Mgt 3120 Exam 1

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Optimal Solution

Best feasible solution. (relative to OF)

Reduced Cost

Difference between profit contribution (unit profit) and the resource worth.

True/False: A change in an OFC represents a change in the amount of available resources

False

Non-binding

LHS is NOT equal. Not all resources used.

Linear Program Models (LP models)

Must have a decision to be made DV's can take on any values Constraints describe the restriction on the feasible values of the DV's

OFC Change

OF line with change represents change in a unit profit

True/False: A change in RHS of a binding constraint outside of the allowable range will change the optimal solution

True

True/False: A change in a LHS coefficient of a binding constraint within the allowable range will change the feasible region.

True

True/False: A change in an OFC outside the range will not change the feasible region

True

True/False: An example of a linear constraint is 3C+7T<=209

True

product-mix problem

type of linear programming where objective is to find most profitable mix or production levels for products under consideration

100% Rule

used when there are 2 or more changes that occur. If the number dues not exceed 100 (1), then the original optimal solution will still be optimal. (within range)

Binding Constraint

when all resources are being used (LHS=RHS)

Examples of Linear Constraints

x+y>= 100 3x+y>=100

Feasible region

Where all points satisfy the constraints

shadow price

change in the OF value, for a 1 unit increase in the RHS.

RHS Change

changes constraints change available resources.

parameters

constant coefficient in functional constraints each parameter represents a quantity that is of importance for analysis of the problem.

non negativity constraint

constraint that expresses the restrictions that a particular decision variable must be non negative. (greater than or = to 0.)

functional constraints

constraints with a function of the decision variables on the left hand side. All constraints in a linear programming model are nonneg. constraints are known as functional constr.

reduced cost

difference between the profit contribution (unit profit) and the resource worth.

Constraints

express restrictions on the values that can be assigned to the DV's. What restrictions must we work on?

Objective Function (OF)

gives the measure of performance in terms of the DVs. What are we solving this problem?

Non-Basic Variable

one that is NOT produced.

Basic Variable

one that is produced anything where the final value is not equal to 0.

Non Linear Constraints

relationships in which variables are squared, cubed, taken to powers other than one, or multiplied or divided by each other. x+y^2=100 xy>=100 x>= 100

Decision Variables (DV's)

represent the decisions that need to be made. What do we need to know?

Feasible Solution

solution that satisfies ALL constraints.

Infeasible Solution

solution that violates atleast one constraint.


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