IEOR_4004_Recitation_Oct_1

IEOR_4004_Recitation_Oct_1 - IEOR 4004 Recitation Oct. 1,...

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IEOR 4004 Recitation Oct. 1, 2010 Prepared by Zhiwei (Tony) Qin 1. Solving an LP using Excel Solver Here is the link to an excellent introductory tutorial for using Excel Solver to solve an LP: http://www.economicsnetwork.ac.uk/cheer/ch9_3/ch9_3p07.htm We use Q3.14 from the Jensen-Bard text for a demo. First, we reformulate the problem so that all the variables have non-negative constraints: Now we enter the LP into Excel. See accompanied Excel file. Below, we present a summary of the output from Excel Solver. Source: http://courses.washington.edu/samcrs/LPsolver.pdf
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Adjustable Cells: Final Value The value of the variable in the optimal solution. Reduced Cost Increase in the objective function value per unit increase in the value of a zero-valued variable (for small increases). Allowable Defines the range of the cost coefficients in the Increase/ objective function for which the current solution Decrease (value of the variables in the optimal solution) will not change. Constraints: Final Value The usage of the resource in the optimal solution. Shadow price The change in the value of the objective function per unit increase in the right hand side of the constraint: Z = (Shadow Price)( RHS) (Note: only valid if change is within the allowable range for RHS values — see below.) Constraint The current value of the right hand side of the R.H. Side constraint (the amount of the resource available). Allowable Defines the range of values of the RHS for which Increase/ the shadow price is valid and hence for which Decrease the new objective function value can be calculated. ( NOT
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This note was uploaded on 01/26/2011 for the course IEOR 4004 taught by Professor Sethuraman during the Fall '10 term at Columbia.

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IEOR_4004_Recitation_Oct_1 - IEOR 4004 Recitation Oct. 1,...

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