Summary
This module introduces a special kind of model, linear programming. LP has proven to be especially useful when trying to make the most effective use of an organization’s resources.
The first step in dealing with LP models is problem formulation, which involves identifying and creating an objective function and constraints. The second step is to solve the problem. If there are only two decision variables, the problem can be solved graphically, using the corner-point method or the iso-profit/iso-cost line method. With either approach, we first identify the feasible region, then find the corner point yielding the greatest profit or least cost. LP is used in a wide variety of business applications, as the examples and homework problems in ...
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