Summary
In this chapter, we introduced a mathematical modeling technique called linear programming (LP). It is used in reaching an optimum solution to problems that have a series of constraints binding the objective. We used both the corner point method and the isoprofit/isocost approach for graphically solving problems with only two decision variables.
The graphical solution approaches of this chapter provide a conceptual basis for tackling larger, more complex problems, some of which are addressed in Chapter 8. To solve real-life LP problems with numerous variables and constraints, we need a solution procedure such as the simplex algorithm, the subject of Module 7. The simplex algorithm is the method that QM for Windows and Excel use to tackle ...
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