Unit 1 Flashcards
(22 cards)
What are the 3 components of a linear programming (LP) model?
Decision variables
Objective Functions
Model Constraints
Mathematical symbols that denote levels of activity by the firm is defined as
Decision Variables
A firm desires to produce x1 radios, x2 toasters, and x3 clocks are defined as
Decision variables
A linear mathematical relationship that describes the objective of the firm in terms of the decision variables that can be maximized or minimized is defined as
Objective Function
Restrictions placed on the firm by the operation environment stated in linear relationships of the decision variables are defined as
Model constraints
40 hours of labor available to produce radios during production is an example of
Model constraints
Numerical coefficients and constants used in the objective function and constraints are defined as
Parameters
What type of solution does not violate any constraints
Feasible solution
what type of solution violates at least one of the constraints?
infeasible constraint
the best feasible solution is defined as
optimal solution
What are the characteristics that identify an LP problem
1) a decision among alternative courses of action is required
2) the decision is represented in the model by decision variables
3) the problem encompasses a goal, expressed as an objective function, that the decision maker wants to achieve
4) restrictions( represented by constraints) exist that limit the extent of achievement of the objective
5) the objective and constraints must be definable by linear mathematical functional relationships
The rate of change of the objective function and constraint equations
is constant can be defined as
Proportionality
Terms in the objective function and constraint equations must be
additive is defined as
Additivity
Decision variables can take on any fractional value and are therefore continuous as opposed to integer in nature is defined as
Divisibility
Values of all the model parameters are assumed to be known with
certainty (non-probabilistic) is defined as
Certainty
A scientific approach to solving management problems used in a variety of organizations to solve many different types of
problems and that encompasses a logical mathematical approach to problem-solving also known as quantitative analysis is defined as
Management Science
Identification of a problem that exists (or may occur soon) in a system
or organization is defined as
Observation
The problem must be clearly and consistently defined, showing its
boundaries and interactions with the objectives of the organization this is defined as
Problem definition
Development of the functional mathematical relationships that describe the decision variables, objective function and constraints of the problem is defined as
Model Construction
What is performed to see how sensitive a model is to changes
Sensitivity Analysis
** for an objective function coefficient is the
range of values over which the current optimal solution point will remain optimal.
Sensitivity Range
