What are some business uses of a linear programming model? Provide an example.
In the graphical method, how do you know when a problem is infeasible, unbounded, or when it has multiple optimal solutions?
What are the essential ingredients of an LP model? Why is it helpful to understand the characteristics of LP models?
1. Linear Programming - This model uses factors to maximize profit and ultimately minimize cost. It takes the best combination of a process (manufacturing/purchasing/designing/etc.) and uses that winning combination to yield the best results.
An example of a company/industry who uses the LP (linear programming model) is farming. They take the best combination of ...