Optimization in Excel

May 19th, 2015
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Obtain an overview of the kinds of problems linear programming has been used to solve. Learn how to develop linear programming models for simple problems. Be able to identify the special features of a model that make it a linear programming model.

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Optimization in Excel5. INTRODUCTION TO LINEAR PROGRAMMING (LP)Learning Objectives1.Obtain an overview of the kinds of problems linear programming has been used to solve.2.Learn how to develop linear programming models for simple problems.3.Be able to identify the special features of a model that make it a linear programming model.4.Learn how to solve two variable linear programming models by the graphical solution procedure.5.Understand the importance of extreme points in obtaining the optimal solution.6.Know the use and interpretation of slack and surplus variables.7.Be able to interpret the computer solution of a linear programming problem.8.Understand how alternative optimal solutions, infeasibility and unboundedness can occur in linear programming problems.9.Understand the following terms:problem formulationconstraint functionobjective functionsolutionoptimal solutionnonnegativity constraintsmathematical modellinear programlinear functionsfeasible solutionfeasible regionslack variablestandard formredundant constraintextreme pointsurplus variablealternative optimal solutionsinfeasibilityunbounded5.1. Linear Programming (LP) ProblemLinear programming - involves choosing a course of action when the mathematical model of the problem contains only linear functionsAll linear progamming problems have1. An objective2. constraintsFeasible solutionOptimal solution.Graphical solution methodIf both the objecti

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