Unit II: Linear Programming Problem
Linear Programming (LP)
Linear Programming is a mathematical technique used for optimization, i.e., maximizing profit or minimizing cost given certain constraints (like raw materials, labor, time, budget, etc.). or Linear Programming (LP) is a mathematical technique used to find the best possible outcome (such as maximum profit or minimum cost) under given constraints (like limited resources: labor, materials, time, etc.).
It is widely used in business decision-making, operations management, finance, supply chain, and marketing.
Objective: To maximize or minimize a linear objective function, subject to a set of linear constraints.
📌 Product-Mix Problem
In a product-mix problem, a company wants to determine the optimal quantity of each product to manufacture so that total profit is maximized, considering the limited availability of resources.
✅ Key Components of an LP Model
