Definitions for "Linear Programming"
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: