chapter 6s

Question 1

what are the 4 components of a linear programming model?

Answer 1

objective function
decision variables
constraints
paramaters

Question 2

what is an objective function?

Answer 2

a mathematical expression that can be used to determine total profit for a given solution

Question 3

what are decision variables?

Answer 3

they represent choices available to the decisions makers in terms of amount of inputs or outputs

Question 4

what are constraints?

Answer 4

limitations they restrict the alternatives available to decision makers

Question 5

what are parameters?

Answer 5

fixed values the model is given

Question 6

what is graphical linear programming?

Answer 6

a method for finding optimal solution to two variable problems

Question 7

what are the 5 steps when a graphical approach?

Answer 7

set injective function and constraints
plot constraints
identify the feasible solution space
plot the objective function
determine optimal solution

Question 8

what are redundant constriants?

Answer 8

constraints that does not form a unique boundary in the feasible space

Question 9

what is the enumeration approach?

Answer 9

substituting coordinates for each corner point into the objective function to determine which corner point is optimal

Question 10

what is a binding constraint?

Answer 10

a constraint that forms the optimal corner point on the feasible solution space

Question 11

what is slack?

Answer 11

the amount by which the left hand-side value is less than the right hand-side value

Question 12

what is surplus?

Answer 12

the amount by which the left hand-side value exceeds the right hand-side variable

Question 13

what is the simplex method?

Answer 13

a linear programming algorithm that can solve problems having more than two decision variables

Question 14

what is sensitivity analysis?

Answer 14

assessing the impact of potential changes to the numerical values of an LP model

Question 15

what are the 3 types of potential changes to an LP model?

Answer 15

objective function coefficients
right hand values of constraint
constraint coefficients

Question 16

what is the range of optimality?

Answer 16

range of values over which the solution quantities of all the decision variables remain the same

Question 17

what is a shadow price?

Answer 17

amount by which the value of the objective function would change with a one unit change in the right hand side value of a constant

Question 18

what is the range of feasibility?

Answer 18

the range of values for the right hand side of a constant of a constraint over which the shadow price remains the same