Glossary
- Alternate Optimal Solution
A situation in which more than one optimal solution is possible. It arises when the slope of the objective function is the same as the slope of a constraint.
- Binding Constraint
A constraint with zero slack or surplus for the optimal solution.
- Constraint
A restriction on the resources available to a firm (stated in the form of an inequality or an equation).
- Corner Point, or Extreme Point
A point that lies on one of the corners of the feasible region. This means that it falls at the intersection of two constraint lines.
- Corner Point Method
The method of finding the optimal solution to an LP problem by testing the profit or cost level at each corner point of the feasible region. The theory of LP states that the ...
Get Quantitative Analysis for Management, 13/e now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
