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LP - Linear Programming Concepts setup and solution Text...

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Linear Programming Concepts, setup, and solution Text: Chapters 2, 3, and 4
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Outline Basic concepts; Building LP models; Solver option in Excel; Examples; Interpreting the solutions.
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Playing with Lego bricks 6 large bricks 8 small bricks Build tables and chairs : - a table requires 2 large and 2 small bricks; - a chair requires 1 large and 2 small bricks. Each table brings $20 while each chair brings $15 . How many tables and/or chairs to build to maximize earnings?
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Components of the LP model Objective function : a criterion to be used while evaluating alternative allocations of the resources . Decision variables : unknown amount of speciFc allocation; their values have to be determined (by solving the LP model). Constraints : the limitations that restrict the available allocation alternatives . LP model : formal representation of the problem build using all of the above . Parameters : known values most often reFecting some technological requirements
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LP assumptions Linearity
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LP - Linear Programming Concepts setup and solution Text...

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