An optimization technique that maximizes or minimizes a linear objective function, such as profits, revenues, or costs, given certain company- and market-level constraints.
The use of a series of linear equations to construct a mathematical model. The objective is to obtain an optimal solution to a complex operational problem, which may involve the production of a number of products in an environment in which there are many constraints.
Linear programming is a mathematical procedure that is implemented with computers so that systems of linear equations can be solved to determine the optimal values of variables that affect a value function. This technique is often used in business for solving problems as varied as workforce scheduling, production planning and input selection, loan portfolio funding, gasoline blend mixing, advertising targeting, and many other problems where the allocation of scarce resources is an important consideration. For additional information, see the following additional resources: http://ubmail.ubalt.edu/~harsham/opre640/opre640.htm#rlp http://www-unix.mcs.anl.gov/otc/Guide/faq/linear-programming-faq.html
A mathematical technique that solves resource allocation problems.
Sophisticated mathematical models used to simulate and optimise refining processes.
a mathematical technique used in economics; finds the maximum or minimum of linear functions in many variables subject to constraints
A branch of mathematics that uses linear inequalities to solve decision-making problems involving maximums and minimums.
A mathematical procedure for minimizing or maximizing a linear function of several variables, subject to a finite number of linear restrictions on these variables.
A management technique applied to problems in which a linear function of a number of variables is subject to a number of constraints in the form of linear inequalities. Developed as a technique for planning the diversified activities of the U.S. Air Force, the process generates several different plans, requiring a criterion for deciding which plan is best and how to find it. Mathematically, linear programming is the analysis of problems in which a linear function of a number of variables is to be maximized or minimized when those variables are subject to a number of restraints in the form of linear inequalities.
A mathematical tool to optimize profits (contribution margin) given a limited amount of inputs. To Top
A mathematical method of solving practical problems (as the allocation of resources) by means of linear functions where the variables involved are subject to constraints. (W)
Technique for finding the maximum value of some equation subject to stated linear constraints.
Mathematical models for solving linear optimization problems through minimization or maximization of a linear function subject to linear constraints. For example, in blending gasoline and other petroleum products, many intermediate distillates may be available. Prices and octane ratings as well as upper limits on capacities of input materials that can be used to produce various grades of fuel are given. The problem is to blend the various inputs in such a way that (1) cost will be minimized (profit will be maximized), (2) specified optimum octane ratings will be met, and (3) the need for additional storage capacity will be avoided.
A branch of mathematics based on the maximum-minimum property.
A mathematical procedure involving optimization of a linear objective function subject to constraints specified in linear form. It is used for solving resource allocation problems. Major possible uses in farm management relate to farm planning and the formulation of livestock diets. Generally it is carried out on a computer.
In mathematics, linear programming (LP) problems are optimization problems in which the objective function and the constraints are all linear.
