Linear Programming

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Mind Map on Linear Programming, created by Sue Evans on 13/05/2018.
Sue Evans
Mind Map by Sue Evans, updated more than 1 year ago
Sue Evans
Created by Sue Evans about 6 years ago
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Resource summary

Linear Programming
  1. Shadow Price
    1. the premium price of additional scarce resources above the usual price
      1. Add 1 more unit of resource to the original total constraint resource and solve the simultaneous equations at the optimal point. Calculate the new contribution and deduct the original contribution to find the shadow price
      2. Slack resources
        1. Calculate slack resources by solving the constraints using the optimum solution. If the solved equations = the resource available the resource is not a slack resource
          1. A slack resource is not binding at the optimal solution
          2. How to solve
            1. Graph and iso-contribution line
              1. Formulate the model (a)Define variables (b) Formulate objective function (establish the objective function) (c) Formulate constraints (establish the constraints)
                1. Solve the Problem (d) Plot constraints on a graph and label (e) Identify feasible area (f) Plot slope of objective function (iso-contribution line) and slide to optimal point (g) Calculate value of objective function
              2. Simultaneous equations
                1. Formulate the model (a)Define variables (b) Formulate objective function (establish the objective function) (c) Formulate constraints (establish the constraints)
                  1. Solve the Problem (d) Plot constraints on a graph and label (e) Identify feasible area (f) Solve using simultaneous equations for each point in the feasible area and calculate value of objective function for each one. The point where the highest contribution is the optimal point
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