still intercepts the feasible region and  attains the max (min) (The point furthest (closet) to the origin.

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## This note was uploaded on 04/17/2008 for the course OMS 301 taught by Professor All during the Spring '07 term at University of Michigan.

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study sheet OMS 03 - Linear Programming Decision variables...

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