MGT 325 Chapter 19 Linear Programming-Optimization

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graphical method simplex method

two types of optimal solution methods

hexagon

use ______________ for objective function

rectangle

use ________________ for decision variables

upside down triangle

use _________________ to represent numbers given in the questions

ellipsoid

use __________________ for intermediary calculations that use parameters and decision variables

goal seek

useful for finding break even point and the numeric value that leads to a desired output level

scenario manager

useful for running multiple scenarios

objective function

value of a solution that measures relative "quality" of different solutions

decision variables

values that must be chosen in order to define a solution to the problem

optimal solution

a feasible solution that achieves the best possible objective function value within the feasible region

constrained optimization problem

a mathematical model that maximizes or minimizes some quantity while satisfying a set of constraints

feasible solution

a set of decision variable values that satisfy all of the constraints

influence chart

a simple diagram to show the relationship between inputs and outputs in a spreadsheet model

parameters of the problem

all constant numbers in the formulation

data table

allows one to systematically vary one of two input quantities, and keep track of a resulting output value

objective function

also called a "benchmark"

ignores

an influence chart _______ all available numerial data

binding constraint

changing the RHS of a __________ would change the objective function

unbinding constraint

changing the RHS of an __________________ would not change the objective function

parameters

constant numbers that are clearly stated in the problem statement

decision variables

consume or supply some resource revenue

right hand side (RHS)

defines the amount of resource available or needed to satisfy the constraint

to define problem structure

goal of an influence chart

influence chart

identifies the main elements of a model and helps to define the assumptions of the model

one, optimal solution

in an LP, at least______ of the extreme points is an _____________

constraints

inequalities or equalities that are associated with some resource and determine whether a specific solution is feasible

decision variables

influence the objective function in some way

1. paramters 2. decision variables 3. objective function 4. constraints

major elements of an optimization problem:

objective value

no other feasible solution has a better ____________.

one way data table

shows how output changes as an input is varied

extreme points

the "corners" of the feasible region

shadow price

the instantaneous change, per unit of the constraint, in the objective value of the optimal soluction of an optimization problem obtained by relaxign the constraint

shadow price

the marginal utility of relaxing the constraint, or equivalently, the margincal cost of strengthening the constraint

feasible region

the set of all feasible solutions

multiple

there may be _______ optimal solutions


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