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

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