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Aug 5, 2022 01:55 AM
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Business
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Decision Making
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Section 2
Discuss the characteristics of optimisation problems
What is optimisation?
Finds the optimal, or most efficient, way of using limited resources to achieve the objectives of an individual of a business.
Explore the use of linear programming (LP) in solving optimisation problems
- Understand the problem.
- Define the decision variables.
X_1 =number of Aqua-Spas to produceX_2 =number of Hydro-Luxes to produce- Define the objective function
MAX: 350X 1 + 300X 2- Define the constraints
- For this step, there are types of constraints in other cases, namely Demand Constraints, Resource Constraints, and Non-negativity conditions (which the next step).
- Identify any upper or lower bounds on the decision variables.
X1 >= 0 && X2 >= 0
Solving LP problems using graphical approach
Special condition
Case 1: Alternate Optimal Solutions
Case 2: Redundant Constraint
Case 3: Unbounded Solution
Case 4: Infeasibility
- Author:Jason Siu
- URL:https://jason-siu.com/article%2Fa5710386-b967-4116-bf5c-d219298c4dbf
- Copyright:All articles in this blog, except for special statements, adopt BY-NC-SA agreement. Please indicate the source!
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