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6 Cards in this Set
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Mathematical Programming (MP) or Optimization |
a field of management science that finds the optimal, or most efficient way of using limited resources to achieve the objectives of an individual or a business. For this reason, mathematical programming often is referred to as optimization. |
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Constraints |
Restrictions that are placed on the alternatives available to the decision maker: A "less than or equal to" constraint A "greater than or equal to" constraint An "equal to" constraint |
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Characteristics of Optimization Problems |
Decisions Constraints Objective |
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Decision Variables |
The decisions in an optimization problem are represented in a mathematical model by decision variables, or symbols X1, X2, X3...Xn. |
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Objective Function |
The objective function identifies some function of the decision variables that the decision maker wants to either MAXimize or MINimize |
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