COB 291 FINAL PAPER REVIEW GUIDE WITH VERIFIED ITEMS AND SOLUTION WALKTHROUGH

COB 291 FINAL PAPER REVIEW GUIDE
WITH VERIFIED ITEMS AND SOLUTION
WALKTHROUGH

●● ISAID Decision variables are what you as the decision maker have
control over
Answer:


●● ISAID The objective function is your level of effectiveness (either
going to max or min)
Answer:


●● ISAID Constraints are restrictions or requirements
Answer:


●● ISAID Make sure you put a non-negativity constraints on every
problem
Answer:


●● The General Form of the LP formulations
Answer: MAX or MIN: C1X1 + C2X2 ... + CnXn
Subject to: a11X1 + a12X2 + ... a1nXn <= b1

, X1, X2, ... X3 >= 0


●● Cj
Answer: Object Function Coefficient


●● Bi
Answer: Amount of a resource or the right hand side value


●● Aij
Answer: Consumption ratios or technical coefficients


●● Simplex Method of Linear Programming
Answer: Simplex Starts at the origin and mathematically takes us around
the feasible region, from extreme point to point, in the direction if the
most improvement with respect to the objective function. Whole process
= moving around the extreme points in order


●● Pivoting
Answer: The moving from extreme point to extreme point.
Just the 1 movement within the whole simplex method.


●● ISAID If you have a redundant constraint its shadow price will
always be 0