Question

This question under Quantitative methods === had no idea under what topics so I put under statistics and Probability
Pls do not handwritten for easy reading === ===
Question:-
1a) What is Linear Programming(LP)? expalin in your own word

Answer 1

1.a) Linear programming is a mathematical technique used in computer modeling ,simulation to find the best possible solution in allocating limited resources such as energy, machines, materials, money, personnel, time, etc...to achieve maximum profit or minimum cost. However, it is applicable only where all relationships are linear, and can accommodate only a limited class of cost functions.

Linear Programming. Linear programming is often used in business to find maximum profit or minimum cost. The first step in solving linear programming problems is to set up a function that represents cost, profit, or some other quantity to be maximized or minimized subject to the constraints of the problem.

Importance of linear programming. With linear programming we can easily solve business problem. It is very benefited for increase the profit or decrease the cost of business. Linear programming solve problem under different limitions and conditions , so It is easy for manager to work under limitations and conditions .