Chapter 2- Linear Programming_ Model Formulation and Graphical Solution Flashcards _ Quizlet.pdf - Chapter 2 Linear Programming Model Formulation and

Chapter 2- Linear Programming_ Model Formulation and Graphical Solution Flashcards _ Quizlet.pdf

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Created by briana_martin68 Terms in this set (35) Objectives of a business frequently are to maximize profit or minimize cost Linear programming is a model that consists of linear relationships representing a firm's decision(s), given an objective and resource constraints Decision variables are mathematical symbols that represent levels of activity by the firm The objective Function is a linear relationship that reflects the objective of an operation A model constraint is a linear relationship that represents a restriction on decision making
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Parameters are numerical values that are included in the objective functions and constraints A linear programming model consists of decision variables , an objective function, and constraints Linear Programming Model Formulation Steps 1) Define the decision variables (how many to produce) 2) Define the objective function (maximize
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