Chapter 2
Constraint
Some function of the decision variables that must be less than or equal to, greater than or equal to, or equal to some specific value (represented by the letter b).
Level curves are used when solving LP models using the graphical method. To what part of the model do level curves relate?
Objective Function
A common objective in the product mix problem is
maximizing profit.
A redundant constraint is one in which
plays no role in determining the feasible region of the problem.
Optimal Solution
A set of values for the decision variables that satisfy all the constraints and yields the highest objective function value.
Mathematical Programming (Optimization)
An area in business analytics that finds the optimal, or most efficient, way of using limited resources to achieve the objectives of an individual or a business.
The constraints of an LP model define the
Feasible Region
Objective funciton
Identifies some function of the decision variables that the decision maker wants to either Maximize or minimize.
Which of the following special conditions in an LP model represent potential errors in the mathematical formulation?
Infeasibility and unbounded solutions.
Linear Programming
Involves creating and solving optimization problems with linear objective functions and linear constraints.
Which of the following actions would expand the feasible region of an LP model?
Loosening the constraints.
When do alternate optimal solutions occur in LP models?
When a constraint is parallel (overlapped) to a level curve.
Infeasible
When there is no way to simultaneously satisfy all the constraints in an LP model.
A manager has only 200 tons of plastic for his company. This is an example of a (an)
constraint
Limited resources are modeled in optimization problems as
constraints
The symbols X1, Z1, Dog are all examples of
decision variables
The desire to maximize profit is an example of an
objective
When the objective function can increase without ever contacting a constraint the LP model is said to be
unbounded