ITIS 1P97 Lecture Notes - Lecture 6: Feasible Region, Isocost, Linear Programming

• School: Brock University
• Department: Information Technology Information Systems
• Course: ITIS 1P97
• Professor: Nigussie Mengesha

Document Summary

Linear programming is a widely used mathematical modeling technique designed to help managers in planning and decision making relative to resource allocation. Problems seek to maximize or minimize some quantity (objective function) Alternative courses of action to choose from. The objective and constraints in lp problems must be expressed in terms of linear equations or inequalities. Nonnegative exists, negative values of physical quantities are impossible. Formulating lp problems: completely understand the managerial problem being faced, identify the objective and constraints, define the decision variables, use the decision variables to write mathematical expressions for the objective function and the constraints. Use linear programming to decide how much of each product to make, given a series of resource restrictions. Two or more products are produced using limited resources. Maximize profit based on the profit contribution per unit of each product. Determine how many units of each product to produce. Works only when there are two decision variables.