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Management Science Seatwork 1 S/Y 2021-2022

This document discusses key concepts in linear programming: 1) Linear programming is a model using linear relationships to represent a firm's decisions given objectives and constraints. 2) Decision variables represent levels of a company's activities. 3) The objective function is a linear relationship describing the company in terms of decision variables aimed at maximizing or minimizing values. 4) Model constraints limit decision variables based on available resources.

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Martin Carlo A. Juco
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57 views2 pages

Management Science Seatwork 1 S/Y 2021-2022

This document discusses key concepts in linear programming: 1) Linear programming is a model using linear relationships to represent a firm's decisions given objectives and constraints. 2) Decision variables represent levels of a company's activities. 3) The objective function is a linear relationship describing the company in terms of decision variables aimed at maximizing or minimizing values. 4) Model constraints limit decision variables based on available resources.

Uploaded by

Martin Carlo A. Juco
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Management Science

Seatwork 1
S/Y 2021-2022

Answer the following questions:


1. What is linear programming?

According to Taylor III (2013, p.31), Linear Programming is a model that consists of linear
relationships representing a firm’s decision(s), given an objective and resource constraints.

To better appreciate this definition, let me try to explain what is Linear Relationships.
Investopedia defines it as a description of proportionality between an independent and
dependent variable, in which a change in an independent variable will produce an equal change
to the dependent variable. It can be illustrated in an equation or a graph. To demonstrate this
thru an example, if a company increases its manpower, an independent variable, it can expect
the same increase in production volume, a dependent variable (vice versa).

With this in mind, Linear Programming is basically the formulation of a model (can be an
equation or a graph) that shows the relationship of different variables available for the company
(like resources, investments, limitations, etc.) in a context of a particular objective.

2. What is a decision variable?

Decision variables (Taylor III, 2013, p.33) are mathematical symbols that represent the levels of
activity of a company. From my example in #1, the decision variable is the independent variable
that a company can increase or decrease depending on the objective it aims to achieve.

3. What is an objective function?

The objective function (Taylor III, 2013, p.33) is a linear mathematical relationship that describes
the company in terms of the decision variables. The objective function always consists of either
maximizing or minimizing some values (for example, increasing the production volume,
minimizing cost of production)

4. What is a model constraint?

A model constraint is essentially the limitation of the decision variables. In the earlier example, a
company cannot infinitely produce a lot of products by increasing manpower. The company has
limited resources to pay wages for the increase of manpower. It can be divided into three types
< or equal to, > or equal to, and = (Taylor, 2013, p.49)
5. What are the three steps of linear programming model formulation?

In the same book (p.33), Taylor III suggested three steps of linear programming.

Step 1: Define the decision variables


Step 2: Define the objective function
Step 3: Define the constraints

Below is the application of steps using my previous example.

Step 1: Define the decision variables – Number of manpower


Step 2: Define the objective function – Increase production volume
Step 3: Define the constraints – Investment to spend on wages for manpower/number of
machines available in the production line, etc.

6. What is the graphical method?

The graphical method (Taylor III, 2013, p.36) provides a picture of how a solution is obtained for
a linear programming problem, or as mentioned earlier, it is just a graphical illustration or visual
representation of the linear programming. It can help solve linear programming problems using
solutions such as Optimal Solution Point or Graphical Solution Point.

7. What are the three steps of the graphical method?

The summarized steps of the graphical method, as suggested by Taylor III (2013, p.46), are:

Step 1: Plot the model constraints as equations on the graph; then, considering the inequalities
of the constraints, indicate the feasible solution area.
Step 2: Plot the objective function; then, move this line out from the origin to locate the optimal
solution point.
Step 3: Solve simultaneous equations at the solution point to find the optimal solution values.

Source:
 Taylor, B. W., III. (2013). Introduction to Management Science (11 th ed.). Pearson.
 Investopedia (2021). Definition of Linear Relationship. Retrieved from
https://www.investopedia.com/terms/l/linearrelationship.asp

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