Question: What is Linear Programming (LP)? What are the assumptions and requirements for an LP model to be formulated and used? What are the steps in

  • What is Linear Programming (LP)? What are the assumptions and requirements for an LP model to be formulated and used?
  • What are the steps in formulating an LP problem?
  • What does it mean if an LP problem suffers from having no feasible solution? How do we fix this?
  • What do the Allowable Increase and Allowable Decrease columns from QMs sensitivity analysis output (shown in section 7.8) indicate? Why might a manager be concerned about those values?
  • What does the shadow price from QMs sensitivity analysis output tell us? Why might a manager be concerned about this value?

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