Showing posts with label DECISION MAKING MODELS. Show all posts
Showing posts with label DECISION MAKING MODELS. Show all posts
STEPS TO SOLVE LINEAR PROGRAMMING PROBLEMS
LINEAR PROGRAMMING:
Linear programming (LP, or linear optimization) can be defined as a method to achieve the best outcome (such as maximum profit or lowest cost) in a mathematical model whose requirements are represented by linear relationships.
Generally, there are two type of problems:
Linear programming (LP, or linear optimization) can be defined as a method to achieve the best outcome (such as maximum profit or lowest cost) in a mathematical model whose requirements are represented by linear relationships.
Generally, there are two type of problems:
- MINIMIZATION PROBLEMS : ex cost minimization, operation time minimization etc.
- MAXIMIZATION PROBLEMS: ex profit maximization, sales maximization etc.
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