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CHAPTER 1

CHAPTER 1. Decision-Making and Quantitative Techniques. Components of an LPP. Objective Function To maximise or minimise Constraints Involving ≤ , =, or ≥ sign Non-negativity Condition Variables to be non-negative. Assumptions underlying Linear Programming. Proportionality

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CHAPTER 1

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  1. CHAPTER 1 Decision-Making and Quantitative Techniques

  2. Components of an LPP • Objective Function • To maximise or minimise • Constraints • Involving ≤, =, or ≥sign • Non-negativity Condition • Variables to be non-negative Quantitative Techniques in Management by N.D.Vohra

  3. Assumptions underlying Linear Programming • Proportionality • Additivity • Continuity • Certainty • Finite Choices Quantitative Techniques in Management by N.D.Vohra

  4. Graphic Solution to LPPs • Plot constraints • Mark feasible region which should be a convex set • Evaluate corner points/use iso-profit or iso-cost lines to get optimal solution • Redundant constraints • Binding constraints • Non-binding constraints Quantitative Techniques in Management by N.D.Vohra

  5. Solutions to LPPs • Unique Optimal Solution • Multiple Optimal Solutions • Infeasibility: No feasible solution • Unbounded Solution Quantitative Techniques in Management by N.D.Vohra

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