LINEAR PROGRAMMING
Linear programming is a means of determining the optimal solution for a problem that is subject to certain constraints. Problems involving scheduling, transportation, sales mix, and manufacturing are great candidates for the application of linear programming. Simplistic linear programming problems can be solved manually. However, those that are more complicated are best addressed with the use of software.
BENEFITS OF LINEAR PROGRAMMING
Linear programming is a powerful tool that will help your business allocate resources more efficiently, which will result in more confident decision making.
THE LINEAR PROGRAMMING PROCESS
- Determine the nature of the problem that needs a solution including whether the goal is maximization or minimization
- Input the appropriate decision variables and constratints
- Run the solver to generate the optimal solution
- Review for inconsistencies
- Rerun if necessary
FURTHER READING
These links elaborate on the topic at hand. They serve as a good starting point for those companies that would like to learn more or would like to address these topics “in house.” For those firms that prefer to continue to focus on their current responsibilities and would value the objective viewpoint of a professional from outside of the organization, click here.
Linear Programming Introduction
Excerpt: “A typical example would be taking the limitations of materials and labor, and then determining the "best" production levels for maximal profits under those conditions. In "real life", linear programming is part of a very important area of mathematics called "optimization…”
Linear Programming
Excerpt: “With computers able to solve linear programming problems with ease, the challenge is in problem formulation – translating the problem statement into a system of linear equations to be solved by computer.”
YouTube - Linear Programming
Description: Visual example of a basic linear programming problem.
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