The quantity to be maximized or minimized.
Limitations or requirements that must be satisfied.
Quantities under the control of the decision maker.
Constrained optimization problem
A mathematical model in which one is trying to maximize or minimize some quantity, while satisfying a set of constraints.
This chapter provides an introduction to optimization models and solution approaches. Optimization is a major field within the discipline of management science. The emphasis is on developing appropriate mathematical models to describe situations, implementing these models in a spreadsheet, using a spreadsheet-based solver to solve the optimization problems, and using human intelligence and judgment to interpret the results. We emphasize a particular type of optimization problem, called linear programming problems (or linear optimization). In linear programming (LP) problems, all of the relationships among the variables are linear.
Think briefly about the allocation of study time mentioned in the opening paragraphs. In an optimization mindset, ...