BUSMGT 2321 Lecture Notes - Lecture 3: Minimax
26 Mar 2018
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May need to go back steps based on results. Decision variables - x, y, z: number of product to make, etc. Optimal solution - value of variables that max/min obj. fun i. ii. iii. Consistent throughout, takes same time as add more. 2 car = 20, 3 car = 30 hours. Car = 10, truck = 15, van = 7. They have a carpentry shop with 2400 hours and 1000 hours in the paintshop. Tables require 3 hours carpentry and 2 hours to paint. Chairs require 4 hours of carp and 1 hour to pain. What are the dec var? (what can we change) # of tables (x1), # chairs to make (x2) Left hand side - has all decision variables with a single coefficient to the power of 1, no denominator. Right hand side - has a simple number. Straight line between these points are also optimal. There is no limit to the max or min.
