Linear Programming: an introduction
In this chapter we introduce the basic linear programming model and develop the graphical method as a means of finding an optimal solution to an LP problem. Typically, all LP problems have two common features: they involve some declared objective which we seek to optimize (looking for either a maximum or minimum value depending on the exact problem) and they involve a set of constraints which limit the way in which we can attain this objective. The formulation of a business problem into an LP format is almost an art form in its own sake requiring not only a familiarity with the technique itself but also familiarity with the business problem. Fortunately, the solution of an LP problem once formulated is much more straightforward: we use appropriate computer software to find the solution for us. To begin with, however, we examine a more mundane solution process based on graphs. This method is particularly useful as an introduction to LP solution as it facilitates an understanding of the concepts of the technique and its solution algorithm. Such an understanding is essential before we introduce a more complex solution method.
KeywordsMachine Time Corner Point Redundant Constraint Binding Constraint Business Problem
Unable to display preview. Download preview PDF.