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

Chapter 2- Linear Programming: Model Formulation and
Graphical Solution
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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

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