Written by Symestic | Jun 11, 2024 3:20:32 PM
A linear programming model (LP model) is a mathematical method for optimizing decisions in which a linear goal (such as profit maximization or cost reduction) is to be achieved under given constraints.
- Mathematical optimization: Application of linear equations for optimization.
- Decision support: Helps in the selection of optimal decisions.
- Resource allocation: Efficient allocation of resources.
Advantages:
- Efficiency: Optimization of resources and processes.
- Cost reduction: Reduction of costs through optimal decisions.
- Planning reliability: Support in the creation of realistic plans.