study guide test2

study guide test2 - CHAPTER 2 Concepts to understand...

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CHAPTER 2 Concepts to understand Graphic analysis -graphical solutions are limited to linear programming problems with only 2 decision variables -graphical method provides a picture of how a solution is obtained for a linear programming model Components of a linear programming model : objective function, decision variables, and constraints. Objective function- linear relationship that reflects the objective of an operation Decision variables : mathematical symbols that represent levels of activity. Constraints : restrictions on the decision making options in a linear programming model. -graphed as equations Parameters: numerical values that are included in the objective functions and constraints. Properties of Linear Programming Models: Proportionality -the slope of a constraint or objective function line is constant. Terms in objective function and constraints are additive Decision variables - values are continuous or divisible All Model Parameters are known with certainty Parameters are (Cs, bs, A jj ’s and directions of constraints) **A typical LP involves maximizing an objective function while simultaneously optimizing resource constraint usage. Nonnegativity Constraints- restrict the decision variables to zero or positive (i.e. x>=0) Feasible region -an area on the graph that is bounded by the constraint equations Corner points- aka Extreme points are located on the boundary of the feasible solution area Max- aim to maximize profit Min- aim to minimize costs, risks Feasible solution -does not violate any of the constraints Infeasible solution- every possible solution violates 1 or more constraints. Optimal solution- the best feasible solution Optimal solution point- the last point the objective function touches as it leaves the feasible solution area. -

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study guide test2 - CHAPTER 2 Concepts to understand...

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