INFM 718A / LBSC 705 Information For Decision Making

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Presentation transcript:

INFM 718A / LBSC 705 Information For Decision Making Lecture 3

Overview Introduction to Linear Programming Building LP models Solving LP models: Geometric Solution Excel (Solver) Solution

Linear Programming Decision models that involve decision variables whose feasible values are bounded by a set of constraints, aiming to maximize utility/profit, or minimize loss/cost.

Modeling LP Problems What are the decision variables? What is the goal (max./min.)? Maximize/Minimize what? What are the constraints?

An Example